公司近一年市场表现 市场数据：2024 年 9 月 11 日 收盘价（元）： 16.78 年内最高/最低（元）： 31.00/15.60 流 通 A 股 / 总 股 本 19.00/23.43 光伏玻璃贡献主要营收，2024 年 Q2 毛利率同环比改善。公司营收主 要由光伏玻璃产品贡献，2024 年上半年光伏玻璃营收占比为 90.3%。2024 年上半年，公司整体毛利率为 23.8%，同比+4.7pct；光伏玻璃毛利率为 24.7%。Q2 单季度，公司毛利率为 26.5%，同比+6.5pct，环比+5.0pct，主 要受益于 4-5 月组件排产提升带动光伏玻璃价格上涨，而纯碱、天然气等 原材料价格同比下降。 （亿）： 流通 A 股市值（亿）： 318.83 总市值（亿）： 393.16 稳步扩产降本增效，海外产能盈利能力更优。截至 2024 年 6 月底，公 司总产能为 23000t/d；其中 2600t/d 已冷修。截至公司报告披露时间，公司 产线中千吨级及以上的窑炉占比 90%+，大窑炉能够降低单耗、提升成本 率，从而带动成本的降低。公司国内的安徽项目，南通项目以及海外项目 均处于正常推进状态，后续落地时 ...

| 公司資料 | 2 | | --- | --- | | 財務概要 | 3 | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 23 | | 合併資產負債表 | 39 | | 母公司資產負債表 | 42 | | 合併利潤表 | 45 | | 母公司利潤表 | 48 | | 合併現金流量表 | 50 | | 母公司現金流量表 | 52 | | 合併所有者權益變動表 | 54 | | 母公司所有者權益變動表 | 56 | | 財務報表附註 | 58 | | 補充資料 | 207 | 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 獨立非執行董事 徐攀女士 華富蘭女士 吳幼娟女士 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 吳幼娟女士 薪酬委員會 徐攀女士 （主席） 阮洪良先生 華富蘭女士 提名委員會 徐攀女士 （主席） 阮洪良先生 華富蘭女士 戰略發展委員會 阮洪良先生 （主席） 魏葉忠先生 徐攀女士 風險管理委員會 阮洪良先生 （主席） 姜瑾華女士 ...

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].

Investment Rating - The investment rating for the company is "Buy" indicating an expected return of over 10% relative to the CSI 300 index in the next six months [21]. Core Views - The company's mid-year performance exceeded expectations, marking a turning point in profitability despite short-term pressures from downstream demand [2]. - The photovoltaic glass market is experiencing short-term disruptions due to a slowdown in installation demand in the US and China, although both markets show some resilience [2]. - The decline in raw material prices is expected to enhance profitability, and the company maintains a leading position in the industry with its high-quality capacity layout [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 10.696 billion yuan, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 1.499 billion yuan, up 38.1% year-on-year. The gross margin was 23.8%, an increase of 4.7 percentage points, and the net margin was 14.0%, up 2.8 percentage points [2]. - The operating cash flow improved significantly, with a net cash flow of 1.746 billion yuan, a notable recovery from a negative 845 million yuan in the same period last year [2]. Market Dynamics - The photovoltaic market is under pressure, with new installations in China reaching 123.5 GW from January to July 2024, a year-on-year increase of 27.1%. In the US, new installations were 15.6 GW, up 38.6% year-on-year. However, the growth rate has slowed compared to last year, with demand growth lagging behind capacity expansion [2]. - As of the end of August 2024, the inventory of photovoltaic glass companies reached 35.8 days, the highest level since 2023, indicating a deteriorating supply-demand balance in the market [2]. Profitability and Capacity - The company's photovoltaic glass revenue for H1 2024 was 9.659 billion yuan, a year-on-year increase of 9.9%. The gross margin for this segment was 24.7%, up 4.7 percentage points due to low prices of key raw materials like soda ash and natural gas [2]. - The total production capacity as of June 2024 was 23,000 tons per day, with 2,600 tons in cold repair status. The company is actively managing its capacity in response to market conditions [2]. Investment Recommendations - The company is expected to maintain a stable trend in both volume and profit, with projected net profits attributable to shareholders of 2.76 billion yuan, 3.63 billion yuan, and 4.34 billion yuan for 2024, 2025, and 2026, respectively. Corresponding PE ratios are expected to be 15, 12, and 10 [2].

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、 、 、 、 、 行 业 业 研 究 宏 观 研 究 福莱特 沪深300 公 司 研 究 分析师 梁晨 邮箱：liangchen@gkzq.com.cn 执业证书编号：S1380518120001 联系电话：010-88300853 公司评级 证 券 研 究 报 告 | --- | --- | |-----------------------------|--------| | | | | 当前价格（元）： | 16.74 | | 本次评级： 推荐 | | | 公司基本数据 | | | 总股本（亿股）： | 23.43 | | 流通股本（亿股）： | 19.00 | | 流通 A 股市值（亿元）： | 318.06 | | 每股净资产（元）： | 9.35 | | 资产负债率（%）： | 49.56 | 福莱特与沪深 300 走势比较 | --- | --- | --- | --- | --- | --- | --- | |---------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 福萊特玻璃集團股份有限公司 呈交日期： 2024年9月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股（上海证券交易所） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份 ...

为便于广大投资者更全面深入地了解福莱特玻璃集团股份有限公司（以下简 称"公司"）2024 年半年度的经营成果、财务状况等相关情况，根据上海证券交易 所的相关规定，公司于 2024 年 9 月 4 日（星期三）上午 9:00-10:00 通过上海证 券交易所上证路演中心（http://roadshow.sseinfo.com/）召开了关于 2024 年半年度 业绩说明会，就公司 2024 年半年度的经营成果、财务状况的具体情况与投资者 进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行了 解答。现将有关事项公告如下： 一、本次说明会召开情况 | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-083 | | --- | --- | --- | | 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 年半年度业绩说明会情况的公告 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。 公司已于 2024 年 8 月 28 日通过指定信息披露媒体及上海证 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 03 年 月 日 福莱特（601865.SH） 光伏玻璃行业挑战中稳健前行，技术与客户优势驱动业绩提升 事件：公司发布 2024 年半年报。2024 年上半年公司实现营收 106.96 亿 元，同比+10.51%；归母净利润 14.99 亿元，同比+38.14%；扣非归母净 利润 14.80 亿元，同比+38.37%。 光伏玻璃技术领先，市场增长带动业绩稳步提升。2024 年上半年，光伏 玻璃行业继续保持增长势头，公司凭借其在光伏玻璃领域的技术优势和市 场领先地位，实现了业务的稳步增长。公司光伏玻璃的收入贡献持续上升， 2024 年上半年达到了 90.31%，显示出光伏玻璃在公司业务中的核心地 位。公司注重研发创新，在光伏玻璃的配方、生产工艺和自爆率控制等关 键技术方面处于行业领先水平，并通过多项国际认证，是国内第一家、全 球第四家通过瑞士 SPF 认证的企业，拥有两百多项发明和实用新型专利。 公司产能优势显著，截至 6 月 30 日，公司玻璃总产能为 23,000 吨/天， 其中 2,600 吨/天已经冷修。目前，国内的安徽项目，南通项 ...

呈交日期: 2024年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06865 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 450,000,000 | RMB | | 0.25 | RMB | | 112,500,000 | | 增加 / 減少 (-) | | | -8,285,000 | | | | RMB | | -2,071,250 | | 本月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | ...