行业底部再次证明龙头护城河

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The report highlights that the industry is at the bottom of the cycle, reaffirming the competitive moat of leading companies [5]. - In 2023, the company's revenue was approximately 14.9 billion yuan, a year-on-year decrease of 26%, with a net profit attributable to shareholders of about 3.04 billion yuan, down 54% year-on-year [4][5]. - The report indicates that the profitability of the company has returned to low levels due to the downturn in the fiberglass and electronic fabric markets [5]. - The report anticipates that the company's net profit attributable to shareholders will be 1.8 billion yuan and 3.6 billion yuan for 2024 and 2025, respectively, corresponding to PE valuations of 22 and 11 times [5]. Summary by Sections Financial Performance - In 2023, the company's revenue was approximately 14.9 billion yuan, down 26% year-on-year, with a net profit of about 3.04 billion yuan, a decrease of 54% year-on-year [4][5]. - The fourth quarter of 2023 saw revenue of approximately 3.45 billion yuan, down 16% year-on-year, and a net profit of about 370 million yuan, down 66% year-on-year [4][5]. - The gross profit margin for fiberglass and products was approximately 28%, a decrease of 14 percentage points year-on-year [5]. Market Conditions - The report notes that the industry cycle has reached its bottom, with recent price increases of 100-200 yuan per ton for certain low-end products due to supply shortages [5]. - The domestic fiberglass production in 2023 was approximately 7.23 million tons, an increase of 5.2% year-on-year [5]. - The report suggests that the leading companies have maintained or even expanded their profitability gap compared to smaller firms, reaffirming their competitive strength [5]. Future Outlook - The report expects stable supply in the first half of 2024, with no clear price uptrend yet observed [5]. - The application of fiberglass composite materials in photovoltaic frames is beginning to show potential, with small-scale production expected in 2024 [5]. - The report emphasizes the bottom configuration value of the company, suggesting it is a good time for investment [5].