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 | ...

香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確性 或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何責 任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 二零二四年度業績公告 福萊特玻璃集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （統稱「本集團」）截至二零二四年十二月三十一日止年度的經審核綜合業績。本公告載有本公司二零 二四年年度報告全文，符合香港聯合交易所有限公司證券上市規則有關全年業績初步公告隨附資 料的相關規定。 1 2024 年度報 告 2024 ANNUAL REPORT 2024 目 錄 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 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16 HKD, indicating a potential upside of 34% from the current price of 11.96 HKD [2][7]. Core Insights - The company's Q4 earnings are expected to remain under pressure due to a continuous decline in photovoltaic glass prices. For the first three quarters, the company reported a revenue of 14.604 billion RMB, a year-on-year decrease of 8.06%, and a net profit attributable to shareholders of 1.296 billion RMB, down 34.18% year-on-year [4][11]. - The industry is entering a demand off-season, with supply-side production cuts accelerating. As of November 22, the mainstream price for 2.0mm coated photovoltaic glass is 12 RMB per square meter, and for 3.2mm coated glass, it is 19.5 RMB per square meter, remaining stable compared to the previous week. The industry is currently facing increased inventory levels, with stock days rising above 40 days [5][12]. - The company plans to adjust its new capacity based on market conditions. As of Q3 2024, the total production capacity is 23,000 tons per day, with a reduction of approximately 20% due to cold repairs and blocked furnaces. The company is considering the production schedule for its planned lines in Anhui and Nantong based on market demand [6][13]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 14.604 billion RMB, a decrease of 8.06% year-on-year. The net profit attributable to shareholders was 1.296 billion RMB, down 34.18% year-on-year, with a basic earnings per share of 0.55 RMB. The Q3 net profit attributable to shareholders was -203 million RMB, impacted by the decline in photovoltaic glass prices and impairment losses [4][11]. Industry Outlook - The photovoltaic glass industry is currently in a demand downturn, with increased inventory levels and a forecasted recovery in demand expected in 2025. The report anticipates that after the first quarter's off-season, demand will rebound in the second quarter, leading to a destocking phase and a rational return of glass prices [5][12]. Capacity Planning - The company has a total production capacity of 23,000 tons per day as of Q3 2024, with plans to adjust the production schedule for new capacity based on market conditions. The company is also set to launch overseas production lines in Vietnam and Indonesia, expected to commence in 2026 or later [6][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 14.604 billion HKD for the first three quarters of 2024, a year-on-year decrease of 8.06%. The net profit attributable to shareholders was 1.296 billion HKD, down 34.18% year-on-year. In Q3 2024, revenue was 3.908 billion HKD, a decline of 37.03% year-on-year and 21.37% quarter-on-quarter. The net profit for Q3 was -203 million HKD, a decrease of 122.97% year-on-year and 127.48% quarter-on-quarter [3][4]. - The industry faced pressure due to increased capacity in Q2 and inventory depletion in Q3, leading to a rise in glass inventory to historical highs and a drop in prices near cash costs for some companies. Despite maintaining a significant cost advantage, the company's operational performance was slightly negative due to industry-wide impacts [3][4]. - The company’s Q3 expense ratio was 10.6%, an increase of 3.7 percentage points quarter-on-quarter. The absolute values of financial and management expenses increased due to timing, while revenue decline affected the expense ratio. The inventory at the end of Q3 was 2.17 billion HKD, up 1.5 percentage points quarter-on-quarter, indicating good inventory control [4]. - The current profitability in the photovoltaic glass segment is at a low point, with a significant decrease in production enthusiasm and ongoing reductions in production. It is expected that as demand recovers post-Spring Festival in 2025, inventory will continue to decrease, leading to a gradual recovery in profitability. The company, as an industry leader, is expected to benefit from future supply-side policies [4].

Investment Rating - The investment rating for the company is Neutral, with a target price of HKD 13.15, indicating a potential downside of 11.1% from the current price of HKD 14.80 [1][7]. Core Insights - The company's performance has significantly declined due to a sharp drop in photovoltaic glass prices, resulting in a net loss of RMB 203 million in Q3 2023, marking the first loss since its listing [1]. - Revenue for Q3 2023 was RMB 3.91 billion, down 37% year-on-year and 21% quarter-on-quarter, which was far below market expectations of a profit of RMB 100 million [1]. - The report anticipates that the industry will begin to balance supply and demand due to ongoing production cuts, but significant price recovery will require further reductions in production capacity [1]. - The report suggests that potential government supply-side reforms could accelerate industry consolidation and benefit leading companies with lower energy consumption [1]. Financial Overview - Revenue projections for the company are as follows: RMB 21.524 billion in 2023, RMB 17.881 billion in 2024 (down 16.9% year-on-year), RMB 20.130 billion in 2025, and RMB 23.444 billion in 2026 [2][8]. - Net profit estimates are projected to be RMB 2.760 billion in 2023, RMB 1.114 billion in 2024 (down 59.6% year-on-year), RMB 1.137 billion in 2025, and RMB 2.297 billion in 2026 [2][8]. - The report indicates a significant adjustment in earnings forecasts, with a reduction of 44% for 2024, 49% for 2025, and 29% for 2026 [1]. Market Dynamics - The photovoltaic glass market has seen a drastic price decline, with average prices for 2.0mm and 3.2mm glass dropping by 22% and 11% respectively in Q3 2023 [1]. - Despite production cuts, demand has not met expectations, leading to continued inventory accumulation and further price declines of 8% and 10% since September [1]. - The report highlights that the industry has reduced production capacity by 9% compared to peak levels, with the company itself reducing output by 20% since August [1]. Valuation Metrics - The estimated price-to-book ratio for the company is projected to be between 0.8 and 1.9 times for the next 12 months, reflecting the volatility in earnings and policy expectations [1]. - The report uses a price-to-book ratio of 1.2 times for 2025 as a valuation benchmark, which corresponds to the target price of HKD 13.15 [1].

Financial Performance - The company's operating revenue for the six months ended June 30, 2024, was RMB 10,695,995.50 thousand, representing an increase of 10.5% compared to RMB 9,678,423.35 thousand for the same period in 2023[5]. - Gross profit for the same period was RMB 2,543,888.99 thousand, up 37.4% from RMB 1,850,421.19 thousand in 2023[5]. - Net profit reached RMB 1,500,260.94 thousand, a significant increase of 38.4% compared to RMB 1,085,367.84 thousand in the previous year[5]. - For the six months ended June 30, 2024, the company's revenue was approximately RMB 10,696.0 million, an increase of 10.51% compared to RMB 9,678.4 million for the same period in 2023[35]. - The net profit for the same period was RMB 1,500.3 million, representing a 38.23% increase from RMB 1,085.4 million in the prior year[35]. - The gross profit for the six months was RMB 2,543.9 million, a 37.48% increase from RMB 1,850.4 million year-on-year, with a gross margin of 23.78%, up from 19.12%[39]. - For the six months ended June 30, 2024, the group's EBITDA was RMB 3,012.4 million, an increase of RMB 724.6 million from RMB 2,287.8 million for the same period in 2023, resulting in an EBITDA margin of 28.16% compared to 23.64% in 2023[46]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 28,587,229.45 thousand, an increase from RMB 26,149,026.24 thousand as of December 31, 2023[5]. - As of June 30, 2024, total assets amounted to RMB 44,689.6 million, an increase of RMB 1,707.6 million or 3.97% from RMB 42,982.0 million as of December 31, 2023[47]. - Total liabilities increased to RMB 22.15 billion from RMB 20.69 billion, reflecting a rise of about 7.09%[89]. - The debt-to-asset ratio as of June 30, 2024, was 49.56%, an increase of 1.42 percentage points from 48.14% as of December 31, 2023[49]. - Current assets decreased to RMB 16.10 billion from RMB 16.83 billion, a decline of about 4.32%[88]. - The company's cash and cash equivalents decreased to RMB 5.61 billion from RMB 6.62 billion, a reduction of approximately 15.24%[88]. Shareholder Equity and Dividends - The total equity as of June 30, 2024, was RMB 22,543,176.02 thousand, compared to RMB 22,290,910.45 thousand at the end of 2023, indicating a growth in shareholder equity[5]. - The company plans to distribute an interim dividend of RMB 0.13 per share (pre-tax) for the six months ending June 30, 2024, pending approval at the extraordinary general meeting[86]. - The total equity attributable to shareholders rose to RMB 22,465,699,338.83 from RMB 22,215,074,391.42, an increase of 1.1%[96]. Research and Development - Research and development expenses rose to RMB 325.8 million, a 13.70% increase from RMB 286.5 million, driven by more R&D projects including new production technologies[43]. - Research and development expenses for the first half of 2024 were RMB 325,805,907.04, compared to RMB 286,539,318.55 in the same period of 2023, marking a 13.7% increase[97]. Market and Industry Trends - In the first half of 2024, China's newly installed photovoltaic capacity reached 102.48 GW, a year-on-year increase of 30.7%[30]. - The price of photovoltaic glass has declined by over 20% as of now, following a significant drop in the prices of polysilicon and wafers, which fell by over 40%[33]. - The company anticipates that the photovoltaic industry will regain vitality after short-term fluctuations and pain, as new supply gradually moves towards rationality and outdated capacity is eliminated[34]. Stock Incentive Plans - The company has implemented a stock incentive plan aimed at attracting and retaining key management and technical personnel, with a total of 6 million A-shares available for issuance under the plan[10]. - The company granted a total of 2,260,000 restricted shares under the 2020 incentive plan, with a grant price of RMB 6.23 and RMB 14.23 for different employee categories[12]. - The 2021 A-share stock option incentive plan was announced on August 17, 2021, with specific terms to be detailed[17]. Financial Management and Governance - The company has complied with the corporate governance code during the reporting period from January 1, 2024, to June 30, 2024[54]. - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations for the next 12 months[117]. - The company adheres to the relevant enterprise accounting standards, ensuring that financial statements reflect a true and complete picture of its financial status[119]. Taxation - The company reported a total tax expense of RMB 211,763.67 thousand for the first half of 2024, compared to RMB 99,079.31 thousand in the same period of 2023[5]. - According to the tax policy, individual shareholders holding shares for over 1 year are exempt from personal income tax on dividends[78]. Employee Compensation - The total number of full-time employees as of June 30, 2024, was 8,787, with total employee compensation reaching RMB 481.2 million, accounting for 4.50% of the group's revenue[51].