Zhuzhou Kibing Group (601636.SH) issues a profit warning, with an expected net profit of 330 million to 410 million yuan in 2024, a year-on-year decrease of 81.15% to 76.58%.

Zhuzhou Kibing Group (601636.SH) announced that it is expected to achieve a net profit attributable to the owners of the parent company of 330 million to 410 million yuan in the fiscal year 2024. Compared with the same period last year, it is expected to decrease by 1.421 billion to 1.341 billion yuan, a year-on-year decrease of 81.15% to 76.58%. The net profit attributable to the owners of the parent company deducted non-recurring gains and losses is expected to be 240 million to 310 million yuan, a decrease of 1.422 billion to 1.352 billion yuan compared to the same period last year, a year-on-year decrease of 85.56% to 81.35%. In 2024, affected by the downturn in the real estate cycle, the demand for float glass in the industry is insufficient, leading to an increase in inventory, a decrease in product prices year-on-year, and a decline in gross profit margin for float glass business. Since the second half of 2024, the growth in installed capacity of photovoltaic power generation has slowed down, exacerbating the temporary overcapacity in the photovoltaic glass industry, leading to a supply-demand imbalance and a significant decrease in product prices year-on-year, resulting in a decline in gross profit margin for the photovoltaic glass business. Due to the significant price decrease, the company made provisions for impairment of assets for some inventory products with a decrease in net realizable value. The above unfavorable factors led to a year-on-year decrease in net profit in 2024.