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 ...

证券研究报告 | 电力设备 | 2 0 2 5年 2 月 2 2 日 摘要 资料来源：方正证券研究所 2 Ø 电源：数据中心供配电由于其用电特殊性，电源价值量及冗余配置大幅提升，价值量大+技术持续迭代+敏感度不高。 • 机柜外：1）HVDC和UPS的对比：HVDC核心在效率和可靠性上有所升级，效率方面：拓扑结构比 UPS 简单，少半个变压器，成本更低，转化效率 更高，不过 UPS 升级后效率差异有所减小。可靠性方面：蓄电池挂载位置不同，HVDC 直流电流直接挂载在直流母线上，后端出问题时仍能顶上， 宕机率比 UPS 低。2）规模测算：按照UPS电源国内价格大约在0.6元/W（不含铅酸电池）；HVDC电源大多是集采所以价格更低，大约0.5元/W （整流器件和PSU的用量减少），国内27年远期规模测算在150亿左右； • 机柜内：非标+定制化需求更高，带来更多溢价。2024-2029 年 AI 服务器平均机架密度将从 40-100kW 增加至 350-500kW。以英伟达最新的主 流机架 GB200 NVL72为例，单机架120kW对应约198kW 服务器电源（单个模块功率为5.5kW，总共36 个模块），容量配 ...

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 ...

法拉电子（600563.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 24Q3 超预期，下游需求释放 2024 年 11 月 01 日 ➢ 事件：2024 年 10 月 30 日，公司发布 2024 年三季度报告。 2024 年前三季度公司实现营业收入 34.39 亿元，同比增长 19.77%；实现归母 净利润 7.75 亿元，同比增长 8.43%；实现扣非归母净利润 7.52 亿元，同比增长 3.25%。单季度来看，24Q3 公司实现收入 13.22 亿元，同比增长 46.92%，环 比增长 16.26%，从 Q2 以来继续创单季度收入新高，公司各配套领域市场均有 增长；实现归母净利润 2.93 亿元，同比增长 31.04%，环比增长 9.93%；实现扣 非归母净利润 2.91 亿元，同比增长 32.85%，环比增长 13.31%。 ➢ 24Q3 盈利稳定，费用管控良好 盈利能力情况，24 年前三季度公司毛利率和净利率分别为 34.11%/22.54%，分 别环比下降 4.57pcts 和 2.45pcts，主要是收入占比结构影响。单 24Q3 实现毛 利率 34.16% ...