证券研究报告 | 2024年03月28日 福莱特（601865.SH） 增持 公司扩产稳步推进，行业集中度有望提高 核心观点 公司研究·财报点评 公司2023年实现归母净利润27.6亿元，同比增长30%。2023年公司实现营 电力设备·光伏设备 业收入215.2亿元，同比增长39%，归母净利润27.6亿元，同比增长30%。 证券分析师：王蔚祺 证券分析师：陈抒扬 对应23Q4实现营业收入56.4亿元，同比增长33%，环比下滑9%；归母净利 010-88005313 0755-81982965 wangweiqi2@guosen.com.cnchenshuyang@guosen.com.cn 润7.9亿元，同比增长28%，环比下滑10%。 S0980520080003 S0980523010001 2023年公司毛利率同比持稳，期间费用率稳步下降。2023年公司毛利率 基础数据 21.8%，同比下滑0.3pcts；净利率12.8%，同比下滑0.9pcts。23Q4单季度 投资评级 增持(维持) 公司毛利率23.4%，同比提升1.4pcts，环比下滑1.1pcts；净利率14.0%， 合理估值 收盘价 29.13 ...

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 1 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 | 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） 二零二三年度業績公告 福萊特 ...

[Table_Title] 证券研究报告 业绩稳定增长，龙头地位稳固 公司研究 [Table_ReportDate] 2024年3月27日 [Table_ReportType] 公司点评报告 [T事ab件le：_Summ [T福ab莱le特_St(o6c0k1A8n6dR5a)nk] 公司发布 2023 年年报，2023 公司实现营业收入215.24 亿元，同比增长 投资评级 买入 39.21%；实现归母净利润27.60亿元，同比增长30.00%，实现扣非后归母 净利润26.94亿元，同比增长29.87%。2023Q4公司实现归母净利润7.91 上次评级 买入 亿元，同比+27.91%，环比-11.76%。 [武Ta浩ble电_A力ut设ho备r]与新能源行业首席分析 点评： 师 执业编号：S1500520090001  公司光伏玻璃业绩稳定增长，市占率进一步提升。公司截至 2023 年 联系电话：010-83326711 12 月 31 日的总产能为 20,600 吨/天。2023年公司光伏玻璃产量达 邮 箱：wuhao@cindasc.com 12.11 亿平方米，销量为 12.20 亿平方米，分别同比 ...

证券研究报告·公司点评报告·光伏设备 福莱特（601865） 年报点评：盈利能力超预期，逆势扩产龙头 2024 年 03月 27日 地位强化 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 15,461 21,524 26,818 33,246 41,292 执业证书：S0600523070003 同比 77.44% 39.21% 24.60% 23.97% 24.20% guoyn@dwzq.com.cn 归母净利润（百万元） 2,123 2,760 3,943 5,125 6,618 同比 0.13% 30.00% 42.89% 29.97% 29.13% 股价走势 EPS-最新摊薄（元/股） 0.90 1.17 1.68 2.18 2.81 福莱特 沪深300 P/E（现价&最新摊薄） 31.82 24.48 17.13 13.18 10.21 18% 11% [关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 29.13 CNY and a target price of 40.69 CNY [1]. Core Insights - The company reported a significant increase in revenue and profit for 2023, achieving an operating income of 21.52 billion CNY, a year-on-year growth of 39.2%, and a net profit attributable to shareholders of 2.76 billion CNY, up 30.0% year-on-year [2][3]. - The sales volume of photovoltaic glass reached 1.22 billion square meters, representing a year-on-year increase of 49.5%, with a stable gross profit margin of 21.8% for the year [4]. - The company is expected to see a rebound in photovoltaic glass prices due to improved downstream demand and inventory clearance in the industry [3]. Financial Performance - The company’s revenue projections for 2024-2026 are 27.26 billion CNY, 35.82 billion CNY, and 43.70 billion CNY, with year-on-year growth rates of 26.7%, 31.4%, and 22.0% respectively [5]. - The net profit forecasts for the same period are 3.99 billion CNY, 5.11 billion CNY, and 6.41 billion CNY, with growth rates of 44.5%, 28.2%, and 25.4% respectively [5]. - The earnings per share (EPS) are projected to be 1.70 CNY, 2.17 CNY, and 2.73 CNY for 2024, 2025, and 2026, respectively [5]. Market Position and Capacity Expansion - The company holds a leading position in the photovoltaic glass industry, with a total production capacity of 20,600 tons per day (t/d) at the end of 2023, accounting for approximately 22% of the industry [4]. - Plans are in place to increase production capacity to 30,200 t/d by the end of 2024, which would raise its market share to 27%, an increase of 5 percentage points year-on-year [4]. - The company is also expanding its overseas production capacity with plans to build two 1,600 t/d photovoltaic glass furnaces in Indonesia [4].

e p y T t r o p e R _ e l b a T | t s r i F _ e l bT able_First a T Table_First|Table_Summary Table_First|Table_ReportDate 华福证券 电力设备及新能源 2024年03月26日 公 司 Table_First|Table_Rating 报 福莱特（601865.SH） 买入(维持评级) 告 当前价格： 28.7元 业绩维持高增，有望量利齐升 目标价格： 34.0元 T基able_First|Table_Marke本tInfo 数据 副投资标要题点： 总股本/流通股本（百万股） 2351/1899 ➢ 事件：2024年3月26日，福莱特发布2023年年报，2023年公司实现营业 总市值/流通市值（百万元） 67554/54560 收入215.2亿元，同比增长39.2%；归母净利润27.6亿元，同比增长30%；扣 每股净资产（元） 9.24 非归母净利润26.9亿元，同比增长29.9%。Q4实现营业收入56.4亿，同比增 资产负债率（%） 48.14 公 司 长32.8%，归母净利润7.9亿元， ...

Financial Performance - The net profit attributable to the parent company for 2023 is RMB 2,759,690,819.78, with undistributed profits amounting to RMB 2,400,071,368.15[6] - The proposed cash dividend is RMB 3.80 per 10 shares, totaling RMB 891,128,218.04 (including tax) based on the adjusted share count of 2,345,074,258 shares[6] - The cash dividend payout ratio for the year is 52.57%, including the interim cash dividends already distributed[6] - The company's operating revenue for 2023 reached ¥21.52 billion, an increase of 39.21% compared to ¥15.46 billion in 2022[25] - Net profit attributable to shareholders for 2023 was ¥2.76 billion, reflecting a growth of 30.00% from ¥2.12 billion in the previous year[25] - The net cash flow from operating activities surged to ¥1.97 billion, a significant increase of 1012.04% compared to ¥176.90 million in 2022[25] - The total assets at the end of 2023 amounted to ¥42.98 billion, up 32.74% from ¥32.38 billion at the end of 2022[25] - Basic earnings per share for 2023 were ¥1.24, representing a 25.25% increase from ¥0.99 in 2022[26] - The weighted average return on equity for 2023 was 15.49%, a decrease of 0.78 percentage points from 16.27% in 2022[26] - The company reported a total of ¥65.43 million in non-recurring gains for 2023, compared to ¥48.20 million in 2022[29] Corporate Governance - The company has no non-operating fund occupation by controlling shareholders or related parties[9] - There are no violations of decision-making procedures regarding external guarantees[10] - The report includes a standard unqualified audit opinion from Deloitte Huayong[5] - The company maintains complete independence from its controlling shareholders in terms of business operations, assets, personnel, and finance, ensuring no interference in decision-making[102] - The company has established an independent financial accounting department with a complete financial management system, and operates separate bank accounts, ensuring no shared accounts with controlling shareholders[103] - The company has a fully independent asset ownership structure, with no legal disputes or potential disputes regarding its assets, and it does not provide guarantees for shareholders or their affiliates[102] - The company has implemented a comprehensive personnel management system, ensuring that all employees are contracted independently from the controlling shareholders[103] - The company revised its governance rules, including the shareholder meeting rules and board meeting rules, to enhance the effectiveness of independent directors[100] - The company has established specialized committees under the board to ensure scientific decision-making and effective supervision[101] Market and Industry Trends - In 2023, China's newly installed photovoltaic capacity reached 216.88 GW, a year-on-year increase of 148.1%[34] - The global photovoltaic market saw significant growth, with the Middle East experiencing a 94% increase in component exports in 2023[33] - The photovoltaic glass market is gradually moving towards balance due to reduced expansion rates and stricter government approvals[34] - The photovoltaic industry is experiencing robust growth, with global installation demand expected to reach new highs, particularly in the Chinese market, which has seen over 100% growth[85] Research and Development - The company invested CNY 596,750,492.70 in R&D, representing 2.77% of total revenue[62] - The company’s research and development expenses rose by 14.05% to CNY 596,750,492.70, driven by new projects including ultra-thin glass and high-transparency technology[45] - The company plans to enhance its R&D capabilities by investing in a first-class research center and collaborating with well-known enterprises in the industry to improve product competitiveness[89] Environmental and Social Responsibility - The company invested approximately 30,964.59 million CNY in environmental protection during the reporting period[150] - The company achieved a reduction of 1,796,489 tons in carbon dioxide equivalent emissions through various carbon reduction measures[158] - The company successfully lowered its unit revenue water consumption by 11.76% from 6.8 cubic meters per 10,000 CNY in 2021 to 6.04 in 2023[160] - The unit revenue greenhouse gas emissions decreased by 11.64% from 2.92 tons of CO2 per 10,000 CNY in 2021 to 2.58 in 2023[160] - The company reduced its unit revenue hazardous waste to 0.09 kg per 10,000 CNY in 2023, down from 0.46 kg in 2021, representing an 80.43% decrease[160] - The company reported a total charitable contribution of 230.61 million CNY, primarily directed towards various charitable organizations[162] - The company allocated 66.11 million CNY to support poverty alleviation efforts through agricultural product purchases[162] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30] - The company plans to expand its production capacity to 20,600 tons/day by the end of 2023, with new projects in Anhui and Nantong expected to start operations[34] - The company is investing in a photovoltaic glass furnace in Indonesia to meet regional demand[34] - The company aims to enhance manufacturing processes and optimize furnace technology to reduce comprehensive energy consumption and improve product yield[88] - The company plans to implement a new logistics strategy that is projected to reduce operational costs by 10% over the next year[113] Shareholder and Executive Compensation - The total pre-tax compensation for all listed executives amounted to 12,678,566 RMB, with an average compensation of approximately 999,580 RMB[111] - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to RMB 9,995,800[117] - The remuneration for directors and senior management is determined based on industry salary levels, annual operating performance, and performance assessment results[118] - The company has established a long-term incentive policy to enhance the diligence and responsibility of senior management[146] Risk Management - The company has described potential risks in its future development in the report, urging investors to pay attention[11] - The company faces risks related to fluctuations in the photovoltaic industry, trade disputes, and environmental regulations that could impact its operations and market position[94] - The company is actively monitoring raw material prices, particularly for soda ash and natural gas, to manage cost fluctuations effectively[95] - The company recognizes the potential impact of exchange rate fluctuations on its foreign sales, which accounted for 20.09% of total revenue[95] Shareholder Meetings and Resolutions - The company held its annual shareholder meeting on June 6, 2023, where it approved the 2022 financial statements and the 2023 financial budget[106] - The second temporary shareholder meeting on October 27, 2023, approved the mid-year profit distribution plan and changes to the company's registered capital[108] - The company plans to repurchase a portion of its H shares, as approved in the third temporary shareholder meeting on December 22, 2023[109] - The board approved several resolutions regarding the 2022 annual report and financial statements, indicating a focus on governance and compliance[120]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 21.524 billion yuan in 2023, representing a year-on-year increase of 39.21%. The net profit attributable to shareholders was 2.760 billion yuan, up 30.00% year-on-year [1]. - The company experienced a significant increase in photovoltaic glass shipments, with sales reaching 1.22 billion square meters, a year-on-year growth of 49.52%. However, the overall gross margin slightly decreased to 21.80% [1]. - The company is expanding its production capacity, with plans to increase nominal capacity to 30,200 tons per day by the end of 2024, which is expected to solidify its leading position in the market [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 5.639 billion yuan, a year-on-year increase of 32.80%, but a quarter-on-quarter decrease of 9.14%. The net profit for the same period was 791 million yuan, up 27.91% year-on-year [1]. - The company’s operating income for 2024 is projected to be 26.383 billion yuan, with a growth rate of 22.6% [2]. Cost and Margin Analysis - The gross margin for photovoltaic glass was 22.45%, down 0.87 percentage points year-on-year, primarily due to lower prices in 2023 [1]. - The company effectively managed its expenses, with a total expense ratio of 6.98%, a decrease of 0.53 percentage points year-on-year [1]. Capacity Expansion - By the end of 2023, the company’s photovoltaic glass capacity was approximately 20,600 tons per day, with plans to add new production lines in Anhui and Jiangsu [1]. - The company is also planning to establish production capacity in Indonesia to meet overseas demand [1]. Future Projections - The company’s revenue is expected to reach 34.362 billion yuan in 2025 and 40.907 billion yuan in 2026, with corresponding growth rates of 30.2% and 19.0% respectively [2]. - The net profit attributable to shareholders is projected to be 5.029 billion yuan in 2025 and 6.042 billion yuan in 2026, with growth rates of 31.3% and 20.2% respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Views - The company reported a revenue of 21.524 billion RMB in 2023, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 2.760 billion RMB, up 30.00% year-on-year [3]. - The company achieved a high production and sales rate of 101% in 2023, demonstrating strong alpha attributes despite challenges in the market [3]. - The company plans to accelerate capacity expansion in 2024, adding 9,600 tons/day, which is expected to significantly boost shipment volumes in the coming years [3]. - The supply-demand dynamics for photovoltaic glass are expected to improve, with a notable decrease in soda ash costs, leading to potentially better-than-expected profitability in 2024 [3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 21.524 billion RMB, with a growth rate of 39.21% compared to 2022 [6]. - The net profit attributable to shareholders was 2.760 billion RMB, reflecting a growth rate of 30.00% year-on-year [6]. - The diluted earnings per share for 2023 was 1.17 RMB, with a projected increase to 1.79 RMB in 2024 [6]. Capacity and Production - The company’s total production capacity reached 20,600 tons/day by the end of 2023, with plans to increase this by 9,600 tons/day in 2024 [3]. - The production and sales rate was 101% in 2023, indicating efficient operations and inventory management [3]. Market Outlook - The report anticipates a continued tight supply-demand situation for photovoltaic glass in 2024, driven by improved component production schedules and limited new capacity additions in the industry [3]. - The decrease in soda ash prices is expected to enhance the company's profitability, with projections for net profit reaching 4.198 billion RMB in 2024 [3]. Valuation - The report adjusts the net profit forecasts for 2024-2026 to 4.198 billion RMB, 5.688 billion RMB, and 7.085 billion RMB respectively, with corresponding PE ratios of 16.1 and 9.5 for A/H shares in 2024 [3].

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue reached approximately RMB 21,523.71 million, a 39.21% increase compared to RMB 15,460.84 million for the fiscal year ending December 31, 2022[8]. - The net profit attributable to shareholders for the fiscal year was RMB 2,759.69 million, reflecting a 30.00% growth from RMB 2,122.78 million in the previous fiscal year[8]. - The total assets of the company as of December 31, 2023, amounted to RMB 42,981.998 million, up from RMB 32,381.723 million in 2022, indicating a growth of 32.5%[17]. - The company's total liabilities increased to RMB 20,691.088 million in 2023 from RMB 18,349.275 million in 2022, representing an increase of 12.7%[17]. - The company's basic earnings per share for 2023 was RMB 1.24, compared to RMB 0.99 in 2022, marking a 25.25% increase[17]. - The total equity attributable to shareholders reached RMB 22,215.074 million in 2023, up from RMB 14,032.447 million in 2022, an increase of 58.5%[17]. - EBITDA increased by RMB 1,640.37 million to RMB 5,384.93 million, with an EBITDA margin of 25.02% compared to 24.22% in the previous year[80]. - The gross profit for the fiscal year was RMB 4,692.99 million, a 37.52% increase from RMB 3,412.65 million, with a gross margin of 21.80%[68]. - Operating costs for the year were RMB 16,830.72 million, an increase of 39.70% from RMB 12,048.19 million, primarily due to increased sales volume[65]. - Financial expenses increased by 100.84% to RMB 482.89 million, attributed to higher bank borrowings and interest from convertible bonds[73]. - The effective tax rate increased significantly to 9.46% from 1.40% in the previous year, with income tax expenses rising to RMB 288.78 million[74]. Production and Capacity - The global photovoltaic installed capacity reached a new high in 2023, with China's new installations totaling 216.88 GW, a year-on-year increase of 148.1%[9]. - The company is enhancing manufacturing processes and optimizing furnace technology to reduce energy consumption and improve the yield of photovoltaic glass products[12]. - The Anhui Phase IV project is currently in the installation and commissioning stage, with plans to commence production soon[12]. - The Nantong project is under construction and is expected to start production in the third quarter of this year[12]. - As of December 31, 2023, the total capacity of the group is 20,600 tons per day, with projects in Anhui and Nantong expected to contribute an additional 9,600 tons per day, projected to commence operations this year[57]. - The photovoltaic glass segment generated revenue of RMB 19,676.53 million, up 43.82% from RMB 13,681.80 million year-over-year[60]. - The company plans to invest in building photovoltaic glass furnaces in Indonesia to meet the demand in various countries and regions[57]. Research and Development - Research and development expenses rose to RMB 596.75 million, a 14.05% increase from RMB 523.23 million, driven by new projects including large furnace technology and ultra-thin glass[72]. - The company will continue to increase R&D investment in furnace scale, product quality, and type expansion to enhance competitiveness in the global photovoltaic glass market[57]. - The company is investing in a photovoltaic component cover glass project in Indonesia to better meet downstream market demands[12]. Corporate Governance - The company has a strong management team with extensive experience in the glass industry, including over 31 years of experience held by Mr. Wei Zhiming[119]. - The company has implemented a clear separation of roles between the chairman and the CEO, in line with corporate governance best practices[123]. - The board currently consists of five executive directors and three independent non-executive directors, ensuring a diverse governance structure[124]. - The company has established an Audit Committee, Remuneration Committee, Nomination Committee, Strategic Development Committee, and Risk Management Committee to ensure effective governance[141]. - The board has adopted a diversity policy to ensure appropriate balance in skills, experience, and perspectives, enhancing effective operation and high standards of corporate governance[150]. - The company emphasizes the importance of good corporate governance to ensure compliance with applicable laws and regulations[123]. Shareholder Engagement and Dividends - The company proposed a final dividend of RMB 0.38 per share, subject to approval at the annual general meeting[87]. - The board proposed a final dividend of RMB 0.38 per share (pre-tax), subject to approval at the annual general meeting, with a commitment to distribute no less than 20% of distributable profits as dividends[185]. - The company encourages shareholder participation in annual general meetings, providing at least 21 days' notice for annual meetings and 15 days for extraordinary meetings[169]. - Shareholders holding more than 10% of voting shares can request the board to convene a special general meeting within ten days of submitting a written request[170]. Market Outlook and Strategy - The company has outlined a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12%[107]. - New product launches are expected to contribute to revenue, with an estimated additional 100 million from the introduction of innovative glass products[107]. - The company is considering strategic acquisitions to enhance its market position, with a focus on companies that complement its existing product lines[107]. - The management team emphasized the importance of sustainability in their new strategies, aiming for a 30% reduction in carbon emissions by 2025[107]. Risk Management - The company faces significant risks related to the photovoltaic glass industry, including potential decreases in demand and pricing due to macroeconomic factors and market conditions[188]. - The company must comply with various Chinese environmental laws and regulations, which could impact production capacity and increase operational costs if there are adverse changes[191]. - The company has established a risk management and internal control system to safeguard assets and shareholder interests, ensuring reasonable assurance against errors or losses in operations[165][168]. Tax Compliance - The company ensures compliance with tax regulations for all shareholders regarding dividend taxation[101]. - The company is subject to tax policies outlined by the Ministry of Finance and the State Administration of Taxation[4]. - The company has implemented measures to facilitate tax treaty benefits for eligible shareholders[96]. - The company is committed to maintaining transparency in its tax practices and shareholder communications[102].