Summary of the Conference Call for Fuyao Glass Industry Group Co., Ltd. Industry Overview - The photovoltaic (PV) glass industry is facing multiple challenges in 2024, including significant increases in new capacity, geopolitical trade barriers, and domestic consumption issues, leading to limited demand growth and intensified competition [3][4][6]. - The global PV market is expected to slow down, entering a phase of stable development, with China's PV installation reaching 277 GW, a year-on-year increase of 28% [6]. Company Performance - Fuyao Glass reported a revenue of approximately RMB 18.683 billion in 2024, a decrease of 13.2% year-on-year, primarily due to a sharp decline in PV glass prices [3][4]. - The net profit attributable to the parent company was RMB 1.0066 billion, down 63.53% year-on-year [4]. - Operating cash flow was RMB 5.914 billion, showing a significant increase of 200.66% year-on-year [5]. Key Financial Metrics - Total assets stood at RMB 42.92 billion, with net assets at RMB 21.784 billion, remaining relatively stable compared to the previous year [3]. - PV glass revenue reached RMB 16.816 billion, accounting for 90% of total sales, with a gross profit of RMB 2.895 billion, down 38.31%, resulting in a comprehensive gross margin of 15.5% [3][4]. Market Dynamics - PV glass prices are expected to decline significantly in the second half of 2024, with historical rates of decrease anticipated [3]. - The company plans to adjust its furnace repair and new furnace construction based on market conditions, with expectations for price stability in April following a price increase in March [4][7][8]. Production and Capacity - Current production capacity for PV glass is 19,400 tons, with ongoing projects in Nantong and Indonesia [4][6]. - The fourth quarter of 2024 saw PV glass shipments of approximately 330 million square meters, a notable increase from 290 million square meters in the third quarter [16]. - The export ratio of 2.0 mm thick PV glass reached nearly 90% in the fourth quarter of 2024 [17]. Cost Management and Competitive Advantage - Fuyao maintains a competitive edge in profitability and cost control, with a self-supply ratio of quartz sand at approximately 70% and stable natural gas costs, particularly at the Fengyang base [4][9]. - The comprehensive yield rate has reached 85% to 86%, with advanced processes and efficient management contributing to cost advantages [26][32]. Future Outlook - Capital expenditures for 2025 are projected to be around RMB 3 billion, focusing on existing domestic projects and the initiation of the Indonesian project in June [12]. - The company is aware of the industry's overcapacity issues and plans to delay new furnace investments accordingly [10][11]. - The overall market concentration is expected to increase, with leading companies likely to consolidate their market share despite short-term production from smaller firms [18]. International Sales and Market Strategy - The company has seen good sales performance in Vietnam, although the premium has decreased due to cost fluctuations [20]. - The customer base is shifting slightly, but overall sales in Vietnam remain stable, with an anticipated increase in U.S. customer share as domestic component production ramps up [21][22]. Conclusion - Fuyao Glass is navigating a challenging market environment with strategic adjustments in production and cost management, positioning itself for recovery and stability in 2025 [40].

Investment Rating - The report upgrades the investment rating for the company to "Buy" with a target price of HKD 13.45, indicating a potential upside of 17.6% from the current price of HKD 11.44 [1][12]. Core Insights - The company's fourth-quarter performance demonstrates resilience, with a strong rebound in photovoltaic glass prices leading to the rating upgrade [2][7]. - The report highlights a significant increase in operating cash flow, which doubled year-on-year to RMB 5.91 billion in 2024, despite a projected decline in net profit for the same year [7][15]. - The report anticipates a strong rebound in photovoltaic glass prices due to a substantial reduction in supply and a recovery in demand, with expectations for continued price increases in the coming months [7][9]. Financial Overview - Revenue projections for the company show a decline from RMB 21,524 million in 2023 to RMB 18,683 million in 2024, followed by a slight recovery to RMB 18,695 million in 2025 [3][15]. - Net profit is expected to drop significantly to RMB 1,007 million in 2024, before recovering to RMB 1,054 million in 2025 [3][15]. - The company's gross margin is projected to decrease from 21.8% in 2023 to 15.5% in 2024, with a slight recovery expected in subsequent years [15][9]. Market Dynamics - The report notes that the average price of 2.0mm photovoltaic glass in mainland China fell by 13% in the fourth quarter, but the company's gross margin remained relatively stable due to effective cost control and a higher proportion of revenue from overseas production [7][9]. - The anticipated supply-side reforms and government policies aimed at addressing structural issues in the photovoltaic industry are expected to enhance market conditions [7][9]. - The report indicates that the company's production capacity will be limited in the near term, with only two new production lines expected to be commissioned in 2024, which may contribute to a tighter supply and support price increases [7][9].

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of HKD 13.45, indicating a potential upside of 17.6% from the current price of HKD 11.44 [1][7][12]. Core Insights - The company's fourth-quarter performance demonstrates resilience, with a strong rebound in photovoltaic glass prices recently, prompting the upgrade to "Buy" [2][7]. - The report highlights that the supply-side reform in the photovoltaic industry is becoming more certain, which is expected to positively impact the company's future performance [7][9]. Financial Overview - Revenue projections for the company show a decline from RMB 21,524 million in 2023 to RMB 18,683 million in 2024, followed by a slight increase to RMB 18,695 million in 2025E [3][15]. - Net profit is expected to drop significantly from RMB 2,760 million in 2023 to RMB 1,007 million in 2024, before recovering to RMB 1,054 million in 2025E [3][15]. - The company's earnings per share (EPS) is projected to decrease from RMB 1.17 in 2023 to RMB 0.43 in 2024, with a slight recovery to RMB 0.45 in 2025E [3][15]. Market Dynamics - The report notes a significant increase in demand for photovoltaic glass, particularly in North America, where revenue is expected to grow by 232% in 2024, despite an overall revenue decline [7][9]. - The average price of 2.0mm photovoltaic glass is projected to increase by 15% in March, with further increases expected in April, driven by supply constraints and rising demand [7][9]. Production Capacity and Strategy - The company plans to ignite only two new production lines in 2024, with total production capacity expected to decrease to 19,400 tons by year-end [7][9]. - The report indicates that the company is strategically managing its production capacity in response to market conditions, with a focus on maintaining high gross margins [7][9].

产品价格下跌下4季度业绩展韧性，经营现金流创新高 近期出台的分布式光伏新政和新能源电价新政提升了新建项目收益率不确定性，因此光伏项目尤其是分 布式有较大动力在2025年5月1日和6月1日的新老划断时点前抢装并网，供给大幅收缩和短期需求爆发， 推动3月2.0mm玻璃价格大涨1.75元/平或15%，卓创资讯预计4月将继续上涨0.5元/平或4%。 公司2024年盈利10.07亿元(人民币，下同)，同比降64%，接近业绩预告中值，其中4季度亏损2.89亿元， 环比扩42%，全年经营活动现金流59.1亿元，同比大增2倍，其中4季度达29.0亿元，创单季新高。据卓 创资讯，4季度内地2.0mm光伏玻璃均价环比降13%，但公司毛利率环比仅降3.1个百分点至2.9%，明显 好于该行预期，或因成本控制较好及行业产能减产，导致高毛利率的海外产能收入占比提升。 该行测算目前公司毛利率已回升至约15%，4月有望接近20%。尽管盈利大幅回升，3月以来行业在产产 能仅增加2950吨，在行业自律下点火仍较为克制，即使4月点火加速，3个月的爬坡期也将导致短期供给 刚性，因此该行预计本轮涨价有望持续较长时间。 4季度光伏玻璃产量环比下降，但销 ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-025 | | --- | --- | --- | | 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: 被担保人名称：浙江嘉福玻璃有限公司（以下简称"嘉福玻璃"），本次担 保不属于关联担保。 本次担保金额及实际为其提供的担保余额：福莱特玻璃集团股份有限公司 （以下简称"公司"）本次为全资子公司嘉福玻璃提供债权本金不超过人民币 33,000 万元的保证担保，公司已实际为嘉福玻璃提供的担保余额为人民币 21,000 万元（不 含本次）。 本次是否有反担保：无。 公司无逾期对外担保。 一、担保情况概述 （一）基本情况 公司与中国银行股份有限公司嘉兴市分行（以下简称"中国银行嘉兴分行"） 签署了《最高额保证合同》，公司为全资子公司嘉福玻璃向中国银行嘉兴分行申请 在人民币 33,000 万元主债权的最高余额内提供连带责任保证担 ...

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 ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-020 | | --- | --- | --- | | 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2024年度募集资金存放与实际使用情况的 专项报告 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。 福莱特玻璃集团股份有限公司(以下简称"公司"、"本公司"或"福莱特集 团")董事会根据中国证券监督管理委员会《上市公司监管指引第 2 号—上市公 司募集资金管理和使用的监管要求》及《上海证券交易所上市公司自律监管指引 第 1 号—规范运作》的规定，编制了截至 2024 年 12 月 31 日止募集资金存放与 实际使用情况的专项报告(以下简称"募集资金存放与实际使用情况报告")。现 将截至 2024 年 12 月 31 日止募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 （一）2022 年 5 月公开发行 A 股可转换公司债券募集资金情况 经中国证券监督管理委员会证监许可[2022]664 号文《关于 ...

福莱特玻璃集团股份有限公司 董事会审核委员会2024年度履职情况报告 2024年，福莱特玻璃集团股份有限公司（以下简称"公司"或"本公司"）董 事会审核委员会全体委员根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上海证券交易所上市公司自律监管指引第1号——规范运作》《上市公司治理准则》 《上海证券交易所股票上市规则》《公司章程》《公司董事会审核委员会工作制度》 等法律法规及规章制度的有关规定，切实履行相应的职责和义务。现就审核委员会 2024年度履职情况报告如下： 一、审核委员会基本情况 公司第六届董事会审核委员会由独立董事徐攀女士、华富兰女士及吴幼娟女士 三名成员组成，徐攀女士为审核委员会主席（召集人）。2024年11月18日，公司召 开2024年第一次临时股东大会，审议通过了《关于董事会换届选举暨提名第七届董 事会独立董事候选人的议案》，并于同日召开了第七届董事会第一次会议，审议通 过了《关于选举第七届董事会各专门委员会成员的议案》，公司第七届董事会审核 委员会由独立董事徐攀女士、杜健女士及吴幼娟女士组成，徐攀女士为审核委员会 主席（召集人）。审核委员会委员任职均符合上海证券交易所的相关规定及 ...

福莱特玻璃集团股份有限公司 董事会审核委员会对会计师事务所 2024 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等法律法规和《公司章程》的要求， 福莱特玻璃集团股份有限公司（以下简称"公司"或"本公司"）董事会审核 委员会（以下简称"审核委员会"）本着勤勉尽责的原则，恪尽职守，认真履职， 对德勤华永会计师事务所（特殊普通合伙）（以下简称"德勤华永"）2024 年审计 资质及工作履行了监督职责，现将情况汇报如下： 一、会计师事务所基本情况 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月经财政部等部门 批准转制成为特殊普通合伙企业。德勤华永注册地址为上海市黄浦区延安东路 222 号 30 楼。 德勤华永具有财政部批准的会计师事务所执业证书，并经财政部、中国证 监会批准，获准从事 H 股企业审计业务。德勤华永已根据财政部和中国证监会 《会计师事务所从 ...