Investment Rating - The report maintains a "Neutral" rating for the company with a target price of HKD 19.50, indicating a potential upside of 0.5% from the current closing price of HKD 19.40 [1][7]. Core Insights - The company's Q1 performance slightly exceeded expectations, with a revenue growth of 6.7% year-on-year and 1.5% quarter-on-quarter, reaching RMB 5.73 billion. Net profit increased by 48.6% year-on-year but decreased by 3.9% quarter-on-quarter to RMB 758.6 million, which was 5% higher than forecasts due to lower expenses and a reversal of impairment losses [1][2]. - In April, glass prices rose by 3% following a rapid inventory reduction in March, although inventory levels began to increase again in the latter half of the month due to reduced production rates from some component manufacturers [2]. - The report anticipates a significant increase in profit margins in Q2, but a decline in the second half of the year is expected due to limited valuation attractiveness at present [2]. Financial Overview - Q1 2023 revenue was RMB 5.73 billion, with a net profit of RMB 758.6 million, reflecting a net profit margin of 13.2% [1][5]. - The company’s financial projections indicate revenue growth from RMB 21.52 billion in 2023 to RMB 34.81 billion by 2026, with net profit expected to rise from RMB 2.76 billion to RMB 5.35 billion over the same period [4][8]. - The gross margin is projected to improve from 22.4% in 2023 to 23.5% in 2024, while the net profit margin is expected to increase from 12.8% in 2023 to 15.4% in 2026 [6][8]. Market Dynamics - The industry is experiencing a rapid increase in new production capacity, with 8,300 tons coming online since March, leading to an expected oversupply in the second half of the year [2]. - The report notes that the average prices for photovoltaic glass have decreased by 9% and 3% for 2.0mm and 3.2mm glass respectively, although cost reductions from lower soda ash prices have helped maintain margins [1][2].

谢谢动物证券研究所提醒您本次电话会议仅面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读 涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢嗯哎陈总哎您先讲啊 好的呀那尊敬的各位投资者大家晚上好非常感谢各位在百忙中参加本次弗莱特玻璃集团的2024年的第一季度业绩交流会从整个行业上来看的话根据国家能源局2024年4月22日公布的数据从一到三月份国内的光伏金增装机是45.74GW同比增长了37.4% 那海外市场方面的话虽然说担忧会担忧一些海外的贸易壁垒的升级但是在降息预期以及逐渐降价的背景下的终端需求依然是非常强劲的尤其是非欧美国家保持了非常较好的一个增长那就公司的业绩情况来看截止到2024年3月31日公司的总资产达到433.84亿元比上年末增长0.9%净资产230亿元 比上年度墨增长3.14%2024年第一季度公司营业收入约为573亿元 5.73亿元比上年度同期增长6.73%2024年一季度由于光伏玻璃价格和去年同期相比对有下降但是呢原材料价格同比下降幅度更大因此 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 5,725,831,610.97, representing a year-on-year increase of 6.73%[4] - Net profit attributable to shareholders was CNY 759,878,695.37, reflecting a significant increase of 48.57% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was CNY 760,078,576.19, up by 51.89% year-on-year[4] - The basic earnings per share (EPS) was CNY 0.32, an increase of 35.57% from the previous year[4] - Total revenue for Q1 2024 reached RMB 5,725,831,610.97, an increase of 6.73% compared to RMB 5,364,942,648.25 in Q1 2023[16] - Net profit for Q1 2024 was RMB 758,632,164.14, up 48.36% from RMB 511,450,441.35 in Q1 2023[16] - Operating profit increased to RMB 860,678,127.47, a rise of 53.67% from RMB 560,029,029.94 in the same period last year[16] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.32, up from RMB 0.24 in Q1 2023[17] - Total comprehensive income for Q1 2024 was RMB 731,751,585.42, compared to RMB 494,160,055.41 in Q1 2023[17] - The company reported a decrease in financial expenses to RMB 99,200,203.36 from RMB 126,609,261.84 in Q1 2023[16] Assets and Liabilities - The total assets at the end of the reporting period were CNY 43,384,237,163.54, showing a slight increase of 0.94% from the end of the previous year[5] - As of March 31, 2024, total assets amounted to CNY 43,384,237,163.54, an increase from CNY 42,981,997,983.52 as of December 31, 2023, reflecting a growth of approximately 0.94%[14] - Current assets decreased to CNY 16,495,931,322.56 from CNY 16,832,971,745.27, representing a decline of about 2.00%[14] - Total liabilities decreased to CNY 20,433,444,989.13 from CNY 20,691,087,532.36, a reduction of about 1.25%[15] - Non-current liabilities rose to CNY 12,078,822,504.42 from CNY 11,506,107,749.16, reflecting an increase of approximately 4.96%[15] - The company's equity attributable to shareholders increased to CNY 22,876,202,645.90 from CNY 22,215,074,391.42, marking a growth of about 2.97%[15] Cash Flow - The cash flow from operating activities was CNY 600,981,736.90, which decreased by 224.97% compared to the previous year[4] - Cash flow from operating activities generated RMB 600,981,736.90, a significant improvement from a negative cash flow of RMB (480,910,166.55) in Q1 2023[19] - Cash and cash equivalents were reported at CNY 5,896,681,070.94, down from CNY 6,616,387,667.80, indicating a decrease of approximately 10.90%[14] - Cash and cash equivalents at the end of Q1 2024 totaled RMB 4,719,154,245.28, compared to RMB 2,395,134,873.36 at the end of Q1 2023[20] Inventory and Assets Changes - Inventory decreased to CNY 1,527,542,303.74 from CNY 2,001,439,456.08, indicating a decline of approximately 23.66%[14] - The company reported a significant increase in intangible assets, rising to CNY 6,581,957,934.20 from CNY 3,279,561,250.53, which is an increase of about 100.00%[14] - The company has seen a 39.71% increase in other current assets, primarily due to an increase in deductible VAT[7] - Accounts receivable increased to CNY 4,150,245,137.92 from CNY 3,685,519,572.47, showing a growth of around 12.66%[14] Business Operations - The company reported a significant increase in photovoltaic glass sales volume, contributing to the rise in net profit[8] - The company is advancing projects related to photovoltaic glass production lines, which is expected to enhance future revenue streams[7] - Research and development expenses were RMB 160,219,492.71, slightly up from RMB 157,495,810.85 in Q1 2023[16] - The company did not execute any mergers or acquisitions during the reporting period[18]

福莱特玻璃集团股份有限公司 关于召开 2024 年第一季度业绩说明会的公告 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。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）（以下简称"上证路演中心"） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 20 日（星期一）至 2024 年 5 月 24 日（星期五） 16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 （ http://roadshow.sseinfo.com/questionCollection.do ） 或 通 过 公 司 邮 箱 （flat@flatgroup.com.cn）进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 福莱特玻璃集团股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日在 上海证券交易所网站（http://www.sse.com.c ...

[Important Notice](index=2&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Company Statement and Audit Status of Financial Data](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%81%B2%E6%98%8E%E8%88%87%E8%B2%A1%E5%8B%99%E6%95%B8%E6%93%9A%E5%AF%A9%E8%A8%88%E7%8B%80%E6%85%8B) The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; financial data is unaudited - The company's board of directors, supervisory board, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility[2](index=2&type=chunk) - Company executives Ruan Hongliang (Chairman), Jiang Weijie (Head of Accounting), and Jin Huiping (Head of Accounting Department) guarantee the truthfulness, accuracy, and completeness of the financial statements in the quarterly report[2](index=2&type=chunk) - The financial data in this first quarterly report is **unaudited**[2](index=2&type=chunk) [Key Financial Data](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%95%B8%E6%93%9A) [Key Accounting Data and Financial Indicators](index=2&type=section&id=2.1%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) In Q1 2024, operating revenue grew **6.73%**, net profit attributable to shareholders increased **48.57%**, and operating cash flow decreased **224.97%** Key Accounting Data and Financial Indicators for Q1 2024 | Item | Current Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 5.73 billion CNY | 6.73 | | Net Profit Attributable to Listed Company Shareholders | 759.88 million CNY | 48.57 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 760.08 million CNY | 51.89 | | Net Cash Flow from Operating Activities | 600.98 million CNY | (224.97) | | Basic EPS (CNY/share) | 0.32 | 35.57 | | Diluted EPS (CNY/share) | 0.32 | 35.63 | | Weighted Avg ROE (%) | 3.37 | decreased by 0.21 percentage points | Key Balance Sheet Indicators as of Q1 2024 End | Item | Current Period End (CNY) | Previous Year End (CNY) | YoY Change at Period End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 43.38 billion CNY | 42.98 billion CNY | 0.94 | | Owners' Equity Attributable to Listed Company Shareholders | 22.88 billion CNY | 22.22 billion CNY | 2.98 | [Non-Recurring Gains and Losses Items and Amounts](index=3&type=section&id=2.2%20%E9%9D%9E%E7%B6%93%E5%B8%B8%E6%80%A7%E6%90%8D%E7%9B%8A%E9%A0%85%E7%9B%AE%E5%92%8C%E9%87%91%E9%A1%8D) Total non-recurring gains and losses for the period amounted to **(199,880.82) CNY**, primarily from non-current asset disposal losses, government subsidies, and fair value changes of financial assets Non-Recurring Gains and Losses Items and Amounts for Q1 2024 | Item | Current Period Amount (CNY) | | :--- | :--- | | Gains or Losses from Disposal of Non-Current Assets | (9,621,461.73) CNY | | Government Subsidies Included in Current Profit and Loss | 7,951,793.70 CNY | | Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities, and from Disposal of Financial Assets and Liabilities | 824,090.29 CNY | | Other Non-Operating Income and Expenses Apart from the Above | 836,532.21 CNY | | Less: Income Tax Impact | 158,033.21 CNY | | Less: Impact on Minority Interests (After Tax) | 32,802.07 CNY | | Total | (199,880.82) CNY | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=4&type=section&id=2.3%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E3%80%81%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81%E5%8F%8A%E5%8E%9F%E5%9B%A0) Intangible assets surged **100.70%** due to mining rights, treasury stock rose **508.65%** from H-share repurchases, and net profit increased due to higher solar glass sales and lower raw material costs Changes and Reasons for Key Accounting Data and Financial Indicators in Q1 2024 | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Other Receivables | 53.35 | Mainly due to new land auction deposits and gas deposits | | Other Current Assets | 39.71 | Mainly due to increased input VAT to be deducted | | Construction in Progress | 31.62 | Mainly due to the progress of Anhui solar glass production line and distributed power station projects | | Intangible Assets | 100.70 | Mainly due to the completion of procedures for previously acquired mining rights | | Other Non-Current Assets | (74.25) | Mainly due to the reclassification of previously acquired mining rights to intangible assets after completing procedures | | Treasury Stock | 508.65 | Mainly due to H-share repurchases not yet cancelled | | Basic EPS (CNY/share) | 35.57 | Mainly due to increased net profit during the reporting period | | Diluted EPS (CNY/share) | 35.63 | Mainly due to increased net profit during the reporting period | | Net Profit Attributable to Listed Company Shareholders | 48.57 | Mainly due to increased solar glass sales volume and decreased raw material prices year-over-year | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 51.89 | Mainly due to increased solar glass sales volume and decreased raw material prices year-over-year | | Net Cash Flow from Operating Activities | (224.97) | Mainly due to increased cash received from sales and decreased cash paid for goods purchased | | Net Cash Flow from Investing Activities | 77.68 | Mainly due to payments for engineering costs for Anhui and Nantong solar glass production line projects | | Net Cash Flow from Financing Activities | (103.28) | Mainly due to repayment of borrowings | [Shareholder Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E6%9D%B1%E4%BF%A1%E6%81%AF) [Total Number of Common Shareholders and Top Ten Shareholders' Holdings](index=5&type=section&id=3.1%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E6%9D%B1%E7%B8%BD%E6%95%B8%E5%92%8C%E8%A1%A8%E6%B1%BA%E6%AC%8A%E6%81%A2%E5%BE%A9%E7%9A%84%E5%84%AA%E5%85%88%E8%82%A1%E8%82%A1%E6%9D%B1%E6%95%B8%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1%E6%83%85%E6%B3%81%E8%A1%A8) As of March 31, 2024, the company had **40,699** common shareholders; HKSCC NOMINEES LIMITED held **19.14%**, with some top shareholders having pledged shares and acting in concert - As of the end of the reporting period, the company had **40,699** common shareholders and no preferred shareholders with restored voting rights[7](index=7&type=chunk) Top Ten Shareholders' Holdings as of March 31, 2024 | Shareholder Name | Shareholder Type | Number of Shares | Holding Ratio (%) | Restricted Shares Held | Share Status | Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | Other | 449.94 million shares | 19.14 | 0 shares | Unknown | 0 shares | | Ruan Hongliang | Domestic Natural Person | 439.36 million shares | 18.69 | 0 shares | Pledged | 41.65 million shares | | Ruan Zeyun | Domestic Natural Person | 350.53 million shares | 14.91 | 0 shares | Pledged | 11.30 million shares | | Jiang Jinhua | Domestic Natural Person | 324.08 million shares | 13.78 | 0 shares | Pledged | 3.60 million shares | | Zheng Wenrong | Domestic Natural Person | 46.80 million shares | 1.99 | 0 shares | None | 0 shares | | Shanghai Ruiyang Investment Management Co., Ltd. – Ruiyang Emerging Growth Private Securities Investment Fund | Domestic Non-State-Owned Legal Person | 34.70 million shares | 1.48 | 0 shares | None | 0 shares | | Zhu Quanming | Domestic Natural Person | 31.20 million shares | 1.33 | 0 shares | Pledged | 5.50 million shares | | Shen Fuquan | Domestic Natural Person | 31.20 million shares | 1.33 | 0 shares | None | 0 shares | | Hong Kong Securities Clearing Company Limited | Other | 28.38 million shares | 1.21 | 0 shares | None | 0 shares | | Shanghai Pudong Development Bank Co., Ltd. – GF High-End Manufacturing Stock Initiated Securities Investment Fund | Domestic Non-State-Owned Legal Person | 18.75 million shares | 0.80 | 0 shares | None | 0 shares | - Mr. Ruan Hongliang, Ms. Jiang Jinhua, Ms. Ruan Zeyun, and Mr. Zhao Xiaofei are considered **persons acting in concert**[9](index=9&type=chunk) [Quarterly Financial Statements](index=8&type=section&id=%E5%AD%A3%E5%BA%A6%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Financial Statements](index=8&type=section&id=%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement as of March 31, 2024, detailing its Q1 financial position, operating results, and cash flows [Consolidated Balance Sheet](index=8&type=section&id=%E5%90%88%E4%BD%B5%E8%B2%A1%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) Key Consolidated Balance Sheet Items as of March 31, 2024 | Item | March 31, 2024 (CNY) | December 31, 2023 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 5.90 billion CNY | 6.62 billion CNY | | Accounts Receivable | 4.15 billion CNY | 3.69 billion CNY | | Inventories | 1.53 billion CNY | 2.00 billion CNY | | Total Current Assets | 16.50 billion CNY | 16.83 billion CNY | | Fixed Assets | 15.08 billion CNY | 15.11 billion CNY | | Construction in Progress | 2.31 billion CNY | 1.76 billion CNY | | Intangible Assets | 6.58 billion CNY | 3.28 billion CNY | | Total Non-Current Assets | 26.89 billion CNY | 26.15 billion CNY | | Total Assets | 43.38 billion CNY | 42.98 billion CNY | | Total Current Liabilities | 8.35 billion CNY | 9.18 billion CNY | | Total Non-Current Liabilities | 12.08 billion CNY | 11.51 billion CNY | | Total Liabilities | 20.43 billion CNY | 20.69 billion CNY | | Total Owners' Equity Attributable to Parent Company | 22.88 billion CNY | 22.22 billion CNY | | Total Owners' Equity | 22.95 billion CNY | 22.29 billion CNY | - Intangible assets increased by **100.70%** from **3.28 billion CNY** at the end of 2023 to **6.58 billion CNY** as of March 31, 2024, primarily due to the completion of mining rights procedures[6](index=6&type=chunk)[12](index=12&type=chunk) - Other non-current assets decreased by **74.25%** from **4.31 billion CNY** at the end of 2023 to **1.11 billion CNY**, mainly because mining rights were reclassified to intangible assets after procedures were completed[6](index=6&type=chunk)[12](index=12&type=chunk) [Consolidated Income Statement](index=10&type=section&id=%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) Key Consolidated Income Statement Items for Q1 2024 | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 5.73 billion CNY | 5.36 billion CNY | | Total Operating Costs | 4.91 billion CNY | 4.81 billion CNY | | Operating Profit | 860.68 million CNY | 560.03 million CNY | | Total Profit | 861.51 million CNY | 560.39 million CNY | | Net Profit | 758.63 million CNY | 511.45 million CNY | | Net Profit Attributable to Parent Company Shareholders | 759.88 million CNY | 511.45 million CNY | | Basic EPS (CNY/share) | 0.32 | 0.24 | | Diluted EPS (CNY/share) | 0.32 | 0.24 | - Income tax expense increased by **110.22%** from **48.94 million CNY** in Q1 2023 to **103 million CNY** in Q1 2024[14](index=14&type=chunk) - Net other comprehensive income after tax was **(26.88 million) CNY**, primarily impacted by foreign currency financial statement translation differences[15](index=15&type=chunk) [Consolidated Cash Flow Statement](index=12&type=section&id=%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Key Consolidated Cash Flow Statement Items for Q1 2024 | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 600.98 million CNY | (480.91 million) CNY | | Net Cash Flow from Investing Activities | (1.32 billion) CNY | (742.63 million) CNY | | Net Cash Flow from Financing Activities | (40.83 million) CNY | 1.24 billion CNY | | Net Increase in Cash and Cash Equivalents | (760.16 million) CNY | 76.05 million CNY | | Cash and Cash Equivalents at End of Period | 4.72 billion CNY | 2.40 billion CNY | - Cash received from sales of goods and rendering of services increased by **21.06%** year-over-year to **2.66 billion CNY**[17](index=17&type=chunk) - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets increased by **86.32%** year-over-year to **1.29 billion CNY**, indicating sustained capital expenditure[17](index=17&type=chunk)

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-029 | | --- | --- | --- | | 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 2023 年度业绩暨分红说明会情况的公告 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。 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"）2023 年年度的经营成果、财务状况、现金分红等相关情况，根据上 海证券交易所的相关规定，公司于 2024 年 4 月 19 日（星期五）上午 10:00-11:30 通过上海证券交易所上证路演中心（http://roadshow.sseinfo.com/）召开了关 于 2023 年度业绩暨分红说明会，就公司 2023 年年度的经营成果、财务状况及现 金分红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 公司已于 2024 年 3 月 27 日通过指 ...

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） 董事會會議日期 福萊特玻璃集團股份有限公司（簡稱「公司」）董事會（簡稱「董事會」），特此宣佈董事會會議將在2024 年4月29日（星期一）舉行，藉以（其中包括）考慮並商討批准公司及其下屬公司截至2024年3月31日止 三個月的未經審計的第一季度業績。 承董事會命 福萊特玻璃集團股份有限公司 阮洪良 董事長 中國浙江省嘉興市 二零二四年四月十七日 在此公告之日起，公司的執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和 沈其甫先生，公司的獨立非執行董事為徐攀女士、華富蘭女士和吴幼娟女士。 ...

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 | 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 （委任於二零二三年七月二十四日） 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） ...

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue reached approximately RMB 21,523.71 million, representing a 39.21% increase compared to RMB 15,460.84 million for the fiscal year ending December 31, 2022[5]. - The net profit attributable to shareholders for the fiscal year ending December 31, 2023, was RMB 2,759.69 million, a 30.00% increase from RMB 2,122.78 million for the fiscal year ending December 31, 2022[5]. - The basic earnings per share for the fiscal year ending December 31, 2023, was RMB 1.24, compared to RMB 0.99 for the previous fiscal year[10]. - The revenue from photovoltaic glass was RMB 19,676.53 million, up 43.82% from RMB 13,681.80 million in the previous fiscal year[44]. - The gross profit for the fiscal year ending December 31, 2023, was RMB 4,692.99 million, a 37.52% increase from RMB 3,412.65 million in the previous year[49]. - The operating cost for the fiscal year ending December 31, 2023, was RMB 16,830.72 million, an increase of 39.70% from RMB 12,048.19 million in the previous year[48]. - The group’s EBITDA for the year ended December 31, 2023, was RMB 5,384.93 million, an increase of RMB 1,640.37 million or 43.8% from RMB 3,744.56 million for the year ended December 31, 2022, with an EBITDA margin of 25.02%[59]. - The financial expenses for the year ended December 31, 2023, amounted to RMB 482.89 million, an increase of 100.84% compared to RMB 240.43 million for the year ended December 31, 2022[54]. - The income tax for the year ended December 31, 2023, was RMB 288.78 million, up 859.40% from RMB 30.10 million for the year ended December 31, 2022, with the effective tax rate rising from 1.40% to 9.46%[55]. Assets and Liabilities - Total assets amounted to RMB 42,981.998 million, with current assets at RMB 16,832.972 million and non-current assets at RMB 26,149.026 million[11]. - Total liabilities were RMB 20,691.088 million, consisting of current liabilities of RMB 9,184.980 million and non-current liabilities of RMB 11,506.108 million[11]. - The company's equity attributable to shareholders was RMB 22,215.074 million, indicating a strong financial position[11]. - Total assets increased to RMB 42,982.00 million as of December 31, 2023, from RMB 32,381.72 million as of December 31, 2022[57]. - The debt-to-asset ratio decreased to 48.14% as of December 31, 2023, down from 56.67% as of December 31, 2022, a reduction of 8.53 percentage points[60]. - Bank loans increased to RMB 9,740.91 million as of December 31, 2023, up RMB 1,496.84 million or 18.16% from approximately RMB 8,244.07 million as of December 31, 2022[61]. Projects and Investments - The company is currently in the installation and commissioning phase of its Anhui Phase IV project, with plans to commence production soon[7]. - The Nantong project is under construction and is expected to start production in the third quarter of this year[7]. - The company is investing in a photovoltaic component cover glass project in Indonesia to enhance product quality and service[7]. - The group plans to invest in photovoltaic glass furnace construction in Indonesia to meet regional demand[42]. - The company aims to enhance its production capacity to meet the growing market demand in the photovoltaic industry[152]. Market and Industry Trends - In 2023, China's newly installed photovoltaic capacity reached 216.88 GW, a year-on-year increase of 148.1%[6]. - The global photovoltaic market is experiencing diverse growth, with significant demand in regions such as Brazil, India, and Saudi Arabia, alongside traditional markets in Europe and the U.S.[6]. - The photovoltaic glass market is gradually moving towards balance, with production expansion slowing down in 2023 compared to previous years due to stricter government approvals and financing difficulties[41]. - The new installations in China's centralized PV power stations grew by 232.2% year-on-year, totaling 120.59 GW, while distributed PV power stations added 96.29 GW, an increase of 88.4%[40]. - In 2023, global photovoltaic (PV) installations reached a new high, with significant growth in overseas markets, particularly in Europe and the US, where demand continues to grow[39]. Corporate Governance - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[87]. - The board of directors consists of five executive directors and three independent non-executive directors, with a focus on maintaining a clear distinction between the roles of the chairman and the CEO[88]. - The company has independent non-executive directors who serve on various committees, including audit, remuneration, and nomination committees, ensuring governance and oversight[79][80]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring adherence to best practices[87]. - The audit committee is composed of independent non-executive directors, ensuring unbiased oversight of the financial reporting process[100]. Shareholder Information - The company proposed a final dividend of RMB 0.38 per share (pre-tax) for the year 2023, subject to approval at the annual general meeting[66]. - The company aims to enhance communication with shareholders and investors through various channels, including annual general meetings and timely performance announcements[123]. - Shareholders holding more than 10% of voting shares can request a special general meeting, and the board must respond within ten days[121]. - Shareholders with more than 3% of shares can submit written proposals to be discussed at the annual general meeting, with a notice issued within two days of receipt[122]. Employee and Management Information - The total number of employees as of December 31, 2023, was 8,240, with total employee compensation reaching RMB 852.37 million, accounting for 3.96% of total revenue[64]. - The company has a management team with extensive experience in the glass industry, with key members having over 24 years of experience each[81][82][84]. - The company provides mandatory social security benefits for its employees, including pension, work injury insurance, maternity insurance, medical insurance, and unemployment insurance[140]. Environmental and Social Responsibility - The company has installed environmental protection and energy-saving equipment, including flue gas desulfurization and denitrification devices, to minimize the impact of nitrogen oxides and sulfur dioxide emissions from production activities[139]. - The company has received the "National Green Factory" title from the Ministry of Industry and Information Technology in November 2023, recognizing its contributions to environmental protection and energy conservation[139]. - The environmental, social, and governance report is scheduled for release on March 26, 2024[125]. Audit and Compliance - The external auditor, Deloitte, has reviewed the consolidated financial statements for the year ending December 31, 2023[114]. - The audit committee confirmed that the internal control system is effective and sufficient after reviewing the financial performance for the year ending December 31, 2023[101]. - The company has established a sound internal control system to effectively manage operational risks[186]. - The audit report emphasizes the importance of communication with governance regarding significant audit findings and independence requirements[198].

研究报告Research Report 10 Apr 2024 福莱特玻璃 Flat Glass Group (6865 HK) 盈利稳步提升，产能扩张稳固龙头地位 Profitability Increases Steadily, Production Capacity Expansion Consolidates Leading Position [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM 公司盈利能力稳步提升，全年归母净利润+30%。2023 年，公 现价 HK$20.15 司实现营业总收入人民币 215.24 亿元，同比增长 39.21%，主要由 目标价 HK$27.25 于 2023 年度太阳能组件价格的大幅下跌刺激了下游组件装机需求 HTI ESG 2.3-2.5-4.0 大幅增长，公司受益于新增产能释放，营业收入再创新高。同时由 E-S-G: 0-5, (Please ...