Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved a turnaround in Q1 2025, with a net profit of 1.1 billion yuan, reflecting a 136.7% increase quarter-on-quarter, despite a year-on-year decline of 86.0% [5][6]. - The company remains a leader in the photovoltaic glass industry, with a total production capacity of 19,400 t/d and a market share exceeding 50% when combined with its main competitor [6][7]. - The company is expected to face short-term pressure on downstream demand and product prices following a surge in installations, but it is projected to maintain its industry-leading position due to its scale, resources, and technology [7]. Financial Performance - For Q1 2025, the company reported revenues of 40.8 billion yuan, a year-on-year decrease of 28.8% but stable quarter-on-quarter [5]. - In 2024, the company is expected to generate revenues of 186.8 billion yuan, down 13.2% year-on-year, with a net profit of 10.1 billion yuan, reflecting a 63.5% decline [6][9]. - The company's gross margin for 2024 is projected to be 15.5%, down 6.3 percentage points year-on-year, primarily due to declining market prices for photovoltaic glass [6]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.44 yuan, 0.89 yuan, and 1.08 yuan, respectively [7][9]. - The price-to-earnings (P/E) ratios for the same years are estimated at 35.6, 17.4, and 14.4, respectively [7][9].

Core Insights - The top three companies with the highest short positions are WuXi AppTec (02359), Vanke Enterprises (02202), and Ganfeng Lithium (01772) with short ratios of 16.40%, 14.71%, and 13.17% respectively [1][2] - The company with the largest increase in short positions is Vanke Enterprises (02202), which saw an increase of 1.37% from the previous report [1][2] - Ganfeng Lithium (01772) experienced the largest decrease in short positions, with a reduction of 0.88% [1][3] Short Position Summary - **Top 3 Companies by Short Ratio** - WuXi AppTec (02359): 6,349.45 million shares, 16.40% [2] - Vanke Enterprises (02202): 325 million shares, 14.71% [2] - Ganfeng Lithium (01772): 5,313.62 million shares, 13.17% [2] - **Companies with Largest Increase in Short Positions** - Vanke Enterprises (02202): Increased from 13.34% to 14.71% [2] - COSCO Shipping Holdings (01919): Increased from 12.27% to 13.14% [2] - Yao Cai Securities (01428): Increased from 1.28% to 2.09% [2] - **Companies with Largest Decrease in Short Positions** - Ganfeng Lithium (01772): Decreased from 14.05% to 13.17% [3] - Horizon Robotics-W (09660): Decreased from 1.87% to 1.02% [3] - Hisense Home Appliances (00921): Decreased from 10.94% to 10.14% [3]

Core Points - The company will pay interest on its convertible bonds on May 20, 2025, for the period from May 20, 2024, to May 19, 2025 [1][4] - The interest rate for the third year is set at 1.0%, resulting in a payment of RMB 1.00 per bond with a face value of RMB 100 [4][6] - The bonds were issued on May 20, 2022, with a total issuance amount of RMB 4 billion (40 million bonds) [3][4] Bond Details - The bonds are convertible into the company's A-shares, with an initial conversion price of RMB 43.94 per share, currently adjusted to RMB 41.71 per share [4] - The bonds have a six-year term, maturing on May 19, 2028, with annual interest payments [1][3] - The bonds are rated AA by a credit rating agency, indicating a strong credit quality [4] Payment Schedule - The bondholders' record date for interest payment is May 19, 2025, with the interest payment date also set for May 20, 2025 [5][6] - The company has appointed a custodian for the bond interest payments, ensuring timely distribution to bondholders [5][6] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of RMB 0.80 per bond after tax [6][8] - Non-resident institutional investors are exempt from corporate income tax on the bond interest [7][8]

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-035 | | --- | --- | --- | | 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"福莱转债"2025 年付息的公告 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： 福莱特玻璃集团股份有限公司（以下简称"公司"）于 2022 年 5 月 20 日发行 的可转换公司债券（以下简称"本期债券"）将于 2025 年 5 月 20 日支付自 2024 年 5 月 20 日至 2025 年 5 月 19 日期间的利息。根据公司《公开发行 A 股可转换 公司债券募集说明书》（以下简称"《募集说明书》"）及《公开发行 A 股可转换 公司债券上市公告书》（以下简称"《上市公告书》"）有关条款的规定，现将有 关事项公告如下： 一、本期债券的基本情况 ● 可转债付息债权登记日：2025 年 5 月 19 日 ● 可转债除息日：2025 年 5 月 20 日 ● 可转债兑息日：2025 年 5 月 ...

Group 1 - The core viewpoint of the news is that Fuyao Glass Group Co., Ltd. has applied for a patent for multifunctional LOW-E coated glass for automotive sunroofs and windshields, which aims to enhance the performance of these components [1] - The patent application, published as CN119954408A, was filed on January 2025 and involves a multi-layer LOW-E coating that reduces heat accumulation inside vehicles, improving comfort [1] - The multifunctional LOW-E coated glass also includes a UV-blocking layer to effectively block harmful ultraviolet rays and an anti-glare coating to enhance driving safety by reducing glare [1] Group 2 - Fuyao Glass Group Co., Ltd. was established in 1998 and is located in Jiaxing City, primarily engaged in the non-metallic mineral products industry [2] - The company has a registered capital of approximately 5.86 billion RMB and has invested in 24 enterprises, participated in 52 bidding projects, and holds 174 patents [2] - Additionally, Fuyao Glass has 57 trademark registrations and possesses 53 administrative licenses [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 本月底法定/註冊股本總額： RMB 585,730,034.75 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年5月7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 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 增加 / 減少 (-) | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has turned from a loss to a profit in Q1 2025, with expectations for gradual improvement throughout the year [1] - The company's Q1 2025 revenue was approximately 4.08 billion yuan, a year-on-year decrease of 29%, but a slight quarter-on-quarter increase of 0.01% [7] - The net profit attributable to the parent company for Q1 2025 was 106 million yuan, reflecting a year-on-year decline of 86% but a quarter-on-quarter increase of 137% [7] - The company is expected to maintain a leading position in the photovoltaic glass market due to its production capacity and ongoing overseas expansion [7] Financial Performance Summary - Total revenue forecast for 2023A is 21.524 billion yuan, with a year-on-year growth of 39.21% [1] - The net profit attributable to the parent company for 2023A is projected at 2.75969 billion yuan, with a year-on-year increase of 30% [1] - The latest diluted EPS for 2023A is estimated at 1.18 yuan per share [1] - The company’s P/E ratio for 2023A is 12.44 [1] Production and Market Position - As of April 2025, the company has a total production capacity of 19,400 tons per day, with ongoing projects in Vietnam and plans for new facilities in Indonesia [7] - The company’s market share, combined with its competitor, exceeds 50%, indicating a strong competitive advantage [7] Cost and Inventory Management - The company reported a decrease in inventory by approximately 15% as of Q1 2025 [7] - Operating cash flow for Q1 2025 was 167 million yuan, down from the previous year [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][10]. Core Insights - The company achieved a significant turnaround in Q1 2025, with revenue of 4.08 billion RMB, surpassing expectations of a loss, and achieving a profit of 106 million RMB compared to a loss of 289 million RMB in Q4 2024 [6][7]. - The average price of 2.0mm photovoltaic glass increased by 5.5% quarter-on-quarter, contributing to improved gross and net profit margins, which rose by 8.8 and 9.6 percentage points to 11.7% and 2.6%, respectively [6]. - The report anticipates a substantial increase in profitability in Q2 2025, despite adjusting profit forecasts for 2025-2027 down by 15%, 10%, and 9% due to increased production from second and third-tier companies and the impact of tariffs on Vietnamese production [6][12]. Financial Overview - Revenue projections for the company are as follows: 21,524 million RMB in 2023, 18,683 million RMB in 2024, and 18,433 million RMB in 2025E, with a projected growth of 39.2% in 2023 followed by a decline of 13.2% in 2024 [5][12]. - Net profit is expected to decrease from 2,760 million RMB in 2023 to 893 million RMB in 2025E, reflecting a significant drop of 63.4% in 2024 [5][12]. - The company’s gross margin is projected to decline from 21.8% in 2023 to 13.6% in 2025E, with a recovery expected in subsequent years [12][8]. Market Dynamics - The report notes a strong rebound in photovoltaic glass prices, which have recently started to decline as inventory levels increase following a surge in demand due to new policies [6][8]. - The company’s production capacity in Vietnam is affected by "reciprocal tariffs," but the overall impact is deemed limited due to the ability to redirect exports to other countries [6][12]. - The anticipated increase in supply from June 2025 is expected to put pressure on glass prices, as the company has not yet confirmed the production timeline for its new capacity of 7,200 tons [6][12].

Investment Rating - The investment rating for the company is "Buy" [2][10]. Core Views - The company has significantly turned around its performance in Q1 2025, achieving a revenue of 4.08 billion RMB, which is a substantial improvement compared to the expected loss of 70 million RMB [6]. - The average price of 2.0mm photovoltaic glass increased by 5.5% quarter-on-quarter, contributing to a gross margin increase of 8.8 percentage points to 11.7% [6]. - The company is expected to see a substantial increase in profitability in Q2 2025, despite a downward adjustment in profit forecasts for 2025-2027 due to increased production from second and third-tier companies and the impact of tariffs on Vietnamese production [6]. Financial Overview - Revenue projections for the company are as follows: 21,524 million RMB in 2023, decreasing to 18,683 million RMB in 2024, and then slightly declining to 18,433 million RMB in 2025, before increasing to 21,259 million RMB in 2026 and 23,888 million RMB in 2027 [5][12]. - Net profit is projected to be 2,760 million RMB in 2023, dropping to 1,007 million RMB in 2024, and further to 893 million RMB in 2025, before recovering to 1,874 million RMB in 2026 and 2,452 million RMB in 2027 [5][12]. - The company’s gross margin is expected to decline from 21.8% in 2023 to 13.6% in 2025, with a recovery to 17.6% in 2026 and 18.5% in 2027 [12]. Market Dynamics - The photovoltaic glass market is experiencing fluctuations, with prices rebounding and then starting to decline as inventory levels increase [6]. - The company’s production capacity in Vietnam is affected by "reciprocal tariffs," but the overall impact is expected to be limited due to the company's ability to redirect exports to other countries [6]. - The company is maintaining a competitive edge with higher gross margins compared to other leading companies in the industry [6].

Summary of the Conference Call for 福莱特 (Fuyao Glass) Company Overview - 福莱特 reported a net profit of 106 million yuan in Q1 2025, marking a turnaround from losses, primarily due to rising photovoltaic glass prices and internal cost reduction measures [2][4][12]. - Revenue decreased by 28.76% year-on-year to 4.079 billion yuan, influenced by a significant drop in photovoltaic glass prices compared to the previous year [2][4]. Key Financial Metrics - Total assets as of March 31, 2025, stood at 43 billion yuan, with net assets at 21.8 billion yuan, remaining stable compared to the end of the previous year [4]. - The comprehensive gross margin fell to 11.72% due to the decline in glass prices [2][4]. Production Capacity and Developments - Current production capacity is 19,400 tons per day, with domestic projects including Anhui Phase IV and Nantong, and an overseas project in Indonesia expected to commence construction in June 2025, with production starting in 2027 [2][5]. - There are 7,000 tons of capacity awaiting ignition, with the timing dependent on market conditions [11]. Market Demand and Inventory - Q1 saw good shipment performance, but a slight decline in demand is expected in May due to fluctuations in component demand, leading to potential volatility in glass demand [2][7]. - The company maintains a healthy inventory level of approximately 20 days, below the industry average of 25 to 30 days [7]. Cost Control Measures - The company has implemented various cost reduction and efficiency improvement measures across management, administration, and production operations, resulting in a decrease in costs compared to the previous year [2][9]. - Raw material costs, including quartz sand and soda ash, remained stable, while natural gas prices returned to seasonal levels, contributing to lower overall expenses [9]. International Sales and Impact of Tariffs - Overseas sales account for about 20% of total revenue, with higher profitability compared to domestic sales. The new capacity in Indonesia is expected to impact revenue and profits starting in 2027 [3][36]. - The Vietnamese factory primarily exports to the U.S., with minimal impact from tariffs, as the capacity is around 2,000 tons [2][19]. Industry Dynamics - The industry has limited new capacity additions, with domestic total capacity exceeding 90,000 tons and overseas capacity around 10,000 tons. The expected demand for components is between 55 to 60 GW, indicating a relatively ample supply [2][10]. - The competitive landscape is not overly concerning, as new capacity additions are relatively dispersed, and the company plans to gradually release domestic capacity as market conditions improve [17]. Future Outlook - The photovoltaic glass price is currently under negotiation, with final prices expected to be determined in early May [8][28]. - The company anticipates that the overall supply will remain sufficient, with the second half of the year potentially seeing increased demand driven by emerging markets [28]. Additional Insights - The self-supply ratio of quartz sand is currently at 70%, with plans to evaluate the potential for increasing this ratio following the opening of a new mine [15]. - The company is closely monitoring the impact of potential changes in tariff policies on its operations and pricing strategies [32]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, production capacity, market dynamics, and strategic outlook.