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% ...

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]