| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2024-026 | | --- | --- | --- | | 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: （一）基本情况 公司及公司控股子公司浙江福来泰新能源有限公司（以下简称"福来泰"） 近日分别与兴业银行股份有限公司嘉兴分行（以下简称"兴业银行"）签署了 《最高额保证合同》，合同约定公司及公司控股子公司福来泰为安阳泰达、河源 研泰等十二家下属合并报表范围内的子公司在一定期限内连续发生的债务提供不 超过人民币 10,539.904 万元的保证担保。 （二）内部决策程序 公司于 2023 年 3 月 27 日召开第六届董事会第三十五次会议暨 2022 年年度董 事会，并于 2023 年 6 月 6 日召开 2022 年年度股东大会，分别审议通过了《关于 公司及控股子公司向金融机构申请 2023 年度综合授信额度及提供相 ...

| 证券代码：601865 | 证券简称：福莱特 公告编号：2024-025 | | --- | --- | | 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 关于控股股东股份解除质押及部分股份质押的公告 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： 公司于近日接到控股股东、实际控制人之一阮泽云女士的通知，获悉其将所 持有的本公司部分 A 股股票办理了质押手续。具体情况如下： | 股东名 | 是否为 | 本次质押 | 是否 | 是否 | 质押起 | 质押到 | | 占其所 | 占公司 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 控股股 | 股数 | 为限 | 补充 | 始日 | 期日 | 质权人 | 持股份 | 总股本 | 资资金 | | | 东 | （股） | 售股 | 质押 | | | | 比例 | 比例 | 用途 | | 阮泽云 | 是 | 11,30 ...

2024年03月29日 公司研究●证券研究报告 福莱特（ ） 公司快报 601865.SH 电力设备及新能源 | 太阳能Ⅲ 锚定市场，完善布局，增长可期 买入-A(维持) 投资评级 股价(2024-03-28) 28.83元 投资要点 事件：公司发布2023年年度报告，实现营业总收入215.24亿元，同比增长39.21%； 交易数据 归属于上市公司股东的净利润27.6亿元，同比增长30%。公司拟向全体股东每10 总市值（百万元） 67,788.68 股派发现金分红3.8元（含税），分红金额8.91亿元，包括中期现金分红，公司 流通市值（百万元） 54,750.02 23年分红比例高达52.57%。 总股本（百万股） 2,351.32 流通股本（百万股） 1,899.06 绿色发展，深入人心，光伏装机量再创新高：全球已经有多个国家提出“碳中和” 12个月价格区间 38.64/18.75 和“零碳”发展目标，大力发展风电、光伏等绿色能源成为全球共识。2023年， 全球光伏装机量再创新高达390GW，同比增加70%，装机量超过1GW的市场达 一年股价表现 到了32个，表明全球需求开花。其中，中国装机量为216. ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [2][3]. Core Views - The company has experienced significant growth in photovoltaic glass shipments, solidifying its leading position in the industry. The total revenue for 2023 reached 21.524 billion yuan, a year-on-year increase of 39.21%, with net profit attributed to shareholders of 2.760 billion yuan, up 30% year-on-year [2][3]. - The company is expected to maintain a strong growth trajectory, with projected net profits of 3.517 billion yuan, 5.067 billion yuan, and 6.109 billion yuan for 2024, 2025, and 2026 respectively. Corresponding earnings per share are forecasted to be 1.50 yuan, 2.15 yuan, and 2.60 yuan [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 21.80% and a diluted return on equity of 12.42%, despite a slight decline of 0.78 percentage points year-on-year [2][3]. - The photovoltaic glass sales volume reached 1.22 billion square meters, a year-on-year increase of 139.23%, while the average selling price per square meter was 16.13 yuan, down 39.88% year-on-year [2][3]. Market Position - The company holds a robust market position, with a combined market share exceeding 50% alongside its main competitor. It continues to expand its production capacity, with a total capacity of 20,600 tons per day by the end of 2023 [2][3]. - The company is strategically increasing its production of 2.0mm photovoltaic glass, which has become a significant part of its sales structure, enhancing its competitive edge over smaller manufacturers [2][3]. Future Outlook - The global photovoltaic installation is expected to maintain steady growth, with the company poised to benefit from an improving supply-demand balance in the photovoltaic glass market. The anticipated new capacity additions in the industry are expected to slow down, which may enhance market conditions [3][4].

证券研究报告 | 年报点评报告 2024年03月28日 福莱特（601865.SH） 2023 年报点评：深化成本优势，优质财报表现 事件：公司发布 2023 年年度报告。2023 全年公司实现营收 215.24 亿 增持（维持） 元，同比+39.21%；归母净利润27.60亿元，同比+30.00%；扣非净利润 股票信息 26.94亿元，同比+29.87%。其中，2023Q4实现营收56.39亿元，归母 行业 光伏设备 净利润7.91亿元。财报数据中，公司现金流量净额回升显著，产能+成本 前次评级 增持 优势逐步稳固其龙头地位。 3月27日收盘价(元) 29.13 产能出货优势明显，布局海外进入新赛道。截至2023年年底，公司光伏 总市值(百万元) 68,494.08 玻璃的总产能为20,600吨/天，其中安徽四期项目和南通项目总计日熔化 总股本(百万股) 2,351.32 量 9,600 吨/天，预计今年点火运营。在当前光伏玻璃产能释放有限的情 其中自由流通股(%) 80.77 况下，公司持续逆周期扩张，市场份额将进一步提升，产能优势进一步扩 30日日均成交量(百万股) 19.51 大。同时，公司布局海外市 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [7]. Core Insights - The company achieved a revenue of 21.524 billion yuan in 2023, representing a 39% increase year-on-year, and a net profit attributable to shareholders of 2.760 billion yuan, up 30% [4][5]. - The main revenue driver was photovoltaic glass, generating 19.677 billion yuan, with a production volume of approximately 1.2 billion square meters, reflecting nearly a 50% increase year-on-year [4]. - The company is expanding its production capacity significantly, with plans to add 9,600 tons per day by the end of 2024, leading to a total capacity exceeding 30,000 tons per day [4]. - The demand for photovoltaic products is expected to exceed expectations, with a projected growth rate of 25-30% for the year [4]. Financial Performance - The company reported a gross margin of 22.45% for photovoltaic glass, slightly down from the previous year, while the mining products segment saw an increase in gross margin to 26.44% [4]. - For Q4 2023, the company achieved a revenue of 5.639 billion yuan, a 33% increase, and a net profit of 791 million yuan, up 28% [4]. - The projected net profits for 2024, 2025, and 2026 are 3.947 billion yuan, 5.194 billion yuan, and 6.414 billion yuan, respectively, with corresponding P/E ratios of 17.35x, 13.19x, and 10.68x [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 21.524 billion yuan in 2023, a year-on-year increase of 39.21%, and a net profit of 2.760 billion yuan, up 30.00% year-on-year [1][2]. - The photovoltaic glass sales volume increased by 49.52% to 1.22 billion square meters in 2023, with sales revenue from this segment rising by 43.82% to 19.677 billion yuan [2]. - The company is set to increase its production capacity to 9,600 tons per day in 2024, which is expected to positively impact shipments [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 5.639 billion yuan, a 32.80% increase year-on-year, and a net profit of 791 million yuan, up 27.91% year-on-year [1]. - The overall gross margin slightly decreased by 0.27 percentage points to 21.80% in 2023, while the expense ratio decreased by 0.52 percentage points to 6.98% [2]. Production Capacity and Expansion - As of December 31, 2023, the total production capacity was 20,600 tons per day, with plans to increase to 30,200 tons per day by the end of 2024 [3]. - The company is also expanding its overseas production capacity, including plans to build a photovoltaic glass furnace in Indonesia [3]. Profitability and Valuation - The report projects net profits of 3.984 billion yuan, 5.046 billion yuan, and 5.415 billion yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings ratio of 17 times for 2024 [3][4].

Investment Rating - The report assigns a "Neutral" rating to the company 福莱特玻璃 (6865 HK) with a target price of HKD 19.50, indicating a potential downside of 1.0% from the current closing price of HKD 19.70 [1][2][8]. Core Insights - The valuation recovery for 福莱特玻璃 has largely been completed, and short-term inventory reduction is expected to be challenging, leading to a downgrade to a neutral stance [1]. - The company's Q4 performance showed a slight decline in revenue and net profit compared to the previous quarter, with Q4 revenue at RMB 5.639 billion and net profit at RMB 791.8 million, reflecting a year-on-year growth of 32.8% and 28.0%, respectively [1][6]. - The company plans to distribute a dividend of RMB 0.38 per share, with an annual dividend of RMB 0.618, representing a payout ratio of 53%, up 30 percentage points year-on-year [1]. Financial Overview - For the fiscal year ending December 31, 2023, 福莱特玻璃 reported revenues of RMB 21.524 billion, a 39.2% increase year-on-year, and a net profit of RMB 2.760 billion, an 18.7% increase [4][9]. - The company’s core business, photovoltaic glass, saw a revenue increase of 44% year-on-year, with sales volume up by 50% despite a 4% decline in unit price [1][5]. - The projected financials for 2024E show revenues expected to reach RMB 23.844 billion, with a net profit forecast of RMB 3.532 billion, indicating a growth rate of 10.8% and 28.0%, respectively [4][9]. Production and Capacity - The company added only 1,200 tons of photovoltaic glass capacity last year, significantly below the 7,200 tons added in 2022 and the initial guidance of 6,000 tons, with total capacity at 20,600 tons by year-end [1]. - Plans for 2024 include an additional 9,600 tons of capacity, but delays in production ramp-up are anticipated, with no new domestic capacity approved as of now [1][5]. Market Dynamics - The photovoltaic glass market is expected to see a significant increase in supply in the second half of the year, driven by rapid inventory depletion and a recovery in profit margins, although the potential for continued high component production remains limited [1][6]. - The report notes that the industry has a substantial amount of capacity that is nearly complete, which could lead to oversupply conditions in the latter part of the year [1].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company reported a 30% year-on-year increase in profit for 2023, achieving a total profit of 2.76 billion RMB [4][6] - The sales volume of photovoltaic glass grew rapidly, with a total sales volume of 1.22 billion square meters, representing a 49.52% year-on-year increase [4][6] - The company is expanding its production capacity, with plans to increase its photovoltaic glass capacity to 30,200 tons/day by the end of 2024, a 50% year-on-year increase [4][6] - The photovoltaic glass market is entering a destocking phase, which may lead to price increases and improved profitability for leading manufacturers [4][6] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.52 billion RMB, a 39.21% increase from 2022 [6][7] - The EBITDA for 2023 was 5.18 billion RMB, reflecting a 42.7% growth [7] - The net profit attributable to the parent company was 2.76 billion RMB, marking a 30% increase compared to the previous year [6][7] Production Capacity and Expansion - As of the end of 2023, the company had a photovoltaic glass production capacity of 20,600 tons/day [4][6] - The company plans to gradually start operations at its new projects in Anhui and Nantong, adding 9,600 tons/day of capacity [4][6] Market Outlook - The report anticipates a tightening supply in the photovoltaic glass segment, which may lead to price increases in the near future [4][6] - The company is also planning to invest in a photovoltaic glass furnace in Indonesia to meet regional demand [4][6]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 34.79 CNY [2][3]. Core Insights - The company's overall profitability remains robust, with significant growth in revenue and net profit for 2023. Revenue reached 21.524 billion CNY, up 39.2% year-on-year, while net profit was 2.760 billion CNY, an increase of 30.0% [2][3]. - The photovoltaic glass business is thriving, supported by high demand in downstream installations. The company produced and sold 1.21 billion square meters of photovoltaic glass in 2023, marking increases of 44.5% and 49.5% respectively [3]. - The company is rapidly advancing its domestic and international projects, with a nominal production capacity of 20,600 tons per day by the end of 2023. Plans for additional capacity of 9,600 tons per day are set for 2024 [3]. - Operating cash flow improved significantly in Q4 2023, reaching 1.99 billion CNY, attributed to no new capacity additions during the year [3]. Financial Summary - Total revenue for 2023 was 21,524 million CNY, with a projected growth rate of 15.4% for 2024 [4]. - The net profit for 2023 was 2,760 million CNY, with an expected growth of 34.7% in 2024 [4]. - The company’s earnings per share (EPS) for 2023 was 1.17 CNY, projected to rise to 1.58 CNY in 2024 [4]. - The price-to-earnings (P/E) ratio is expected to decrease from 25 in 2023 to 18 in 2024, indicating a more attractive valuation [4].