FLAT GLASS (6865 HK) Continuous Capacity Expansion and Continuous Prosperity of Photovoltaic Industry Expected January 2, 2020 129

PSR Recommendation: ACCUMULATE Status: Upgraded
Target Price: HKDHKD 5.65

Investment Summary
75% Large Increase in Net Profit in the First Three Quarters
Flat Glass recorded revenue of RMB3,381 million, up 49.71% yoy; net profit attributable to the parent company of RMB508 million, up 75% yoy, equivalent to EPS of RMB0.26, exceeding market expectation. The net profit attributable to the parent company in the first three quarters was RMB109 million, RMB152 million and RMB246 million, respectively; the growth was 11%, 33% and 220% yoy, respectively.

About the author

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Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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