公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 光伏辅材 ＃ investSuggestion＃ ＃ ＃dyC福om莱pan特y＃ （ 601865 ） investSug ＃title＃ 买入 ( 上 ges调 tion ） Ch 60 21 086 25 3 年光 伏玻璃产 销两旺，20 24 年迎供需改善 ange＃ ＃ createTime1＃ 2024年 04月 01 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 公司发布 2023 年年报，2023 年全年实现营业总收入 215.2 亿元，同 司 市场数据日期 2024-04-01 比+39.2%，实现归母净利润 27.6 亿元，同比+30.0%，实现扣非归母净利润 点 收盘价（元） 29.99 26.94亿元，同比+29.9%。其中，2023年Q4单季度实现营业总收入56.4亿 评 总股本（百万股） 2351.32 元，同比+32.8%，实现归母净利润7.91亿元，同比+27.9%，实现扣非归母净 流通股本（百万股） 2349.06 利润7.48亿元，同比+23.6%。 报 净 ...

%% research.95579.com %% 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 [QT4ab盈le利_T水it平le]超预期，当前库存降至中低水平 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报，2023年公司实现收入215.24亿元，同比增长39.21%；归母净利27.6 亿元，同比增长30%；其中，2023Q4实现收入56.39亿元，同比增长32.8%，环比下降9.14%； 归母净利7.91亿元，同比增长27.91%，环比下降10.48%。 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating expected strong performance relative to the benchmark index [4]. Core Views - The company is a leading player in the photovoltaic glass industry, expected to maintain its competitive edge through scale, resource, and technological advantages. The decline in natural gas and soda ash prices is anticipated to lower production costs, leading to improved performance in 2024 [1][2]. - The company reported a revenue of 21.52 billion yuan for 2023, a year-on-year increase of 39.2%, and a net profit of 2.76 billion yuan, up 30.0% year-on-year [2][3]. - The photovoltaic glass segment contributed 91.4% to the company's revenue in 2023, with production and sales volumes increasing by 44.5% and 49.5% respectively [3]. - The company is pursuing a global expansion strategy, with total production capacity reaching 20,600 t/d by the end of 2023, and new projects expected to enhance capacity further [3]. - The company has shown improvement in cash flow, with a significant increase in operating cash flow in Q4 2023 [3]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.59, 1.98, and 2.49 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17.9, 14.4, and 11.4 [1][5]. - The gross margin for 2023 was 21.8%, with a slight year-on-year decrease of 0.3 percentage points, while the net profit margin was 12.8%, down 0.9 percentage points [3][5]. - The company’s total assets are projected to grow from 42.98 billion yuan in 2023 to 61.28 billion yuan by 2026, reflecting a robust growth trajectory [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has solidified its position as a leader in the photovoltaic glass industry, achieving a revenue of 21.524 billion yuan in 2023, a year-on-year increase of 39.21% [3] - The company is accelerating its domestic and international capacity expansion, with plans to increase total capacity from 20,600 tons/day to 30,200 tons/day by 2024 [3] - The forecasted net profit for 2024-2026 is adjusted upwards, with expected figures of 3.898 billion yuan, 5.289 billion yuan, and 6.278 billion yuan respectively, reflecting a strong market demand and favorable pricing conditions [3] Financial Performance Summary - In 2023, the company achieved a net profit of 2.760 billion yuan, a year-on-year increase of 30.00% [3] - The gross margin for the photovoltaic glass business was 22.45%, showing a slight decline of 0.86 percentage points year-on-year [3] - The company’s revenue from photovoltaic glass reached 19.677 billion yuan, with a sales volume of 1.22 billion square meters, marking a year-on-year increase of 43.82% and 44.52% respectively [3] Capacity Expansion and Market Strategy - The company plans to invest in a photovoltaic glass furnace in Indonesia to meet the global demand for photovoltaic glass [3] - The company’s strategic expansion is expected to leverage scale effects and resource advantages to reduce costs and maintain market share [3] Revenue and Profit Forecast - The projected earnings per share (EPS) for 2024-2026 are 1.66 yuan, 2.25 yuan, and 2.67 yuan, with corresponding price-to-earnings (P/E) ratios of 17.4, 12.8, and 10.8 times [3][5] - The company’s revenue is expected to grow to 25.506 billion yuan in 2024, reflecting an 18.5% year-on-year increase [5]

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2024-026 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 福莱特玻璃集团股份有限公司 关于公司及控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: （一）基本情况 公司及公司控股子公司浙江福来泰新能源有限公司（以下简称"福来泰"） 近日分别与兴业银行股份有限公司嘉兴分行（以下简称"兴业银行"）签署了 《最高额保证合同》，合同约定公司及公司控股子公司福来泰为安阳泰达、河源 研泰等十二家下属合并报表范围内的子公司在一定期限内连续发生的债务提供不 超过人民币 10,539.904 万元的保证担保。 （二）内部决策程序 公司于 2023 年 3 月 27 日召开第六届董事会第三十五次会议暨 2022 年年度董 事会，并于 2023 年 6 月 6 日召开 2022 年年度股东大会，分别审议通过了《关于 公司及控股子公司向金融机构申请 2023 年度综合授信额度及提供相 ...

| 证券代码：601865 | 证券简称：福莱特 公告编号：2024-025 | | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | 福莱特玻璃集团股份有限公司 关于控股股东股份解除质押及部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司于近日接到控股股东、实际控制人之一阮泽云女士的通知，获悉其将所 持有的本公司部分 A 股股票办理了质押手续。具体情况如下： | 股东名 | 是否为 | 本次质押 | 是否 | 是否 | 质押起 | 质押到 | | 占其所 | 占公司 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 控股股 | 股数 | 为限 | 补充 | 始日 | 期日 | 质权人 | 持股份 | 总股本 | 资资金 | | | 东 | （股） | 售股 | 质押 | | | | 比例 | 比例 | 用途 | | 阮泽云 | 是 | 11,30 ...

2024年03月29日 公司研究●证券研究报告 福莱特（ ） 公司快报 601865.SH 电力设备及新能源 | 太阳能Ⅲ 锚定市场，完善布局，增长可期 买入-A(维持) 投资评级 股价(2024-03-28) 28.83元 投资要点 事件：公司发布2023年年度报告，实现营业总收入215.24亿元，同比增长39.21%； 交易数据 归属于上市公司股东的净利润27.6亿元，同比增长30%。公司拟向全体股东每10 总市值（百万元） 67,788.68 股派发现金分红3.8元（含税），分红金额8.91亿元，包括中期现金分红，公司 流通市值（百万元） 54,750.02 23年分红比例高达52.57%。 总股本（百万股） 2,351.32 流通股本（百万股） 1,899.06 绿色发展，深入人心，光伏装机量再创新高：全球已经有多个国家提出“碳中和” 12个月价格区间 38.64/18.75 和“零碳”发展目标，大力发展风电、光伏等绿色能源成为全球共识。2023年， 全球光伏装机量再创新高达390GW，同比增加70%，装机量超过1GW的市场达 一年股价表现 到了32个，表明全球需求开花。其中，中国装机量为216. ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [2][3]. Core Views - The company has experienced significant growth in photovoltaic glass shipments, solidifying its leading position in the industry. The total revenue for 2023 reached 21.524 billion yuan, a year-on-year increase of 39.21%, with net profit attributed to shareholders of 2.760 billion yuan, up 30% year-on-year [2][3]. - The company is expected to maintain a strong growth trajectory, with projected net profits of 3.517 billion yuan, 5.067 billion yuan, and 6.109 billion yuan for 2024, 2025, and 2026 respectively. Corresponding earnings per share are forecasted to be 1.50 yuan, 2.15 yuan, and 2.60 yuan [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 21.80% and a diluted return on equity of 12.42%, despite a slight decline of 0.78 percentage points year-on-year [2][3]. - The photovoltaic glass sales volume reached 1.22 billion square meters, a year-on-year increase of 139.23%, while the average selling price per square meter was 16.13 yuan, down 39.88% year-on-year [2][3]. Market Position - The company holds a robust market position, with a combined market share exceeding 50% alongside its main competitor. It continues to expand its production capacity, with a total capacity of 20,600 tons per day by the end of 2023 [2][3]. - The company is strategically increasing its production of 2.0mm photovoltaic glass, which has become a significant part of its sales structure, enhancing its competitive edge over smaller manufacturers [2][3]. Future Outlook - The global photovoltaic installation is expected to maintain steady growth, with the company poised to benefit from an improving supply-demand balance in the photovoltaic glass market. The anticipated new capacity additions in the industry are expected to slow down, which may enhance market conditions [3][4].

证券研究报告 | 年报点评报告 2024年03月28日 福莱特（601865.SH） 2023 年报点评：深化成本优势，优质财报表现 事件：公司发布 2023 年年度报告。2023 全年公司实现营收 215.24 亿 增持（维持） 元，同比+39.21%；归母净利润27.60亿元，同比+30.00%；扣非净利润 股票信息 26.94亿元，同比+29.87%。其中，2023Q4实现营收56.39亿元，归母 行业 光伏设备 净利润7.91亿元。财报数据中，公司现金流量净额回升显著，产能+成本 前次评级 增持 优势逐步稳固其龙头地位。 3月27日收盘价(元) 29.13 产能出货优势明显，布局海外进入新赛道。截至2023年年底，公司光伏 总市值(百万元) 68,494.08 玻璃的总产能为20,600吨/天，其中安徽四期项目和南通项目总计日熔化 总股本(百万股) 2,351.32 量 9,600 吨/天，预计今年点火运营。在当前光伏玻璃产能释放有限的情 其中自由流通股(%) 80.77 况下，公司持续逆周期扩张，市场份额将进一步提升，产能优势进一步扩 30日日均成交量(百万股) 19.51 大。同时，公司布局海外市 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [7]. Core Insights - The company achieved a revenue of 21.524 billion yuan in 2023, representing a 39% increase year-on-year, and a net profit attributable to shareholders of 2.760 billion yuan, up 30% [4][5]. - The main revenue driver was photovoltaic glass, generating 19.677 billion yuan, with a production volume of approximately 1.2 billion square meters, reflecting nearly a 50% increase year-on-year [4]. - The company is expanding its production capacity significantly, with plans to add 9,600 tons per day by the end of 2024, leading to a total capacity exceeding 30,000 tons per day [4]. - The demand for photovoltaic products is expected to exceed expectations, with a projected growth rate of 25-30% for the year [4]. Financial Performance - The company reported a gross margin of 22.45% for photovoltaic glass, slightly down from the previous year, while the mining products segment saw an increase in gross margin to 26.44% [4]. - For Q4 2023, the company achieved a revenue of 5.639 billion yuan, a 33% increase, and a net profit of 791 million yuan, up 28% [4]. - The projected net profits for 2024, 2025, and 2026 are 3.947 billion yuan, 5.194 billion yuan, and 6.414 billion yuan, respectively, with corresponding P/E ratios of 17.35x, 13.19x, and 10.68x [5][6].