Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 21.524 billion yuan in 2023, a year-on-year increase of 39.21%, and a net profit of 2.760 billion yuan, up 30.00% year-on-year [1][2]. - The photovoltaic glass sales volume increased by 49.52% to 1.22 billion square meters in 2023, with sales revenue from this segment rising by 43.82% to 19.677 billion yuan [2]. - The company is set to increase its production capacity to 9,600 tons per day in 2024, which is expected to positively impact shipments [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 5.639 billion yuan, a 32.80% increase year-on-year, and a net profit of 791 million yuan, up 27.91% year-on-year [1]. - The overall gross margin slightly decreased by 0.27 percentage points to 21.80% in 2023, while the expense ratio decreased by 0.52 percentage points to 6.98% [2]. Production Capacity and Expansion - As of December 31, 2023, the total production capacity was 20,600 tons per day, with plans to increase to 30,200 tons per day by the end of 2024 [3]. - The company is also expanding its overseas production capacity, including plans to build a photovoltaic glass furnace in Indonesia [3]. Profitability and Valuation - The report projects net profits of 3.984 billion yuan, 5.046 billion yuan, and 5.415 billion yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings ratio of 17 times for 2024 [3][4].

Investment Rating - The report assigns a "Neutral" rating to the company 福莱特玻璃 (6865 HK) with a target price of HKD 19.50, indicating a potential downside of 1.0% from the current closing price of HKD 19.70 [1][2][8]. Core Insights - The valuation recovery for 福莱特玻璃 has largely been completed, and short-term inventory reduction is expected to be challenging, leading to a downgrade to a neutral stance [1]. - The company's Q4 performance showed a slight decline in revenue and net profit compared to the previous quarter, with Q4 revenue at RMB 5.639 billion and net profit at RMB 791.8 million, reflecting a year-on-year growth of 32.8% and 28.0%, respectively [1][6]. - The company plans to distribute a dividend of RMB 0.38 per share, with an annual dividend of RMB 0.618, representing a payout ratio of 53%, up 30 percentage points year-on-year [1]. Financial Overview - For the fiscal year ending December 31, 2023, 福莱特玻璃 reported revenues of RMB 21.524 billion, a 39.2% increase year-on-year, and a net profit of RMB 2.760 billion, an 18.7% increase [4][9]. - The company’s core business, photovoltaic glass, saw a revenue increase of 44% year-on-year, with sales volume up by 50% despite a 4% decline in unit price [1][5]. - The projected financials for 2024E show revenues expected to reach RMB 23.844 billion, with a net profit forecast of RMB 3.532 billion, indicating a growth rate of 10.8% and 28.0%, respectively [4][9]. Production and Capacity - The company added only 1,200 tons of photovoltaic glass capacity last year, significantly below the 7,200 tons added in 2022 and the initial guidance of 6,000 tons, with total capacity at 20,600 tons by year-end [1]. - Plans for 2024 include an additional 9,600 tons of capacity, but delays in production ramp-up are anticipated, with no new domestic capacity approved as of now [1][5]. Market Dynamics - The photovoltaic glass market is expected to see a significant increase in supply in the second half of the year, driven by rapid inventory depletion and a recovery in profit margins, although the potential for continued high component production remains limited [1][6]. - The report notes that the industry has a substantial amount of capacity that is nearly complete, which could lead to oversupply conditions in the latter part of the year [1].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a 30% year-on-year increase in profit for 2023, achieving a total profit of 2.76 billion RMB [4][6] - The sales volume of photovoltaic glass grew rapidly, with a total sales volume of 1.22 billion square meters, representing a 49.52% year-on-year increase [4][6] - The company is expanding its production capacity, with plans to increase its photovoltaic glass capacity to 30,200 tons/day by the end of 2024, a 50% year-on-year increase [4][6] - The photovoltaic glass market is entering a destocking phase, which may lead to price increases and improved profitability for leading manufacturers [4][6] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.52 billion RMB, a 39.21% increase from 2022 [6][7] - The EBITDA for 2023 was 5.18 billion RMB, reflecting a 42.7% growth [7] - The net profit attributable to the parent company was 2.76 billion RMB, marking a 30% increase compared to the previous year [6][7] Production Capacity and Expansion - As of the end of 2023, the company had a photovoltaic glass production capacity of 20,600 tons/day [4][6] - The company plans to gradually start operations at its new projects in Anhui and Nantong, adding 9,600 tons/day of capacity [4][6] Market Outlook - The report anticipates a tightening supply in the photovoltaic glass segment, which may lead to price increases in the near future [4][6] - The company is also planning to invest in a photovoltaic glass furnace in Indonesia to meet regional demand [4][6]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 34.79 CNY [2][3]. Core Insights - The company's overall profitability remains robust, with significant growth in revenue and net profit for 2023. Revenue reached 21.524 billion CNY, up 39.2% year-on-year, while net profit was 2.760 billion CNY, an increase of 30.0% [2][3]. - The photovoltaic glass business is thriving, supported by high demand in downstream installations. The company produced and sold 1.21 billion square meters of photovoltaic glass in 2023, marking increases of 44.5% and 49.5% respectively [3]. - The company is rapidly advancing its domestic and international projects, with a nominal production capacity of 20,600 tons per day by the end of 2023. Plans for additional capacity of 9,600 tons per day are set for 2024 [3]. - Operating cash flow improved significantly in Q4 2023, reaching 1.99 billion CNY, attributed to no new capacity additions during the year [3]. Financial Summary - Total revenue for 2023 was 21,524 million CNY, with a projected growth rate of 15.4% for 2024 [4]. - The net profit for 2023 was 2,760 million CNY, with an expected growth of 34.7% in 2024 [4]. - The company’s earnings per share (EPS) for 2023 was 1.17 CNY, projected to rise to 1.58 CNY in 2024 [4]. - The price-to-earnings (P/E) ratio is expected to decrease from 25 in 2023 to 18 in 2024, indicating a more attractive valuation [4].

证券研究报告 | 2024年03月28日 福莱特（601865.SH） 增持 公司扩产稳步推进，行业集中度有望提高 核心观点 公司研究·财报点评 公司2023年实现归母净利润27.6亿元，同比增长30%。2023年公司实现营 电力设备·光伏设备 业收入215.2亿元，同比增长39%，归母净利润27.6亿元，同比增长30%。 证券分析师：王蔚祺 证券分析师：陈抒扬 对应23Q4实现营业收入56.4亿元，同比增长33%，环比下滑9%；归母净利 010-88005313 0755-81982965 wangweiqi2@guosen.com.cnchenshuyang@guosen.com.cn 润7.9亿元，同比增长28%，环比下滑10%。 S0980520080003 S0980523010001 2023年公司毛利率同比持稳，期间费用率稳步下降。2023年公司毛利率 基础数据 21.8%，同比下滑0.3pcts；净利率12.8%，同比下滑0.9pcts。23Q4单季度 投资评级 增持(维持) 公司毛利率23.4%，同比提升1.4pcts，环比下滑1.1pcts；净利率14.0%， 合理估值 收盘价 29.13 ...

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 1 目 錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 五年財務概要 | 6 | | 管理層討論與分析 | 7 | | 董事、監事及高級管理層簡歷 | 25 | | 企業管治報告 | 29 | | 董事會報告 | 40 | | 監事會報告 | 57 | | 獨立核數師報告 | 59 | | 合併資產負債表 | 63 | | 母公司資產負債表 | 65 | | 合併利潤表 | 67 | | 母公司利潤表 | 68 | | 合併現金流量表 | 69 | | 母公司現金流量表 | 70 | | 合併股東權益變動表 | 71 | | 母公司股東權益變動表 | 73 | | 財務報表附註 | 75 | | 補充資料 | 271 | 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） 二零二三年度業績公告 福萊特 ...

[Table_Title] 证券研究报告 业绩稳定增长，龙头地位稳固 公司研究 [Table_ReportDate] 2024年3月27日 [Table_ReportType] 公司点评报告 [T事ab件le：_Summ [T福ab莱le特_St(o6c0k1A8n6dR5a)nk] 公司发布 2023 年年报，2023 公司实现营业收入215.24 亿元，同比增长 投资评级 买入 39.21%；实现归母净利润27.60亿元，同比增长30.00%，实现扣非后归母 净利润26.94亿元，同比增长29.87%。2023Q4公司实现归母净利润7.91 上次评级 买入 亿元，同比+27.91%，环比-11.76%。 [武Ta浩ble电_A力ut设ho备r]与新能源行业首席分析 点评： 师 执业编号：S1500520090001  公司光伏玻璃业绩稳定增长，市占率进一步提升。公司截至 2023 年 联系电话：010-83326711 12 月 31 日的总产能为 20,600 吨/天。2023年公司光伏玻璃产量达 邮 箱：wuhao@cindasc.com 12.11 亿平方米，销量为 12.20 亿平方米，分别同比 ...

证券研究报告·公司点评报告·光伏设备 福莱特（601865） 年报点评：盈利能力超预期，逆势扩产龙头 2024 年 03月 27日 地位强化 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 15,461 21,524 26,818 33,246 41,292 执业证书：S0600523070003 同比 77.44% 39.21% 24.60% 23.97% 24.20% guoyn@dwzq.com.cn 归母净利润（百万元） 2,123 2,760 3,943 5,125 6,618 同比 0.13% 30.00% 42.89% 29.97% 29.13% 股价走势 EPS-最新摊薄（元/股） 0.90 1.17 1.68 2.18 2.81 福莱特 沪深300 P/E（现价&最新摊薄） 31.82 24.48 17.13 13.18 10.21 18% 11% [关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 29.13 CNY and a target price of 40.69 CNY [1]. Core Insights - The company reported a significant increase in revenue and profit for 2023, achieving an operating income of 21.52 billion CNY, a year-on-year growth of 39.2%, and a net profit attributable to shareholders of 2.76 billion CNY, up 30.0% year-on-year [2][3]. - The sales volume of photovoltaic glass reached 1.22 billion square meters, representing a year-on-year increase of 49.5%, with a stable gross profit margin of 21.8% for the year [4]. - The company is expected to see a rebound in photovoltaic glass prices due to improved downstream demand and inventory clearance in the industry [3]. Financial Performance - The company’s revenue projections for 2024-2026 are 27.26 billion CNY, 35.82 billion CNY, and 43.70 billion CNY, with year-on-year growth rates of 26.7%, 31.4%, and 22.0% respectively [5]. - The net profit forecasts for the same period are 3.99 billion CNY, 5.11 billion CNY, and 6.41 billion CNY, with growth rates of 44.5%, 28.2%, and 25.4% respectively [5]. - The earnings per share (EPS) are projected to be 1.70 CNY, 2.17 CNY, and 2.73 CNY for 2024, 2025, and 2026, respectively [5]. Market Position and Capacity Expansion - The company holds a leading position in the photovoltaic glass industry, with a total production capacity of 20,600 tons per day (t/d) at the end of 2023, accounting for approximately 22% of the industry [4]. - Plans are in place to increase production capacity to 30,200 t/d by the end of 2024, which would raise its market share to 27%, an increase of 5 percentage points year-on-year [4]. - The company is also expanding its overseas production capacity with plans to build two 1,600 t/d photovoltaic glass furnaces in Indonesia [4].

e p y T t r o p e R _ e l b a T | t s r i F _ e l bT able_First a T Table_First|Table_Summary Table_First|Table_ReportDate 华福证券 电力设备及新能源 2024年03月26日 公 司 Table_First|Table_Rating 报 福莱特（601865.SH） 买入(维持评级) 告 当前价格： 28.7元 业绩维持高增，有望量利齐升 目标价格： 34.0元 T基able_First|Table_Marke本tInfo 数据 副投资标要题点： 总股本/流通股本（百万股） 2351/1899 ➢ 事件：2024年3月26日，福莱特发布2023年年报，2023年公司实现营业 总市值/流通市值（百万元） 67554/54560 收入215.2亿元，同比增长39.2%；归母净利润27.6亿元，同比增长30%；扣 每股净资产（元） 9.24 非归母净利润26.9亿元，同比增长29.9%。Q4实现营业收入56.4亿，同比增 资产负债率（%） 48.14 公 司 长32.8%，归母净利润7.9亿元， ...