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@ ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [8]. Core Views - The company reported Q1 2025 revenue of 4.08 billion RMB and net profit attributable to shareholders of 110 million RMB, showing a year-on-year decline of 28.8% and 86.0% respectively, but a quarter-on-quarter recovery from Q4 2024 due to stabilizing solar glass prices [1][2]. - The gross margin for Q1 2025 improved to 11.7%, with a quarter-on-quarter increase of 8.8 percentage points, indicating a potential for continued improvement in profitability as solar glass prices are expected to remain stable [2]. - The company’s operating cash flow for Q1 2025 was 170 million RMB, down 72.2% year-on-year, primarily due to decreased sales revenue and collection [3]. - The demand for solar installations continues to grow rapidly, with a reported 59.7 GW of new installations in China from January to March 2025, a year-on-year increase of 31% [4]. Summary by Sections Financial Performance - Q1 2025 revenue was 4.08 billion RMB, with a year-on-year decrease of 28.8% and a quarter-on-quarter increase of 0.01% [2]. - The gross margin for Q1 2025 was 11.7%, reflecting a year-on-year decrease of 10.3% but a quarter-on-quarter increase of 8.8 percentage points [2]. - The company expects continued improvement in profitability in Q2 2025 due to stable solar glass prices and declining costs [2]. Expense and Cash Flow Analysis - The expense ratio for Q1 2025 was 7.9%, up 1.7 percentage points year-on-year, with increases in management, R&D, and financial expenses [3]. - The company’s cash flow from operations was significantly impacted by lower sales and collection rates, leading to a 72.2% decline year-on-year [3]. Market Demand and Capacity - The solar installation demand remains strong, with a reported 59.7 GW of new installations in Q1 2025, indicating a robust market outlook [4]. - The company’s production capacity for solar glass increased by 4.9% to 97,000 tons per day as of the end of April 2025, suggesting a positive trend in production recovery [4]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 1.07 billion RMB, 1.83 billion RMB, and 2.30 billion RMB for 2025, 2026, and 2027 respectively [5]. - The target price for A-shares is set at 19.44 RMB, while for H-shares it is 10.45 HKD, reflecting a valuation of 2.0x PB for A-shares and 1.0x PB for H-shares [5].

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：安徽福莱特光伏玻璃有限公司（以下简称"安福玻璃"）、 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"）本次为全资子公司安福玻璃提供债权本金不超过人民币 30,000 万元的保证担保，公司已实际为安福玻璃提供的担保余额为人民币 749,825 万元（不含本次）；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 5,520 万元的抵押担保，公司已实际为嘉福玻璃提供的担保余额为人民币 54,000 万 元（不含本次）。 本次是否有反担保：无。 公司无逾期对外担保。 | 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-034 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 特别风险提示：本次担保对象安福 ...

国浩律师（南京）事务所 国浩律师(南京)事务所 法律意见书 关于 福莱特玻璃集团股份有限公司 终止实施 2021 年 A 股股票期权激励计划 并注销相关股票期权 之 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5-7-8 层（210036） 7-8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86-25-89660900 传真/Fax: + 86-25-89660966 网址/Website: http://www.grandall.com.cn 2025 年 4 月 国浩律师（南京）事务所 关于福莱特玻璃集团股份有限公司 终止实施 2021 年 A 股股票期权激励计划 并注销相关股票期权之 法律意见书 致：福莱特玻璃集团股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受福莱特玻璃集团股份有 限公司（以下简称"福莱特"或"公司"）委托，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法 ...

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].

福莱特(601865.SH)公告称，2025年第一季度 营业收入40.79亿元，同比下降28.76%；归属于上市公司股 东的 净利润1.06亿元，同比下降86.03%。主要原因是光伏 玻璃销售价格相比上年同期大幅下降。同 时，公司经营活动产生的现金流量净额为1.67亿元，同比下降72.22%，主要是营业收入下降引起的销售 回款减少所致。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with expectations for potential recovery in profitability due to rising glass prices in the solar industry [1][2]. Financial Performance - The company achieved a revenue of 18.683 billion yuan in 2024, a year-on-year decrease of 13.20% [1]. - The net profit attributable to shareholders was 1.007 billion yuan, down 63.52% year-on-year [1]. - In Q4 2024, revenue was 4.079 billion yuan, a decline of 27.67% year-on-year, with a net profit of -289 million yuan, a decrease of 136.54% year-on-year [1]. - The operating cash flow for 2024 was 5.914 billion yuan, an increase of 200.65% year-on-year, indicating strong cash flow [1]. Cost and Margin Analysis - The gross margin for 2024 was 15.50%, down 6.3 percentage points year-on-year, with Q4 gross margin at 2.88%, a decrease of 3.09 percentage points quarter-on-quarter [2]. - The company's expense ratio for 2024 was 7.5%, an increase of 0.5 percentage points year-on-year, but Q4 expenses decreased by 3.65 percentage points quarter-on-quarter due to reduced sales and financial expenses [1][2]. Capacity and Market Strategy - The company has a total production capacity of 19,400 tons per day as of the end of 2024, with plans to launch projects in Anhui and Nantong based on market conditions [2]. - The company is expanding its overseas presence, with existing production capacity of 2,000 tons per day in Vietnam and plans to invest in a glass furnace in Indonesia to meet regional demand [2]. Profit Forecast and Investment Recommendation - The company anticipates improved performance in Q1 2025 due to a surge in solar component prices driven by policy changes, although the supply-demand relationship in the industry has not shown significant improvement [2]. - Projected net profits for 2025, 2026, and 2027 are 1.272 billion yuan, 1.882 billion yuan, and 2.257 billion yuan, representing year-on-year growth of 26.41%, 47.88%, and 19.96% respectively [2]. - Earnings per share (EPS) are expected to be 0.54 yuan, 0.80 yuan, and 0.96 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 34.21, 23.13, and 19.29 based on the closing price of 18.58 yuan on March 28, 2025 [2].

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, 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[13]. - 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 in the previous fiscal year[13]. - The overall gross margin has declined significantly due to the continuous drop in photovoltaic glass prices, which is the company's core product[12]. - The revenue from photovoltaic glass in 2024 was RMB 16,816.1 million, down 14.54% from RMB 19,676.5 million in the previous fiscal year[58]. - Gross profit for the year ended December 31, 2024, was RMB 2,895.0 million, down 38.31% from RMB 4,693.0 million in 2023, with a gross margin of 15.50%, down 6.30 percentage points from 21.80%[64]. - EBITDA for the year ended December 31, 2024, decreased to RMB 3,625.0 million from RMB 5,384.9 million in 2023, resulting in an EBITDA margin of 19.40% compared to 25.02% in the previous year[75]. - Net profit for the year ended December 31, 2024, was RMB 1,016.1 million, a decrease of 63.22% from RMB 2,763.0 million in 2023[75]. - The operating costs for the year ended December 31, 2024, were RMB 15,787.6 million, a reduction of RMB 1,043.1 million or 6.20% compared to RMB 16,830.7 million in 2023[63]. 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%[10]. - Current assets decreased to RMB 13,877.0 million in 2024 from RMB 16,833.0 million in 2023, a decline of 17.4%[10]. - Total assets remained relatively stable at RMB 42,919.8 million in 2024 compared to RMB 42,982.0 million in 2023[10]. - Total liabilities increased to RMB 21,135.6 million in 2024 from RMB 20,691.1 million in 2023, an increase of 2.1%[10]. - The debt-to-asset ratio as of December 31, 2024, was 49.24%, an increase of 1.10 percentage points from 48.14% in 2023[76]. Market Challenges - The company is facing significant challenges in the industry environment, particularly due to the imbalance of supply and demand affecting its operational income[12]. - The company is facing challenges due to oversupply in the photovoltaic industry, leading to significant price declines and increased competition[52]. - The geopolitical trade barriers and domestic consumption challenges are limiting rapid growth in demand, impacting the overall market dynamics[57]. - The company faces significant risks related to the photovoltaic glass market, including potential decreases in demand and pricing due to macroeconomic factors[171]. Strategic Initiatives - The company has implemented strategies to enhance quality and efficiency, but these measures have not fully offset the operational pressures from falling photovoltaic glass prices[13]. - The company plans to enhance its competitive advantage by developing large-scale kilns, which are expected to lower production costs and improve efficiency[55]. - New product development includes aesthetic glass products to address color differences in distributed rooftop projects, enhancing the visual appeal of photovoltaic components[56]. - The company is also focusing on the development of coated glass for offshore photovoltaic power stations to ensure efficient and stable power generation[56]. - The company aims to strengthen industry self-discipline and prevent harmful competition through various measures, including supply-side reforms[54]. - The company is committed to optimizing operational management and enhancing product quality to mitigate the pressures from declining photovoltaic glass prices[57]. Employee and Governance - 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[81]. - The company has a strong focus on strategic development, with key executives involved in various investment and management roles since 2016[99]. - The company has been actively expanding its management team, with independent directors bringing diverse academic backgrounds and professional experiences[102][103][104]. - The board consists of five executive directors and three independent non-executive directors, ensuring a balanced governance structure[116]. - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[115]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules from January 1, 2024, to December 31, 2024[115]. Shareholder Engagement - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2024, considering the company's funding needs[83]. - The company encourages shareholder participation in meetings, providing opportunities for direct communication with the board[159]. - Shareholders holding more than 3% of the company's shares can submit written proposals for discussion at the annual general meeting[156]. - The board will continue to review policies to ensure effective communication with shareholders and investors[157]. Environmental and Social Responsibility - The company has installed environmental protection and energy-saving equipment, including flue gas desulfurization and denitrification devices, to minimize environmental impact[175]. - The company received the "National Green Factory" title from the Ministry of Industry and Information Technology in November 2023 for its contributions to environmental protection and energy conservation[175]. - The company must comply with various Chinese environmental laws and regulations, which may impact production capacity and increase costs if there are adverse changes[172]. - The company has obtained ISO 14001:2015 environmental management system certification for compliance with applicable environmental regulations[175]. - The company’s production activities generate nitrogen oxides and sulfur dioxide as major pollutants, and it actively monitors emissions to comply with standards[175]. Financial Management - The company has implemented a prudent financing and financial policy to minimize financial risks while maintaining a good financial condition and reasonable financial costs[78]. - The group has established various currency structure forward contracts to mitigate foreign exchange risks, closely monitoring ongoing currency fluctuations[79]. - The company plans to issue A-share convertible bonds with a total amount not exceeding RMB 4 billion to enhance its capital strength and meet operational funding needs[192]. - The company completed a private placement of A-share stocks, raising a net amount of approximately RMB 5.97 billion, with 32.35% allocated to the production of high-transparency glass for new energy equipment[196]. Audit and Compliance - The Audit Committee held six meetings during the reporting period to review the annual performance and interim financial results, ensuring compliance with applicable accounting standards[131]. - The internal audit team, with the assistance of management, conducted a review of the system and found it to be effective and adequate[152]. - The board of directors is responsible for reviewing the effectiveness of the internal control and risk management systems, ensuring compliance with corporate governance principles[152].

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 ...

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].