Investment Rating - The investment rating for the company is upgraded to "Buy" based on expected profit growth and current valuation levels [3][7]. Core Views - The company is experiencing growth driven by the new energy sector, with a focus on expanding into overseas markets and downstream applications [2]. - In 2024, the revenue from new energy vehicle products is expected to account for approximately 55% of total revenue, with solar energy (including storage) contributing about 23% and industrial control around 15% [2]. - The company has achieved significant growth in net profit for Q1 2025, indicating a trend of profit recovery [2]. Financial Performance Summary - For the full year of 2024, the company is projected to achieve revenue of 4.772 billion yuan, a year-over-year increase of 22.99%, and a net profit of 1.039 billion yuan, reflecting a year-over-year increase of 1.48% [1][5]. - In Q1 2025, the company reported revenue of 1.204 billion yuan, a year-over-year increase of 22.78%, and a net profit of 264 million yuan, a year-over-year increase of 22.61% [1][5]. - The gross margin for 2024 is expected to decrease to 33.37%, down 5.18 percentage points year-over-year, while the net margin is projected at 21.84%, down 4.65 percentage points year-over-year [1][5]. Future Projections - The company’s net profit is forecasted to reach 1.33 billion yuan in 2025 and 1.6 billion yuan in 2026, with a further increase to 1.91 billion yuan by 2027 [3][5]. - The expected growth rates for revenue and net profit in the coming years are 22.92% and 27.66% for 2025, and 15.40% and 20.63% for 2026, respectively [5][11]. Market Expansion - The company is actively expanding its presence in the overseas new energy market, with plans to establish a subsidiary in Hungary in 2024, targeting an overseas revenue of 1.005 billion yuan, which represents an 8.09% year-over-year growth [2].

厦门法拉电子股份有限公司 关于参加厦门辖区上市公司 2024 年年报业绩说 明会暨投资者网上集体接待日活动的公告 证 券 代 码 ：600563 证 券 简 称 ：法 拉 电 子 公 告 编 号 ：2025-013 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个别及连带责任。 特 此 公 告 ！ 厦 门 法 拉 电 子 股 份 有 限 公 司 2025 年 5 月 8 日 1 为 进 一 步 加 强 与 投 资 者 的 互 动 交 流 ，厦 门 法 拉 电 子 股 份 有 限 公 司 （ 以 下 简 称 " 公 司 " ） 将 参 加 由 厦 门 证 监 局 、 厦 门 上 市 公 司 协 会 与 深 圳 市 全 景 网 络 有 限 公 司 联 合 举 办 的 " 厦 门 辖 区 上 市 公 司 2024 年 年 报 业 绩 说 明 会 暨 投 资 者 网 上 集 体 接 待 日 活 动 "，现 将 相 关 事 项 公 告 如 下 ： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 "全 景 ...

Summary of the Conference Call for Farah Electronics Company Overview - Farah Electronics reported a year-on-year revenue growth of over 30% in Q1 2025, with specific market growth rates as follows: - Photovoltaic market growth of approximately 17-18% - Industrial control market growth close to 20% - Wind power market expected to grow nearly 30% this year - Home appliances and lighting markets remained flat compared to the same period last year - New energy vehicles (NEVs) accounted for 58% of total revenue, with expectations for gradual improvement in gross margin throughout the year [2][4][8] Key Insights and Arguments - The impact of U.S. tariff policies on the company is minimal due to a low percentage of direct exports to the U.S., primarily exporting to Europe. The indirect impact is difficult to assess due to the involvement of multiple industries [2][6] - The gross margin decreased to 31.3% in Q1 due to price adjustments and cost changes, but it is expected to stabilize and gradually increase throughout the year [2][8] - The overall industry sentiment for Q2 is positive, with good performance expected in the automotive, photovoltaic, and industrial control sectors. The photovoltaic sector is anticipated to outperform Q1, while the automotive sector is expected to improve as well [2][10] - The primary growth driver for film capacitors is the NEV sector, which still has significant room for growth globally. The energy storage business is stable with some growth, followed by the industrial control sector, particularly in flexible AC transmission and server power supply products [2][14][15] Additional Important Information - Film capacitors constitute a major portion of the company's total revenue, while electronic transformers contribute a smaller share [3] - The replacement rate for busbars is expected to rise to around 30% in Q2 and reach 50% in the second half of the year. Film costs have decreased this year, but the decline was slightly less than expected [5][19] - The company has only one competitor, BYD, that manufactures its own film capacitors, but Farah Electronics maintains a leading position in technology and scale [5][16] - The company’s product pricing is generally determined annually, with Q1 prices reflecting a low point, and stability expected in the following quarters [9][11] - In Q1, financial gains were approximately 12 million, primarily from foreign exchange gains, with an additional 5 million from credit impairment reversals [20]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company reported a revenue of 1.204 billion yuan in Q1 2025, representing a year-on-year growth of 22.78%, and a net profit attributable to shareholders of 264 million yuan, also up by 22.61% [1]. - The gross margin for Q1 2025 was 31.3%, remaining stable, while the net profit margin improved by 2 percentage points to 22.06% [2]. - The revenue share from the downstream electric vehicle sector has increased, accounting for approximately 55% of total revenue in 2024, with solar energy (including storage) at about 23% and industrial control at 15% [3]. - The company aims to maintain stable revenue growth in 2025 while controlling costs and expenses, focusing on expanding into global renewable energy markets, rail transit, and smart grid markets [4]. Financial Projections - Revenue projections for 2025-2027 are 6.038 billion yuan, 7.569 billion yuan, and 9.370 billion yuan, with corresponding growth rates of 26.5%, 25.3%, and 23.8% [5][6]. - Net profit attributable to shareholders is expected to be 1.409 billion yuan, 1.763 billion yuan, and 2.159 billion yuan for the same period, with growth rates of 35.6%, 25.1%, and 22.5% respectively [5][6]. - The projected PE ratios for 2025-2027 are 17x, 13x, and 11x based on the closing price on April 25 [5].

证券代码：600563 证券简称：法拉电子 公告编号：2025-012 厦门法拉电子股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 25 日 (二)股东大会召开的地点：厦门市海沧区新园路 99 号法拉电子办公楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 231 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 115,923,318 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 51.5214 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事会召集，董事长卢慧雄主持，采取现场投票及网络投票相结 合的方式召开并表决。会议的召集和召开符合《公司法》、《公司章程》等相关法 律 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,203,595,253.86, representing a year-on-year increase of 22.78% compared to ¥980,251,050.89 in the same period last year[4] - Net profit attributable to shareholders was ¥264,291,878.55, up 22.61% from ¥215,553,554.73 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥258,462,119.90, reflecting a 27.21% increase from ¥203,175,582.81 year-on-year[4] - Basic and diluted earnings per share increased to ¥1.17, up 21.88% from ¥0.96 in the previous year[4] - Total operating revenue for Q1 2025 reached ¥1,203,595,253.86, a 22.8% increase from ¥980,251,050.89 in Q1 2024[16] - Net profit for Q1 2025 was ¥265,510,898.36, representing a 23.0% increase compared to ¥215,861,944.10 in Q1 2024[17] - The company reported a total profit of ¥304,879,120.43 for Q1 2025, compared to ¥249,978,984.63 in Q1 2024, reflecting a growth of 21.9%[16] Cash Flow - The net cash flow from operating activities was ¥288,591,416.03, a significant improvement from a negative cash flow of ¥68,009.36 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was ¥288,591,416.03, a significant recovery from a negative cash flow of ¥68,009.36 in Q1 2024[20] - Cash flow from investing activities for Q1 2025 showed a net outflow of ¥320,796,104.88, compared to a net outflow of ¥199,759,989.89 in Q1 2024[21] - The company experienced a foreign exchange impact of ¥10,155,034.91 on cash and cash equivalents in Q1 2025, contrasting with a negative impact of ¥1,267,805.04 in Q1 2024[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,068,656,569.40, a 3.21% increase from ¥7,817,751,349.84 at the end of the previous year[4] - The company's total current assets reached CNY 5,416,799,195.81, compared to CNY 5,319,265,734.02 at the end of 2024, indicating a slight increase of about 1.8%[11] - The total liabilities decreased to CNY 2,456,058,039.11 from CNY 2,469,460,524.28, showing a reduction of approximately 0.5%[13] - The total non-current assets rose to CNY 2,651,857,373.59 from CNY 2,498,485,615.82, indicating an increase of approximately 6.1%[12] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 4.97% to ¥5,551,417,540.14 from ¥5,288,328,855.22[4] - The company's total equity increased to CNY 5,612,598,530.29 from CNY 5,348,290,825.56, representing an increase of about 4.9%[13] - The company’s retained earnings increased to CNY 4,909,845,606.94 from CNY 4,645,553,728.39, representing a growth of about 5.7%[13] Costs and Expenses - Total operating costs for Q1 2025 were ¥921,977,538.53, up 22.5% from ¥752,298,118.30 in Q1 2024[16] - Research and development expenses for Q1 2025 were ¥45,171,984.15, an increase from ¥37,301,466.06 in Q1 2024[16] Other Financial Metrics - The weighted average return on equity rose to 4.88%, an increase of 0.40 percentage points from 4.48%[4] - Accounts receivable amounted to CNY 1,609,952,142.05, down from CNY 1,706,766,736.44, indicating a decrease of about 5.7%[11] - Inventory levels increased to CNY 823,408,997.64 from CNY 802,717,017.28, reflecting a growth of approximately 2.0%[11] - The company reported non-recurring gains of ¥5,829,758.65 after tax, with significant contributions from government subsidies and fair value changes of financial assets[5] - The company reported a decrease in short-term borrowings to CNY 23,952,343.78 from CNY 24,587,145.37, a reduction of about 2.6%[12] - Cash and cash equivalents decreased to CNY 304,959,447.90 from CNY 327,073,546.28, a decline of approximately 6.8%[11]

福建 远大 律 师 事 务 所 Far&Wide Associated Law Office 关于厦门法拉电子股份有限公司 2024 年度股东大会 N 法律意见书 出具日:二〇二五 年 四 月 二十五 日 中国·厦门 法拉电子 2024 年度股东大会 法律意见书 福建远大律师事务所 关于厦门法拉电子股份有限公司 2024 年度股东大会的 法 律 意 见 书 致:厦门法拉电子股份有限公司 福建远大律师事务所接受厦门法拉电子股份有限公司(以下简称 "公司"）的委托,对公司 2025年 4 月 25 日召开的 2024年 年度股东大会(以下简称"本次股东大会"或"会议")进行见证。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东大会规则》和《厦门法拉电子股份有限公司章程》(以 下简称"《公司章程》"),按照律师行业公认的业务标准、道德规 范和勤勉尽责精神,就公司本次股东大会的召集、召开程序、召集人 及出席会议人员的资格、表决程序及结果等有关事宜出具本法律意见 书。 第 1 页,共7页 法拉电子 2024 年度股东大会 法律意见书 本所律师声明: 1、公司应当对其向本所律师提供的本次 ...

证 券 代 码 ：6 0 0 5 6 3 证 券 简 称 ：法 拉 电 子 公 告 编 号 ： 2 0 2 5 - 01 0 厦门法拉电子股份有限公司 关 于 召 开 2024 年 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个别及连带责任。 重要内容提示： ? ?会 议 召 开 时 间 ： 20 2 5 年 04 月 09 日 ( 星 期 三 )1 5 :0 0 - 1 6 :0 0 ? 会议召开地点：上海证券交易所上证路演中心（网址： http s: //r oad sh ow .sse in fo. com / ） ? 会议召开方式：上证路演中心网络互动 ? ?投 资 者 可 于 202 5 年 04 月 0 1 日 ( 星 期 二 ) 至 0 4 月 0 8 日 ( 星 期 二 ) 公 司 投 资 者 关 系 邮 箱 l ila n @ far atr on ic.c om .c n 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。 厦 门 法 拉 电 子 股 份 ...

证券代码：600563 证 券 简 称 ：法 拉 电 子 公 告 编 号 ：20 25-01 0 厦门法拉电子股份有限公司 关于召开 2024 年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个别及连带责任。 重 要 内 容 提示： 会 议 召 开 时 间 ： 20 25 年 0 4 月 0 9 日 (星 期 三 ) 15:0 0-16:0 0 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http s: //r oad sh ow .sse in fo. com /） 会 议 召 开 方 式 ： 上 证 路 演 中 心 网 络 互 动 投 资 者 可 于 2025 年 0 4 月 01 日 (星 期 二 )至 0 4 月 0 8 日 (星 期 二 ) 16:0 0 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 投 资 者 关 系 邮 箱 l ila n@ far atr on ic.c om .c n ...