Zhejiang Three Stars New Materials (603578.SH) issues profit warning, expecting a net loss of 36.5 million to 72.5 million yuan for the fiscal year 2024.

Zhejiang Three Stars New Materials (603578.SH) released its 2024 annual performance forecast, expecting a net loss attributable to the owners of the parent company of 36.5 million to 72.5 million yuan for the full year, compared to the same period last year, there will be a loss. During the reporting period, the company's business of low-temperature storage equipment glass door bodies continued to develop steadily and maintained a stable profit-making ability; at the same time, in the second half of 2024, the company's holding subsidiary CHINA BEST Jintai (Shandong) New Material Technology Co., Ltd. (hereinafter referred to as "CHINA BEST Jintai") began to achieve sales in the photovoltaic glass business, leading to a certain growth in the overall revenue scale of the company. However, due to the large investment in the early construction of the CHINA BEST Jintai photovoltaic glass project, with the increase in funds and personnel, financial expenses and management expenses saw a significant increase compared to the previous year; at the same time, due to the slowdown in the growth of the photovoltaic industry during the reporting period, the prices of industry-related products showed an overall downward trend, CHINA BEST Jintai's photovoltaic glass project B kiln faced downward pressure on product prices after starting production in August 2024, negatively impacting the company's gross profit margin and net profit of the photovoltaic glass business, resulting in an overall loss in the company's performance for 2024.