Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company experienced a 34% year-on-year decline in performance for the first three quarters of 2024, primarily due to a decrease in photovoltaic glass market prices, leading to temporary pressure on earnings. However, the supply landscape for photovoltaic glass is expected to improve, justifying the "Accumulate" rating [3][4]. - The average selling price of photovoltaic glass in Q3 2024 was approximately 13.96 RMB per square meter, reflecting a 23% decrease from Q2 2024. The inventory levels of photovoltaic glass have reached historical highs, exceeding 40 days as of the end of October 2024 [3][5]. - The report suggests that rising natural gas costs during the heating season may lead to a reduction in high-cost production capacity in the photovoltaic industry, potentially improving the supply-demand balance for photovoltaic glass [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 14,603.89 million RMB, a decrease of 8.06% year-on-year. The net profit attributable to shareholders was 1,295.65 million RMB, down 34.18% year-on-year [5][6]. - The gross profit margin for the first three quarters of 2024 was 19.02%, a decline of 2.21 percentage points year-on-year. The net profit margin was 8.91%, down 3.50 percentage points year-on-year [3][5]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 0.47 RMB, 0.80 RMB, and 1.00 RMB, respectively, reflecting significant downward revisions from previous estimates [3][4]. - The report projects a revenue of 17,998 million RMB for 2024, a decrease of 16.4% compared to 2023, with a gradual recovery expected in subsequent years [4][6]. Valuation Metrics - The company is currently valued at a price-to-earnings (P/E) ratio of 53.7 for 2024, which is expected to decrease to 31.2 in 2025 and 25.0 in 2026 as earnings recover [4][6]. - The report indicates a price-to-book (P/B) ratio of 2.6 for 2024, remaining stable in the following years [4][6].

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-099 | | --- | --- | --- | | 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 关于本次限制性股票回购注销 不调整"福莱转债"转股价格的公告 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: 因本次回购注销的部分限制性股票占公司总股本比例较小，经计算，本 次回购注销实施完成后，"福莱转债"的转股价格不变。 经中国证券监督管理委员会《关于核准福莱特玻璃集团股份有限公司公开发 行可转换公司债券的批复》（证监许可[2022]664）核准，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 日公开发行了 4,000 万张可转换公 司债券，每张面值为人民币 100 元，发行总额人民币 40 亿元。于 2022 年 6 月 13 日起在上海证券交易所挂牌交易，债券简称"福莱转债"，债券代码"113059"。初 始转股价格为人民币 43.94 元/股，转股期间为 20 ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-098 | | --- | --- | --- | | 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 2020 年 A 股限制性股票激励计划部分 首次授予部分股份回购注销实施公告 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: 回购注销原因：根据福莱特玻璃集团股份有限公司（以下简称"公司"） 《福莱特玻璃集团股份有限公司 2020 年 A 股限制性股票激励计划》（以下简称 "《激励计划》"）的相关规定，鉴于公司 2020 年 A 股限制性股票激励计划（以 下简称"本激励计划"）中首次授予部分的 1 名激励对象已离职（主动），公司决 定对其已获授但尚未解除限售的合计 120,000 股限制性股票以授予价格予以回购 注销。 本次注销股份的有关情况 | 回购股份数量 | | 注销股份数量 | | | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | ...

回购注销部分限制性股票实施相关事项 之 法律意见书 上海君澜律师事务所 关于 福莱特玻璃集团股份有限公司 2020 年 A 股限制性股票激励计划 二〇二四年十一月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于福莱特玻璃集团股份有限公司 2020 年 A 股限制性股票激励计划 回购注销部分限制性股票实施相关事项 之法律意见书 致：福莱特玻璃集团股份有限公司 上海君澜律师事务所（以下简称"本所"）接受福莱特玻璃集团股份有限 公司（以下简称"公司"或"福莱特"）的委托，根据《中华人民共和国公司 法》（以下简称"《公司法》"）《上市公司股权激励管理办法》（以下简称 "《管理办法》"）及《福莱特玻璃集团股份有限公司 2020 年 A 股限制性股票 激励计划》（以下简称"《激励计划》"或"本次激励计划"）的规定，就福 莱特本次激励计划回购注销部分限制性股票实施相关事项（以下简称"本次回 购注销"）出具本法律意见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及 本法律意见书出具日以前已 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's performance in the third quarter of 2024 was under pressure due to the continued low prices of photovoltaic glass, with a year-on-year revenue decline of 8.06% to 14.604 billion yuan and a net profit attributable to shareholders of 1.296 billion yuan, down 34.18% [1] - Since May 2024, the price of photovoltaic glass has remained low, impacting the company's performance significantly [1] - The company has a total production capacity of 23,000 tons/day, with over 90% of its production lines being large kilns, which provide a stable combustion environment and lower energy consumption [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 14.604 billion yuan, a decrease of 8.06% year-on-year, and a net profit of 1.296 billion yuan, down 34.18% [1] - In Q3 2024, the company reported a revenue of 3.908 billion yuan, a year-on-year decline of 37.03% and a quarter-on-quarter decline of 21.37%, with a net loss of 203 million yuan, a year-on-year decline of 122.97% and a quarter-on-quarter decline of 127.48% [1] - The company forecasts revenue growth rates of -15.53%, 18.23%, and 14.55% for 2024, 2025, and 2026 respectively, with expected revenues of 18.180 billion yuan, 21.495 billion yuan, and 24.621 billion yuan [2] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 51.9, 39.0, and 28.9 for the years 2024, 2025, and 2026 respectively [2] - The average P/E ratio for comparable companies is 55.0, indicating that the company is valued competitively within the industry [3] Production Capacity and Cost Structure - The company has successfully developed large kiln technology, which is expected to further reduce costs and strengthen its competitive advantage in the photovoltaic glass industry [1] - The company is advancing its domestic projects in Anhui and Nantong, as well as overseas projects, maintaining a robust production capacity [1]

Investment Rating - The report maintains a "Buy-A" rating for the company [2][3]. Core Views - The photovoltaic glass industry is currently experiencing a supply-demand mismatch, leading to a decline in profitability for the company in Q3. The average price of 2.0mm photovoltaic glass fell by 21.7% compared to Q2, impacting the company's profit margins significantly [3]. - Despite the challenges, the company has shown strong operational cash flow growth, with a net cash flow from operating activities of 3.02 billion yuan in the first three quarters of 2024, a substantial increase year-on-year [3]. - The company is expected to see inventory levels return to reasonable levels by the first half of 2025, with potential price recovery anticipated [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 14.6 billion yuan, a year-on-year decrease of 8.1%, and a net profit of 1.3 billion yuan, down 34.2% year-on-year [2]. - In Q3 alone, revenue was 3.91 billion yuan, reflecting a 37.0% year-on-year decline and a 21.4% quarter-on-quarter decline. The net profit for Q3 was -200 million yuan, a significant drop of 123.0% year-on-year [2]. - The company's gross margin for the first three quarters of 2024 was 19.0%, down 2.2 percentage points year-on-year, while the gross margin for Q3 was only 6.0%, down 18.5 percentage points year-on-year [3]. Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are projected to be 0.45 yuan, 0.79 yuan, and 1.37 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are expected to be 55.3, 31.8, and 18.4 [2][6].

福莱特玻璃集团股份有限公司 2024 年第一次临时股东大会会议资料 2024 年第一次临时股东大会 会议资料 二零二四年十一月十八日 0 / 33 福莱特玻璃集团股份有限公司 2024 年第一次临时股东大会会议资料 目 录 | 一、福莱特玻璃集团股份有限公司 2024 年第一次临时股东大会会议须知 2 | | --- | | 二、福莱特玻璃集团股份有限公司 年第一次临时股东大会会议议程 4 2024 | | 三、福莱特玻璃集团股份有限公司 2024 年第一次临时股东大会审议议案 5 | | 议案一：关于公司 2024 年中期利润分配预案的议案 5 | | 议案二：关于变更公司注册资本并修订公司章程的议案 7 | | 议案三：关于授权公司董事会办理工商变更登记手续的议案 9 | | 议案四：关于修订公司股东大会议事规则的议案 10 | | 议案五：关于董事会换届选举暨提名第七届董事会非独立董事候选人的议案 28 | | 议案六：关于董事会换届选举暨提名第七届董事会独立董事候选人的议案 30 | | 议案七：关于监事会换届选举暨提名第七届监事会非职工代表监事候选人的议案 32 | 1 / 33 福莱特玻璃集团股份 ...

截至 2024 年 11 月 8 日，公司已将上述用于暂时补充流动资金的闲置募集资 金 5 亿元全部归还至募集资金专用账户，并将募集资金的归还情况及时通知了公 司保荐机构国泰君安证券股份有限公司及保荐代表人。 特此公告。 福莱特玻璃集团股份有限公司 董事会 二零二四年十一月九日 | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2024-097 | | --- | --- | --- | | 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 关于归还用于暂时补充流动资金的闲置募集资金的 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。 福莱特玻璃集团股份有限公司（以下简称"公司"）于 2023 年 11 月 13 日 召开第六届董事会第四十六次会议、第六届监事会第三十七次会议审议通过了 《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过 5 亿元人民币的闲置募集资金暂时补充流动资金，使用期限自公司董事会审议批 准之日起不超过 12 个月，到期将归还至募集资 ...

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 公司名稱: 福萊特玻璃集團股份有限公司 呈交日期: 2024年11月5日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.0 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 441,715,000 | | 0 | | 441,715,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 441,715,000 | | 0 | | 441,715,000 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite recent losses [5]. Core Views - The company's first quarterly loss signals a potential industry bottom, with expectations for supply-side optimization and gradual recovery in prices due to reduced production and increased cold repairs [5]. - The company has a significant competitive advantage as a leading photovoltaic glass manufacturer, which is expected to enhance its profitability resilience during industry downturns [5]. Summary by Sections Operating Performance - In the first three quarters of 2024, the company achieved revenue of 14.604 billion yuan, a year-on-year decrease of 8.06%. The net profit attributable to shareholders was 1.296 billion yuan, down 34.18%. In Q3 alone, revenue was 3.908 billion yuan, a decline of 37.03% year-on-year and 21.37% quarter-on-quarter, resulting in a net loss of 203 million yuan, marking the first quarterly loss since its listing [1]. Industry Profitability - As of now, the price of 2.0mm photovoltaic glass is 12.5 yuan per square meter, reflecting a 38% year-on-year decline, severely squeezing profitability across the industry [1]. Industry Capacity - According to statistics from Zhuochuang Information, the industry added 1,200 tons/day of new capacity in H2 2024, while cold repairs accounted for 11,090 tons/day, resulting in a net capacity reduction of approximately 10,000 tons. Many small to medium-sized enterprises are accelerating cold repairs, with numerous new investment projects being announced as terminated or delayed [1]. Company Capacity - The company's current capacity is approximately 20,000 tons/day, with Zhuochuang Information reporting an operational capacity of 21,000 tons/day [1]. Company Advantages - The company has significant advantages in technology, cost, and management, with over 90% of its large kilns being of 1,000 tons or more, leading to lower energy consumption and improved yield rates. The breakthrough in technology for large kilns is expected to further reduce costs [2]. Profit Forecast - The report adjusts the profit forecast, estimating revenues of 19.2 billion yuan, 28.5 billion yuan, and 36.3 billion yuan for 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is projected to be 1.2 billion yuan, 1.9 billion yuan, and 2.9 billion yuan for the same years, with EPS of 0.50, 0.82, and 1.26 yuan per share [5][6].