证券代码：600563 证券简称：法拉电子 编号： 2025-004 厦门法拉电子股份有限公司 关于 2024 年度利润分配预案的公告 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： 每股分配比例：每股派发现金红利 2.0 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，向全体 股东每 10 股派现金红利 20 元（含税），具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配金额不变，相应调整分配总额，并将另行公告具体调整情况。 本次利润分配不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》 （以下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施 其他风险警示的情形。 本次利润分配方案已经厦门法拉电子股份有限公司（以下简称"公司"） 第九届董事会 2025 年度第一次会议审议通过，尚需提交公司 2024 年年度股东大 会审议。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至 2024 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

Investment Rating - Buy rating for Faratronic (600563) with first-time coverage [2] Core Views - Faratronic is expanding its presence in both domestic and international markets, driving growth through dual engines [5] - The company is increasing its share of high-end products, particularly in the new energy sector (e.g., new energy vehicles, photovoltaics, energy storage, wind power) [5] - Faratronic has achieved self-developed production of metalized film materials for film capacitors, enabling rapid product iteration and original development [5] - The company is accelerating its overseas factory layout, with a new subsidiary in Hungary to enhance global competitiveness [5] Financial Projections - Expected net profit attributable to the parent company for 2024-2026: 1.1 billion, 1.4 billion, and 1.6 billion yuan, respectively [5] - Revenue growth rates for 2024-2026: 23.75%, 21.10%, and 16.97%, respectively [5] - EPS for 2024-2026: 4.89, 6.22, and 7.12 yuan, respectively [5] - P/E ratios for 2024-2026: 26.53, 20.84, and 18.23, respectively [5] Company Overview - Latest closing price: 129.71 yuan [4] - Total market capitalization: 29.2 billion yuan [4] - P/E ratio: 28.51 [4] - Debt-to-asset ratio: 24.6% [4] - Major shareholder: Xiamen Faratronic Development Co., Ltd [4] Industry Trends - The film capacitor industry is shifting from mass production to small-batch, customized production, with a focus on ultra-thin, high-temperature-resistant, high-energy-density, and safety-reliable products [5] - Faratronic's products cover a wide range of applications, including industrial control, photovoltaics, energy storage, wind power, new energy vehicles, rail transit, smart grids, home appliances, and lighting [5]

Investment Rating - The report maintains a "Buy" rating for Faratronic [17][19]. Core Insights - In Q3 2024, Faratronic achieved a record high revenue of 1.322 billion yuan, representing a year-on-year growth of 46.92%, and a net profit of 293 million yuan, up 31.04% year-on-year [14][15]. - The rapid growth in the photovoltaic and new energy vehicle markets has significantly driven Faratronic's revenue to new heights [15]. - The establishment of a wholly-owned subsidiary in Hungary is part of the company's internationalization strategy, aimed at enhancing competitiveness and market collaboration [16]. Financial Performance Summary - For Q3 2024, the company reported a gross margin of 34.16%, a decrease of 4.35 percentage points year-on-year [14]. - For the first three quarters of 2024, total revenue reached 3.439 billion yuan, a year-on-year increase of 19.77%, with a net profit of 775 million yuan, up 8.43% year-on-year [14]. - The company expects net profits for 2024-2026 to be 1.163 billion, 1.460 billion, and 1.854 billion yuan, with growth rates of 13.6%, 25.5%, and 27.0% respectively [17]. Market Position and Strategy - Faratronic is positioned in the first tier internationally, benefiting from cost advantages through automation and integration [17]. - The company’s revenue composition includes approximately 52% from new energy vehicle-related businesses and 24% from photovoltaic-related businesses [15].

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company achieved a record high revenue of 1.322 billion yuan in Q3 2024, representing a year-on-year increase of 46.92% and a quarter-on-quarter increase of 16.26%. The net profit attributable to shareholders was 293 million yuan, up 31.04% year-on-year and 9.93% quarter-on-quarter [1]. - The company is a leader in the film capacitor industry, with a comprehensive product range that meets the needs of various sectors including industrial control, photovoltaics, energy storage, wind power, new energy vehicles, rail transit, smart grids, home appliances, and lighting [1][2]. - The market for film capacitors is expected to shift from production line expansion to enhanced technical services and brand development, with a growing proportion of high-end products [2]. Summary by Sections Financial Performance - In the first three quarters of 2023, the company reported a revenue of 3.439 billion yuan, a year-on-year increase of 19.77%. The net profit attributable to shareholders was 775 million yuan, up 8.43% year-on-year [4]. - The gross margin was 34.11%, down 4.58 percentage points year-on-year, while the net margin was 22.54%, down 2.45 percentage points year-on-year [4]. Market Trends - The demand for new energy vehicles remains strong, with October 2023 seeing a wholesale sales volume of 1.4 million units, a year-on-year increase of 58% [2]. - The company’s revenue from new energy vehicles accounted for approximately 52% of its total revenue in the first half of 2024 [1]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 1.137 billion yuan and 1.390 billion yuan, respectively, reflecting downward revisions of 13.6% and 14.7% [3]. - The projected price-to-earnings ratios for 2024-2026 are 26X, 22X, and 18X, respectively, indicating a favorable growth outlook given the company's leadership position in the film capacitor market [3].

证券代码：600563 证券简称：法拉电子 编号： 2024-017 厦门法拉电子股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 为贯彻《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》 （国发〔2024〕10 号），落实中国证监会《上市公司监管指引第 10 号——市值管 理（征求意见稿）》要求，积极响应上海证券交易所《关于开展沪市公司"提质增 效重回报"专项行动的倡议》，切实保护投资者尤其是中小投资者合法权益，承担 起高质量发展和提升自身投资价值的主体责任，厦门法拉电子股份有限公司（以 下简称"公司"）结合自身发展战略和经营情况，制定了"提质增效重回报"行动 方案，具体内容如下： 一、聚焦主业，提升发展质量，加快发展新质生产力 公司是世界领先的专业薄膜电容器制造商，产品覆盖全系列薄膜电容器。公 司创建于 1955 年，于 2002 年在上海证券交易所上市，2017 年工信部"制造业单 项冠军示范企业"，为全球新能源汽车、光伏、储能、工业控制、风电 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][5]. Core Insights - The company achieved record high revenue in Q3 2024, driven by successful expansion in downstream customer segments, particularly in the new energy sector [1]. - The gross margin has seen a decline due to intensified industry competition and product structure changes, but the company is actively working on improving profitability through technology development and supply chain optimization [1]. - The company plans to invest up to 1 billion RMB in establishing a wholly-owned subsidiary in Hungary, enhancing its overseas presence and core competitiveness [1]. Financial Performance Summary - **Revenue Forecast**: - 2022A: 3,836 million RMB - 2023A: 3,880 million RMB - 2024E: 4,787 million RMB - 2025E: 5,867 million RMB - 2026E: 6,942 million RMB - Year-on-Year Growth Rates: 2023A: 1%, 2024E: 23%, 2025E: 23%, 2026E: 18% [1][2]. - **Net Profit Forecast**: - 2022A: 1,007 million RMB - 2023A: 1,024 million RMB - 2024E: 1,140 million RMB - 2025E: 1,384 million RMB - 2026E: 1,638 million RMB - Year-on-Year Growth Rates: 2023A: 2%, 2024E: 11%, 2025E: 21%, 2026E: 18% [1][2]. - **Earnings Per Share (EPS)**: - 2022A: 4.47 RMB - 2023A: 4.55 RMB - 2024E: 5.06 RMB - 2025E: 6.15 RMB - 2026E: 7.28 RMB [1][2]. - **Valuation Ratios**: - P/E: 2023A: 28.3, 2024E: 25.5, 2025E: 21.0, 2026E: 17.7 - P/B: 2023A: 6.2, 2024E: 5.0, 2025E: 4.1, 2026E: 3.3 [1][2]. Market Position and Strategy - The company is recognized as a leader in the film capacitor market, actively pursuing opportunities in various sectors including new energy, industrial control, and consumer electronics [1]. - The strategic investment in Hungary is aimed at enhancing the company's global footprint and fostering collaboration with international markets [1].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company's profitability has significantly improved, with a revenue of 3.439 billion yuan in the first three quarters, representing a year-on-year increase of 19.77%. The net profit attributable to shareholders reached 775 million yuan, up 8.43% year-on-year [3][4] - The high demand in the new energy vehicle sector continues to drive growth, with domestic sales of new energy vehicles increasing by 32.5% year-on-year in the first three quarters of 2023 [4][5] - The company is a leading player in the global film capacitor market, and its performance is expected to continue growing due to the sustained high demand in the new energy vehicle sector [5][6] Financial Summary - The company achieved a revenue forecast of 4.724 billion yuan for 2024, with a projected net profit of 1.131 billion yuan, corresponding to an EPS of 5.03 yuan [6][7] - The gross profit margin for the first three quarters was 34.11%, a decrease of 4.58 percentage points year-on-year, primarily due to the rapid growth of lower-margin automotive capacitor business [4][5] - R&D expenses reached 122 million yuan in the first three quarters, an increase of 11.28% year-on-year, indicating a strong focus on innovation [4][5]

下面我就是对三级报就是做一个简单的解读一个就是说无论从前三级度或者说单纯的三级度来看的话就是销售收入增长的幅度还是比较大这个主要还是原因的可能就是除了风电外其他的各个板块就是像行李轮车就是我们整个同比的话前三级的增速有超过十万的五十多用家电 照明增速的话20多其实光控和光幅已经恢复到去年的一些同期的视频所以就对于这一块就是我们整个的消费收入增长还是比较多的这是第一个可能大家还是比较关心的就是某类对这个问题其实在三季度的话还比二季度还略有下降了一点点这一块的话主要原因呢 不好意思嘉宾打断一下您这边声音比较小可以离麦更近一些主要原因就是第一个就是可能车的占比是增加的比较多就是所有板块当中就是车的毛利率比较低所以就这个是给他拉动让第二个的话就是下游的原材料特别是薄膜就是原来预期的话就是像我们下半年会有一些 比较大的一个降幅但实际上就整个由于就整个伯莫的产能的放量的速度吧还有一些认真的原因所以整个的还降价还不举一起基本上都是还是价格没有太大的变化这一块可能也没有给我们带来一个好的一个影响这是第二个第三个的话 实际上毛利率的降低不是因为就是整个像今年比如说第三季度的价格有下降的影响实际上的话就是像我们比如说下半年的一些 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has shown strong performance in Q3 2024, with revenue reaching 1.322 billion yuan, a year-on-year increase of 46.92% and a quarter-on-quarter increase of 16.26%, marking a new quarterly revenue high since Q2 [3]. - The company's net profit for Q3 2024 was 293 million yuan, up 31.04% year-on-year and 9.93% quarter-on-quarter, indicating stable profitability and effective cost control [4]. - The company is a leader in the thin-film capacitor segment, with over 50% of its revenue coming from the new energy vehicle sector, which is a major driver of its performance [5][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 3.439 billion yuan, a year-on-year growth of 19.77%, and a net profit of 775 million yuan, up 8.43% year-on-year [3]. - The gross margin for the first three quarters of 2024 was 34.11%, and the net margin was 22.54%, with slight declines due to revenue structure changes [4]. - The company forecasts revenues of 4.848 billion yuan, 6.081 billion yuan, and 7.742 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 25.0%, 25.4%, and 27.3% [6][9]. Future Projections - The projected net profit for 2024, 2025, and 2026 is 1.163 billion yuan, 1.443 billion yuan, and 1.784 billion yuan, with growth rates of 13.6%, 24.1%, and 23.6% respectively [6][9]. - The company is expected to maintain a stable financial position with a projected PE ratio of 24x, 19x, and 16x for the years 2024, 2025, and 2026 [6][9].