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]

Summary of Conference Call Transcripts Company and Industry Overview - The conference call primarily discusses the performance and outlook of a company involved in the manufacturing of capacitors, particularly for the automotive and renewable energy sectors, including wind and solar power [1][2][3]. Key Points and Arguments Revenue Growth - The company reported significant revenue growth across various segments, with sales in the first three quarters showing an increase of approximately 20% year-over-year [6]. - Specific segments such as home appliances and lighting have shown growth rates of over 20% and 50% respectively, indicating a strong recovery compared to the previous year [1][2]. Margin and Profitability - The gross margin has seen a slight decline, attributed to an increased proportion of automotive sales, which typically have lower margins compared to other segments [5][6]. - Despite the decline in gross margin, the company expects improvements in the fourth quarter due to cost reduction measures and increased efficiency [6][18]. Automotive Sector Insights - The automotive segment has experienced a growth rate exceeding 50% compared to the previous year, driven by new project acquisitions both domestically and internationally [4][8]. - The demand for hybrid vehicles is notably higher than for pure electric vehicles, with hybrid vehicle pricing significantly higher due to technological advantages [4][8]. Market Dynamics and Competition - The competitive landscape is evolving, with some competitors facing challenges due to pricing pressures and market saturation. The company aims to maintain a stable pricing strategy while ensuring profitability [19][20]. - The company has observed a trend of competitors engaging in price wars, which could impact overall market stability [19][20]. Future Outlook - The company anticipates a stable demand environment for the fourth quarter, with expectations of improved gross margins due to better material sourcing and production efficiencies [18][29]. - The overall industry growth rate is projected to be around 20%, with the company aiming to outperform this benchmark [29]. Supply Chain and Material Costs - There are ongoing challenges with raw material costs, particularly in the thin film sector, which have not decreased as expected. The company is working on increasing the proportion of self-manufactured materials to mitigate these costs [12][14]. - The company has a cautious approach to expanding production capacity, particularly in the thin film segment, to avoid oversupply issues [12][14]. Cash Management and Capital Expenditure - The company has maintained a healthy cash position, with plans to gradually increase dividend payouts as financial stability improves [31][32]. - Future capital expenditures are expected to remain stable, with investments primarily focused on enhancing production capabilities in response to market demand [32]. Additional Important Insights - The company is actively exploring new applications for its products, including in emerging technologies such as AI servers and electric vehicles, indicating a forward-looking approach to market trends [30]. - The company maintains a diversified supplier base for raw materials, ensuring flexibility and stability in its supply chain [16][27]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, market dynamics, and future strategies.

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year revenue increase of 19.77% to 34.39 billion yuan for the first three quarters of 2024, with a net profit of 7.75 billion yuan, up 8.43% year-on-year [2] - In Q3 2024, the company achieved a revenue of 13.22 billion yuan, representing a year-on-year increase of 46.92% and a quarter-on-quarter increase of 16.26% [2] - The company maintains a competitive advantage in the film capacitor industry, supported by continuous R&D investment and product innovation [2][3] Financial Performance Summary - For Q3 2024, the company reported a gross profit margin of 34.16%, down 4.34 percentage points year-on-year, and a net profit margin of 22.13%, down 2.80 percentage points year-on-year [2] - R&D expenses for Q3 2024 were 0.47 billion yuan, an increase of 3.18% year-on-year and 24.06% quarter-on-quarter [3] - The company forecasts net profits for 2024-2026 to be 11.69 billion yuan, 13.72 billion yuan, and 16.60 billion yuan respectively, with corresponding P/E ratios of 21.8, 18.6, and 15.4 [2] Company Strategy - The company plans to invest up to 1 billion yuan to establish a wholly-owned subsidiary in Hungary, enhancing its overseas presence and market engagement [4] - The company has developed a unique supply chain for materials and equipment through collaboration and innovation, allowing it to meet market demands effectively [3]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,321,861,259.10, representing a 46.92% increase compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥292,827,487.60, an increase of 31.04% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥291,316,348.31, reflecting a 32.85% increase compared to the previous year[2]. - Basic earnings per share for Q3 2024 were ¥1.30, up 31.31% from the same period last year[2]. - Total operating revenue for the first three quarters of 2024 reached ¥3,439,073,688.39, an increase of 19.7% compared to ¥2,871,469,588.83 in the same period of 2023[16]. - Operating profit for the first three quarters of 2024 was ¥893,191,608.00, compared to ¥825,860,524.20 in 2023, reflecting a growth of 8.2%[16]. - Net profit for the first three quarters of 2024 was ¥775,097,127.47, an increase from ¥717,582,308.90 in 2023, representing an 8.0% growth[16]. - The net profit for the third quarter of 2024 reached ¥775,097,127.47, an increase from ¥717,582,308.90 in the same period of 2023, representing a growth of approximately 8.0%[17]. - The net profit attributable to shareholders of the parent company was ¥774,767,524.51, up from ¥714,546,739.88, indicating an increase of about 8.4% year-over-year[17]. - The basic and diluted earnings per share for the third quarter were both ¥3.44, compared to ¥3.18 in the previous year, reflecting a rise of 8.2%[17]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥7,267,506,272.79, a 15.25% increase from the end of the previous year[3]. - Non-current assets totaled ¥2,449,982,584.77, down from ¥2,879,067,148.02 in the previous year, indicating a decrease of 14.9%[14]. - Total assets increased to ¥7,267,506,272.79, up from ¥6,305,733,192.07, marking a growth of 15.3%[14]. - Total liabilities rose to ¥2,186,753,054.24, compared to ¥1,550,766,617.64 in 2023, reflecting an increase of 41.0%[14]. - Shareholders' equity attributable to the parent company was ¥5,023,638,327.24, showing a 6.92% increase year-on-year[3]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥954,131,644.93, reflecting a 10.45% increase compared to the same period last year[2]. - Cash flow from operating activities for the first three quarters of 2024 was ¥954,131,644.93, compared to ¥863,867,065.16 in the same period of 2023, marking an increase of approximately 10.5%[18]. - Total cash inflow from operating activities was ¥3,354,116,067.48, up from ¥3,217,194,183.10, which is an increase of about 4.3%[18]. - Cash outflow from operating activities totaled ¥2,399,984,422.55, compared to ¥2,353,327,117.94 in the previous year, showing a rise of approximately 2.0%[18]. - The net cash flow from investment activities was -¥97,106,583.54, an improvement from -¥455,466,330.89 in the same period of 2023[19]. - The cash and cash equivalents at the end of the period amounted to ¥999,472,730.99, significantly higher than ¥524,297,589.69 at the end of the previous year[19]. - The company's cash and cash equivalents were reported at ¥1,200,000,000.00, a significant increase from ¥800,000,000.00 in the previous year, indicating a 50.0% rise[16]. Shareholder Information - The company reported a total of 16,878 common shareholders at the end of the reporting period[7]. - The number of shareholders holding more than 5% of shares includes major institutional investors, with the largest being Xiamen Fala Development Co., Ltd. holding 84 million shares[9]. - The top ten shareholders collectively hold a significant portion of the company's shares, indicating strong institutional interest[9]. - The company has not reported any changes in the status of major shareholders participating in margin trading and securities lending[10]. Research and Development - Research and development expenses for the first three quarters were ¥122,026,246.42, up from ¥109,659,654.75, showing an increase of 11.2%[16]. - The company plans to expand its market presence and invest in new technologies to drive future growth[15]. - The company is focused on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[12]. Operational Status - There are no significant changes in the operational status of the company that require investor attention as per the latest report[11]. - The company did not apply new accounting standards for the first time in 2024[20].

Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential in the electric vehicle and renewable energy sectors [2]. Core Insights - The company is positioned to benefit from the rapid growth in demand for film capacitors used in electric vehicles, particularly due to the increasing penetration of multi-motor and 800V systems [5][10]. - The company has established itself as a leader in the global film capacitor market, leveraging automation and integration to build cost advantages [15][21]. - The company's profitability metrics, including gross and net margins, significantly exceed those of its peers, supported by strong cash flow performance [25][28]. Summary by Sections Company Overview - The primary product of the company is film capacitors, which accounted for 95% of revenue in 2023, with a gross margin of 38.18% [3][4]. - The company has a strong governance structure, with key executives having extensive experience within the organization [4]. Market Trends - The demand for automotive film capacitors is expected to grow rapidly, driven by the adoption of multi-motor systems and the transition to 800V platforms [10][11]. - The film capacitor market for electric vehicles is projected to reach approximately 8.11 billion yuan in 2023 and 17.92 billion yuan by 2026, with a compound annual growth rate (CAGR) of 30.25% [11]. Competitive Position - The company ranks among the top tier globally in the film capacitor industry, competing effectively against major players from Japan, Taiwan, and the United States [16][21]. - The company's film capacitor products have achieved technical parameters that meet or exceed international standards, enhancing its competitive edge [21]. Financial Performance - The company has experienced rapid revenue and net profit growth since 2020, driven by the increasing sales of electric vehicles and solar installations [26]. - The forecast for revenue from 2024 to 2026 is expected to be 4.65 billion yuan, 5.98 billion yuan, and 7.63 billion yuan, respectively, with corresponding growth rates of 19.91%, 28.43%, and 27.76% [38]. Valuation - The current price-to-earnings (PE) ratio is projected to be 22.14, 17.64, and 13.89 for the years 2024 to 2026, indicating a favorable valuation compared to historical levels [38].

Investment Rating - The report assigns a rating of "Buy" to the company, indicating a positive outlook for the stock's performance relative to the market index [1]. Core Insights - The company's profitability is improving quarter by quarter, with a revenue of 2.117 billion yuan in the first half of 2024, representing a year-on-year growth of 7.38%. However, the net profit attributable to shareholders decreased by 1.86% year-on-year [4][5]. - The main growth drivers for the company's future performance are the electric vehicle and photovoltaic sectors, which are expected to contribute significantly to revenue growth [5][7]. - The company is expanding its overseas production capacity, with plans to establish a subsidiary in Hungary to serve European electric vehicle customers, enhancing its international competitiveness [7]. Financial Forecasts - The company is projected to achieve revenues of 47.24 billion yuan, 56.41 billion yuan, and 66.69 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.76%, 19.41%, and 18.23% [7][8]. - The net profit attributable to shareholders is expected to be 11.31 billion yuan, 13.25 billion yuan, and 15.40 billion yuan for the same years, with growth rates of 10.43%, 17.19%, and 16.18% [7][8]. - Earnings per share (EPS) are forecasted to be 5.03 yuan, 5.89 yuan, and 6.84 yuan for 2024, 2025, and 2026, respectively [7][8]. Profitability and Margins - The company's gross margin for the first half of 2024 was 34.08%, a decrease of 4.69 percentage points year-on-year, primarily due to product mix adjustments and intensified competition in the downstream market [5]. - The gross margin is expected to gradually improve in the future as the company continues to reduce costs through technological advancements and as the photovoltaic market recovers [5]. Research and Development - The company's R&D expenses have been increasing annually, with 75.1153 million yuan spent in the first half of 2024, a year-on-year increase of 17.01%. This investment is aimed at enhancing the company's technological capabilities and maintaining its competitive edge in the international market [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q2 2024 profits have shown a quarter-on-quarter recovery, with new growth opportunities arising from overseas expansion [5] - The company achieved a revenue of 2.117 billion yuan in H1 2024, a year-on-year increase of 7.38%, while the net profit attributable to the parent company was 482 million yuan, a year-on-year decrease of 1.86% [5] - The company is a leading manufacturer of film capacitors with a complete product range and high technical barriers, catering to various industries including industrial control, photovoltaic, energy storage, wind power, and home appliances [6] Financial Performance Summary - In Q2 2024, the company reported a revenue of 1.137 billion yuan, a year-on-year increase of 9.07% and a quarter-on-quarter increase of 15.99% [5] - The net profit attributable to the parent company for Q2 2024 was 266 million yuan, a year-on-year increase of 2.49% and a quarter-on-quarter increase of 23.58% [5] - The company plans to invest up to 100 million yuan in Hungary to establish a wholly-owned subsidiary, marking a significant overseas expansion strategy [7] Financial Forecasts - The company forecasts net profits attributable to the parent company for 2024-2026 to be 1.169 billion yuan, 1.372 billion yuan, and 1.660 billion yuan respectively [5] - The current stock price corresponds to a P/E ratio of 15.1 for 2024, 12.8 for 2025, and 10.6 for 2026 [5] - Revenue is expected to grow significantly, with projections of 4.758 billion yuan in 2024, 5.767 billion yuan in 2025, and 6.851 billion yuan in 2026, reflecting year-on-year growth rates of 22.6%, 21.2%, and 18.8% respectively [8]