JKLMNI!#OPQRFS+/TAUVWX24YZ/[\]U JKL(601865.SH)/^_‘ bcde;I! 2024Y4f8g a [Table_Industry] [!Ta"ble#_T$itle%] &’() [=Ta>ble?_F@inAancBe1C] DE !"#$%29.27& 23 2022A 2023A 2024E 2025E 2026E m-nop78&q 15,461 21,524 25,822 33,628 40,674 ’()%*+ rstyoy% 77% 39% 20% 30% 21% ,-./01%S0740522020001 uvwp78&q 2,123 2,760 3,852 5,179 6,394 Email%zengbiao@zts.com.cn rstyoy% 0% 30% 40% 34% 23% x5nyp&q 0.90 1.17 1.64 2.20 2.72 x5Yz9{ 0.08 0.84 2.10 2.28 2.77 ’()%23 u|}nyt 15% 12% 15% 17% 17% ,-./01%S0740522040004 P/E 32.4 24.9 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 29.27 CNY [6]. Core Insights - The company achieved a revenue of 21.52 billion CNY and a net profit of 2.76 billion CNY for FY23, reflecting a year-on-year growth of 39% and 30% respectively. In Q4 alone, revenue reached 5.64 billion CNY, up 32.8% year-on-year, with a net profit of 790 million CNY, an increase of 27.9% [1]. - The company’s photovoltaic glass revenue was 19.68 billion CNY for FY23, with a total sales volume of 1.212 billion square meters at an average price of 16.13 CNY per square meter. The second half of FY23 saw a revenue of 10.89 billion CNY, a quarter-on-quarter increase of 24% [2]. - The company plans to expand its production capacity significantly, with a nominal capacity expected to reach 30,200 tons per day by the end of 2024. The company is also investing in new production lines in Indonesia [4]. Financial Performance Summary - For FY23, the company reported total revenue of 21.52 billion CNY, with a growth rate of 39.21%. The projected revenue for FY24 is 23.95 billion CNY, indicating a growth rate of 11.28% [5]. - The EBITDA for FY23 was 5.97 billion CNY, with a projected increase to 7.10 billion CNY in FY24 [5]. - The net profit for FY23 was 2.76 billion CNY, with projections of 3.95 billion CNY for FY24, reflecting a growth rate of 43.14% [5]. Market Position and Outlook - The company holds a leading position in the photovoltaic glass market, benefiting from significant cost advantages. The report anticipates rapid revenue growth due to capacity expansion and an expected increase in photovoltaic glass prices [4]. - The report projects net profits for FY24, FY25, and FY26 to be 4.0 billion CNY, 4.91 billion CNY, and 5.73 billion CNY respectively, indicating a positive growth trajectory [4].

证 券 2024 年 04 月 06 日 研 究 海内外产能加速扩张，龙头地位巩固 报 告 —福莱特（601865.SH）公司事件点评报告 买入(维持) 事件 分析师：张涵 S1050521110008 福莱特发布 2023 年年度报告，2023 年公司实现营业总收入 zhanghan3@cfsc.com.cn 215.24 亿元，同比增长 39.21%；实现归母净利润 27.60 亿 联系人：罗笛箫 S1050122110005 元，同比增长 30.00%。 luodx@cfsc.com.cn 投资要点 基本数据 2024-04-03 当前股价（元） 29.27 ▌销量持续高增，盈利能力稳健 总市值（亿元） 688 2023 年公司实现营业收入 215.24 亿元，同比增长 39.21%， 总股本（百万股） 2351 其中国内销售收入 172.00 亿元，同比增长 42.32%，海外销 流通股本（百万股） 1899 售收入 43.24 亿元，同比增长 28.10%；实现归母净利润 52周价格范围（元） 17.8-39.28 27.60 亿元，同比增长 30.00%；毛利率为 21.80%，同比下降 日均成交 ...

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: 2024年3月31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 呈交日期: 2024年4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 | 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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 450,000,000 | RMB | | 0.25 RMB | | 112,500,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-027 | | --- | --- | --- | | 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 可转债转股结果暨股份变动的公告 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： 累计转股情况：截至 2024 年 3 月 31 日，累计已有人民币 76,000 元"福 莱转债"转为本公司 A 股普通股，累计转股股数为 1,726 股，占"福莱转债"转股 前本公司已发行股票股份总量的 0.0001%。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"福莱转债"金 额为人民币 3,999,924,000 元，占"福莱转债"发行总额的 99.9981%。 本季度转股情况：自 2024 年 1 月 1 日至 2024 年 3 月 31 日，共有人民币 2,000 元"福莱转债"转为本公司 A 股普通股，转股股数为 46 股。 一、 可转债发行上市概况 （一）"福莱转债"基本情况 经中国证 ...

一、 回购股份的基本情况 证券代码：601865 证券简称：福莱特 公告编号：2024-028 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 关于以集中竞价交易方式回购公司 A 股股份的 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： | 回购方案首次披露日 | 2024/2/24 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 6 个月 | | | 预计回购金额 | 30,000 万元 | 万元~60,000 | | 回购用途 | 用于员工持股计划或股权激励 | | | 累计已回购股数 | 0 股 | | | 累计已回购股数占总股本比例 | 0% | | | 累计已回购金额 | 0 万元 | | | 实际回购价格区间 | 0 元/股~0 | 元/股 | 公司于 2024 年 2 月 23 日召开第六届董事会第五十次会议，审议通过了《关 于以集中竞价交易方式回购部分 A 股股份方案的议案》，同意公司以自有资金通过 上海证券交易所交 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 光伏辅材 ＃ investSuggestion＃ ＃ ＃dyC福om莱pan特y＃ （ 601865 ） investSug ＃title＃ 买入 ( 上 ges调 tion ） Ch 60 21 086 25 3 年光 伏玻璃产 销两旺，20 24 年迎供需改善 ange＃ ＃ createTime1＃ 2024年 04月 01 日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum事ma件ry＃： 公司发布 2023 年年报，2023 年全年实现营业总收入 215.2 亿元，同 司 市场数据日期 2024-04-01 比+39.2%，实现归母净利润 27.6 亿元，同比+30.0%，实现扣非归母净利润 点 收盘价（元） 29.99 26.94亿元，同比+29.9%。其中，2023年Q4单季度实现营业总收入56.4亿 评 总股本（百万股） 2351.32 元，同比+32.8%，实现归母净利润7.91亿元，同比+27.9%，实现扣非归母净 流通股本（百万股） 2349.06 利润7.48亿元，同比+23.6%。 报 净 ...

%% research.95579.com %% 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 [QT4ab盈le利_T水it平le]超预期，当前库存降至中低水平 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报，2023年公司实现收入215.24亿元，同比增长39.21%；归母净利27.6 亿元，同比增长30%；其中，2023Q4实现收入56.39亿元，同比增长32.8%，环比下降9.14%； 归母净利7.91亿元，同比增长27.91%，环比下降10.48%。 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating expected strong performance relative to the benchmark index [4]. Core Views - The company is a leading player in the photovoltaic glass industry, expected to maintain its competitive edge through scale, resource, and technological advantages. The decline in natural gas and soda ash prices is anticipated to lower production costs, leading to improved performance in 2024 [1][2]. - The company reported a revenue of 21.52 billion yuan for 2023, a year-on-year increase of 39.2%, and a net profit of 2.76 billion yuan, up 30.0% year-on-year [2][3]. - The photovoltaic glass segment contributed 91.4% to the company's revenue in 2023, with production and sales volumes increasing by 44.5% and 49.5% respectively [3]. - The company is pursuing a global expansion strategy, with total production capacity reaching 20,600 t/d by the end of 2023, and new projects expected to enhance capacity further [3]. - The company has shown improvement in cash flow, with a significant increase in operating cash flow in Q4 2023 [3]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.59, 1.98, and 2.49 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17.9, 14.4, and 11.4 [1][5]. - The gross margin for 2023 was 21.8%, with a slight year-on-year decrease of 0.3 percentage points, while the net profit margin was 12.8%, down 0.9 percentage points [3][5]. - The company’s total assets are projected to grow from 42.98 billion yuan in 2023 to 61.28 billion yuan by 2026, reflecting a robust growth trajectory [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has solidified its position as a leader in the photovoltaic glass industry, achieving a revenue of 21.524 billion yuan in 2023, a year-on-year increase of 39.21% [3] - The company is accelerating its domestic and international capacity expansion, with plans to increase total capacity from 20,600 tons/day to 30,200 tons/day by 2024 [3] - The forecasted net profit for 2024-2026 is adjusted upwards, with expected figures of 3.898 billion yuan, 5.289 billion yuan, and 6.278 billion yuan respectively, reflecting a strong market demand and favorable pricing conditions [3] Financial Performance Summary - In 2023, the company achieved a net profit of 2.760 billion yuan, a year-on-year increase of 30.00% [3] - The gross margin for the photovoltaic glass business was 22.45%, showing a slight decline of 0.86 percentage points year-on-year [3] - The company’s revenue from photovoltaic glass reached 19.677 billion yuan, with a sales volume of 1.22 billion square meters, marking a year-on-year increase of 43.82% and 44.52% respectively [3] Capacity Expansion and Market Strategy - The company plans to invest in a photovoltaic glass furnace in Indonesia to meet the global demand for photovoltaic glass [3] - The company’s strategic expansion is expected to leverage scale effects and resource advantages to reduce costs and maintain market share [3] Revenue and Profit Forecast - The projected earnings per share (EPS) for 2024-2026 are 1.66 yuan, 2.25 yuan, and 2.67 yuan, with corresponding price-to-earnings (P/E) ratios of 17.4, 12.8, and 10.8 times [3][5] - The company’s revenue is expected to grow to 25.506 billion yuan in 2024, reflecting an 18.5% year-on-year increase [5]