报告要点 [Table_Summary] 福莱特发布 2025 年一季报，2025Q1 实现收入 40.79 亿元，同比下降 29%，环比持平；归母 净利 1.06 亿元，同比下降 86%，环比增长 137%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 港股研究丨公司点评丨福莱特玻璃（6865.HK） [Table_Title] Q1 毛利率环比修复，再证龙头成本优势 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 福莱特玻璃（6865.HK） cjzqdt11111 [Table_Title2] Q1 毛利率环比修复，再证龙头成本优势 [Table_Summary2] 事件描述 福莱特发布 2025 年一季报，2025Q1 实现收入 40.79 亿元，同比下降 29%，环比持平；归母 净利 1.06 亿元，同比下降 86%，环比增长 137%。 事件评论 丨证券研究报告丨 2025- ...

| 52周高位 (港元) | 19.30 | | --- | --- | | 52周低位 (港元) | 8.37 | | 市值 (百万港元) | 33,033.78 | | 日均成交量 (百万) | 1.82 | | 年初至今变化 (%) | (22.34) | | 200天平均价 (港元) | 11.98 | | 资料来源 : FactSet | | 交银国际研究 公司更新 | 新能源 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 8.48 | 港元 | 11.30↓ | +33.3% | | | 福莱特玻璃 (6865 HK) | | | | | | 1 季度大幅扭亏超预期；维持买入 | 个股评级 | | --- | | 买入 | 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 6865 HK 恒生指数 股份资料 文昊, CPA bob.wen@ ...

公司更新 交银国际研究 | 新能源 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 8.48 | 港元 | 11.30↓ | +33.3% | | | 福莱特玻璃 (6865 HK) | | | | | | 1 季度大幅扭亏超预期；维持买入 | 个股评级 | | --- | | 买入 | 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 6865 HK 恒生指数 股份资料 | 52周高位 (港元) | 19.30 | | --- | --- | | 52周低位 (港元) | 8.37 | | 市值 (百万港元) | 33,033.78 | | 日均成交量 (百万) | 1.82 | | 年初至今变化 (%) | (22.34) | | 200天平均价 (港元) | 11.98 | | 资料来源 : FactSet | | 文昊, CPA bob.wen@ ...

Financial Performance - The company's operating revenue for the first quarter was RMB 4,079,288,887.46, a decrease of 28.76% compared to the same period last year[8]. - Net profit attributable to shareholders was RMB 106,128,157.99, down 86.03% year-on-year[8]. - Basic and diluted earnings per share were both RMB 0.05, representing an 84.38% decline from the previous year[8]. - Total revenue for Q1 2025 was RMB 4,079,288,887.46, a decrease of 28.8% compared to RMB 5,725,831,610.97 in Q1 2024[22]. - Operating profit for Q1 2025 was RMB 109,900,441.45, a significant decline of 87.2% from RMB 860,678,127.47 in Q1 2024[22]. - The company reported a net profit of RMB 105,723,590.50 for Q1 2025, compared to RMB 758,632,164.14 in Q1 2024, reflecting a decrease of 86.0%[22]. - Total comprehensive income for Q1 2025 was approximately ¥102.79 million, down 86.96% from ¥731.75 million in Q1 2024[23]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.05, compared to ¥0.32 in Q1 2024, reflecting a decline of 84.38%[23]. - Sales revenue for Q1 2025 was approximately ¥2.19 billion, a decrease of 17.61% from ¥2.66 billion in Q1 2024[25]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 72.22% to RMB 166,977,577.54[8]. - Cash flow from operating activities for Q1 2025 was ¥166.98 million, a decrease of 72.14% from ¥600.98 million in Q1 2024[25]. - Cash flow from investing activities for Q1 2025 was negative at ¥654.34 million, an improvement from negative ¥1.32 billion in Q1 2024[25]. - Cash flow from financing activities for Q1 2025 generated a net inflow of ¥118.23 million, compared to a net outflow of ¥40.83 million in Q1 2024[26]. - Cash and cash equivalents as of March 31, 2025, were RMB 4,837,877,931.84, down from RMB 5,294,894,127.46 as of December 31, 2024[19]. - Total cash and cash equivalents at the end of Q1 2025 were approximately ¥4.15 billion, down from ¥4.72 billion at the end of Q1 2024[26]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 43,090,138,408.78, an increase of 0.40% from the end of the previous year[10]. - Total assets increased to RMB 43,090,138,408.78 as of March 31, 2025, compared to RMB 42,919,798,033.81 as of December 31, 2024[19]. - Total liabilities amounted to RMB 21,277,987,864.61 as of March 31, 2025, slightly up from RMB 21,135,637,157.78 as of December 31, 2024[20]. - The company’s total equity increased to RMB 21,812,150,544.17 as of March 31, 2025, compared to RMB 21,784,160,876.03 as of December 31, 2024[20]. Operational Insights - The company experienced a significant drop in sales prices of photovoltaic glass, which contributed to the decline in revenue[13]. - The company reported a 347.51% increase in prepaid expenses, primarily due to increased payments to suppliers[13]. - The company has not disclosed any new product developments or market expansion strategies in this report[6]. - Research and development expenses for Q1 2025 were RMB 134,857,776.99, down from RMB 160,219,492.71 in Q1 2024, a decrease of 15.7%[22]. - The company’s inventory decreased to RMB 1,465,451,152.54 as of March 31, 2025, from RMB 1,732,831,478.80 as of December 31, 2024, indicating a reduction of 15.4%[19]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 64,766[14].

2024 年度報 告 2024 ANNUAL REPORT 2024 目 錄 獨立非執行董事 徐攀女士 華富蘭女士 （辭任於二零二四年十一月十八日） 吳幼娟女士 杜健女士 （委任於二零二四年十一月十八日） 監 事 鄭文榮先生 （監事會主席） 沈福泉先生 祝全明先生 鈕麗萍女士 張惠珍女士 審核委員會 徐攀女士 （主席） 華富蘭女士 （辭任於二零二四年十一月十八日） 吳幼娟女士 杜健女士 （委任於二零二四年十一月十八日） 公司資料 2 五年財務概要 4 管理層討論與分析 5 董事、監事及高級管理層簡歷 24 企業管治報告 28 董事會報告 39 監事會報告 58 獨立核數師報告 60 合併資產負債表 64 母公司資產負債表 66 合併利潤表 68 母公司利潤表 69 合併現金流量表 70 母公司現金流量表 71 合併股東權益變動表 72 母公司股東權益變動表 74 財務報表附註 76 補充資料 259 公司資料 董 事 執行董事 阮洪良先生 （董事會主席） 姜瑾華女士 阮澤雲女士 魏葉忠先生 沈其甫先生 薪酬委員會 徐攀女士 （主席） 阮洪良先生 華富蘭女士 （辭任於二零二四年十一月十八日） 杜健女士 （委任於 ...

丨证券研究报告丨 港股研究丨公司点评丨福莱特玻璃（6865.HK） [Table_Title] 2024Q4 单平盈利触底，2025Q2 迎来量利修复 报告要点 [Table_Summary] 福莱特发布 2024 年年报，2024 年实现收入 186.83 亿元，同比下降 13.2%；归母净利 10.07 亿元，同比下降 63.52%；其中，2024Q4 实现收入 40.79 亿元，同比下降 27.67%，环比增长 4.37%；归母净利-2.89 亿元，同比下降 136.54%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 福莱特玻璃（6865.HK） cjzqdt11111 [Table_Title2] 2024Q4 单平盈利触底，2025Q2 迎来量利修复 [Table_Summary2] 事件描述 福莱特发布 2024 年年报，2024 年实现收入 ...

交银国际研究 公司更新 | 新能源 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 28 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 11.44 | 港元 | 13.45↑ | +17.6% | | | 福莱特玻璃 (6865 HK) | | | | | | | 4 季度业绩展现韧性，光伏玻璃价格近期强劲反弹，上调至买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 21,524 | 18,683 | 18,695 | 21,552 | 24,217 | | 同比增长 (%) | 39.2 | -13.2 | 0.1 | 15.3 | 12.4 | | 净利润 (百万人民币) | 2,760 | 1,007 | 1,054 | 2,077 | 2,690 | | 每股盈利 (人民币) | 1.17 | 0.43 | 0.45 | 0.89 | ...

交银国际研究 公司更新 | 新能源 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 28 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 11.44 | 港元 | 13.45↑ | +17.6% | | | 福莱特玻璃 (6865 HK) | | | | | | | 4 季度业绩展现韧性，光伏玻璃价格近期强劲反弹，上调至买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 21,524 | 18,683 | 18,695 | 21,552 | 24,217 | | 同比增长 (%) | 39.2 | -13.2 | 0.1 | 15.3 | 12.4 | | 净利润 (百万人民币) | 2,760 | 1,007 | 1,054 | 2,077 | 2,690 | | 每股盈利 (人民币) | 1.17 | 0.43 | 0.45 | 0.89 | ...

Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue was approximately RMB 18,682.6 million, a decrease of 13.20% compared to RMB 21,523.7 million for the fiscal year ending December 31, 2023[16]. - The net profit attributable to the parent company's shareholders for the fiscal year ending December 31, 2024, was RMB 1,006.6 million, representing a significant decline of 63.53% from RMB 2,759.7 million for the fiscal year ending December 31, 2023[16]. - The gross profit for the group in 2024 was RMB 2,895.0 million, a decrease of 38.31% from RMB 4,693.0 million in 2023, with a gross margin of 15.50%[67]. - The EBITDA for 2024 was RMB 3,625.0 million, down from RMB 5,384.9 million in 2023, resulting in an EBITDA margin of 19.40%[78]. - The net profit for 2024 was RMB 1,016.1 million, a decrease of 63.22% from RMB 2,763.0 million in 2023[78]. - The revenue from photovoltaic glass in 2024 is RMB 16,816.1 million, down 14.54% from RMB 19,676.5 million in the previous fiscal year[61]. - The revenue from float glass was RMB 282.8 million, a decrease of 17.36% compared to RMB 342.2 million in 2023[62]. - The revenue from engineering glass in 2024 was RMB 502.1 million, down 13.83% from RMB 582.7 million in 2023[62]. Assets and Liabilities - Non-current assets increased to RMB 29,042.8 million in 2024 from RMB 26,149.0 million in 2023, reflecting a growth of 7.2%[13]. - Current assets decreased to RMB 13,877.0 million in 2024 from RMB 16,833.0 million in 2023, a decline of 17.4%[13]. - Total assets slightly decreased to RMB 42,919.8 million in 2024 from RMB 42,982.0 million in 2023[13]. - Total liabilities increased to RMB 21,135.6 million in 2024 from RMB 20,691.1 million in 2023, indicating a rise of 2.1%[13]. - The debt-to-asset ratio increased to 49.24% in 2024 from 48.14% in 2023[79]. Operational Challenges - The overall gross margin has declined significantly due to the continuous drop in photovoltaic glass prices, which is the company's core product[15]. - The company faced operational challenges, including a supply-demand imbalance in the industry, leading to some furnaces entering a cold repair phase, impacting revenue[15]. - The company is focusing on enhancing quality and efficiency strategies to mitigate operational pressures from falling photovoltaic glass prices[16]. - The company is actively addressing industry challenges such as policy adjustments and international trade barriers, which have increased uncertainty and competition in the market[53][54]. - The company aims to strengthen industry self-discipline and prevent excessive competition through measures like capacity reduction and price limits[57]. Incentive Plans and Share Repurchase - The 2020 incentive plan aims to attract and retain senior management and key technical personnel, enhancing the company's core competitiveness and aligning interests among shareholders, the company, and the core team[17]. - A total of 6 million A-shares are to be granted under the 2020 incentive plan, representing 0.31% of the company's total share capital of 1,950 million shares as of June 29, 2020[20]. - The company has repurchased a total of 13,308,421 A-shares at a total cost of RMB 300,001,317.59, with the highest purchase price being RMB 26.25 per share[190]. - The company has also repurchased 8,285,000 H-shares at a total cost of HKD 122,291,740, with the highest purchase price being HKD 17.98 per share[192]. - The company plans to cancel the unexercised stock options following the expiration of each exercise period, in accordance with the management regulations[49]. Market Outlook - The global photovoltaic installation demand is expected to grow steadily in 2024, driven by policy support, technological advancements, and emerging market growth[51]. - In 2024, global photovoltaic (PV) installations are expected to grow by approximately 35.9% year-on-year, reaching around 530 GW, with major markets like China, the US, and Europe maintaining growth rates of no less than 15%[52]. - China's new PV installations are projected to reach 277.57 GW in 2024, a year-on-year increase of 28%, with December alone achieving a record 71.27 GW of new installations[52]. - The US PV installation demand is expected to reach 40.5 GW in 2024, reflecting a year-on-year growth of 25%[52]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules from January 1, 2024, to December 31, 2024[118]. - The board consists of five executive directors and three independent non-executive directors, ensuring a balanced governance structure[119]. - The company has a structured approach to corporate governance, ensuring compliance and effective management oversight[118]. - The board of directors is committed to ensuring the confidentiality of internal information to prevent market misinformation[154]. - The company has made appropriate insurance arrangements for directors, supervisors, and senior management against legal liabilities arising from corporate activities[129]. Environmental and Social Responsibility - The company has installed environmental protection and energy-saving equipment to minimize production impact, including flue gas desulfurization and denitrification devices[178]. - The company has achieved ISO 14001:2015 environmental management system certification, demonstrating its commitment to environmental compliance[178]. - The company and its subsidiaries have been recognized for their contributions to environmental protection, receiving the "National Green Factory" title in November 2023[178]. - Compliance with various Chinese environmental laws and regulations is critical, as non-compliance could lead to penalties and adversely affect the company's operations and financial performance[175]. Employee and Management Structure - The total number of employees as of December 31, 2024, is 7,759, with total employee compensation reaching RMB 958.3 million, accounting for 5.13% of total revenue[84]. - The company has a strong management team with extensive experience, including over 29 years in the glass industry for one of the co-founders[104]. - The company emphasizes the importance of continuous professional development for its directors and senior management[121]. - The company has maintained a stable executive structure, with key positions held by long-term members since its inception[104][110].

Investment Rating - The investment rating for the company is "Buy (Initiate)" [1] Core Views - The report highlights that 福莱特玻璃 (Fuyao Glass) is one of the leading companies in the photovoltaic glass sector. In the short term, there is an expectation for inventory reduction post-Chinese New Year, particularly in March, as production resumes. In the medium to long term, the report anticipates a significant slowdown in new production capacity for photovoltaic glass, with some smaller furnaces potentially exiting the market due to profit pressures, which could improve the supply-demand dynamics and lead to profit recovery for the company [6][4]. Financial Summary - As of February 5, 2025, the company's market capitalization is 447.70 billion HKD, with a total share capital of 2.343 billion shares [2]. - The projected financial performance includes: - Total revenue for 2023 at 21,524 million CNY, with a forecasted decline of 19.4% in 2024, followed by a slight increase of 3.1% in 2025, and a significant growth of 25.4% in 2026 [5]. - The net profit attributable to the parent company is expected to be 2,760 million CNY in 2023, with a drastic decline of 63.4% in 2024, followed by further declines in 2025, and a recovery of 326.3% in 2026 [5]. - The report projects a gross profit margin of 21.8% in 2023, decreasing to 16.2% in 2024, and then stabilizing around 11.3% in 2025, with a recovery to 19.9% in 2026 [5]. Market Position and Competitive Advantage - 福莱特玻璃 is positioned as a market leader with sustained competitive advantages. The report emphasizes the company's cost advantages and its ability to maintain competitiveness in the photovoltaic glass market, suggesting a long-term upward potential in its stock value [6][4].