Guosheng Securities: Maintain a "buy" rating on Yao Pi Glass, TCO Glass awaits for volume.

Sina Finance reported on March 31st that Guosheng Securities research report pointed out that Yaopi Glass's automotive glass continued to grow at a high rate, while TCO glass was waiting for a volume increase. The company's revenue in 2025 was 5.64 billion yuan, a year-on-year increase of 0.1%, and the net profit attributable to the parent company was 140 million yuan, a year-on-year increase of 16.7%. Among them, the revenue in Q4 was 1.57 billion yuan, a year-on-year increase of 4.4%, and the net profit attributable to the parent company was 10 million yuan, a year-on-year decrease of 40.9%. The growth of automotive glass processing continues, and the transformation of float glass towards high-end is ongoing. The company has ample cash flow to cover investment needs, and its operating base is stable. The company's automotive glass is expected to see simultaneous growth in market share and profit margin, while TCO glass technology is in a leading position domestically and is expected to benefit deeply from the industrialization process of perovskite batteries in the future. It is estimated that the net profit attributable to the parent company in 2026-2028 will be 171 million yuan, 207 million yuan, and 236 million yuan respectively, with corresponding P/E ratios of 42X, 35X, and 31X, maintaining a "buy" rating.