证券代码： 6 0 0 5 6 3 证券简称：法拉电子 编号： 2 0 2 5 - 0 0 3 厦门法拉电子股份有限公司 第九 届监事会 2025 年第一次会议决议 公告 本公司监事会及全体监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 。 一、监事会会议召开情况 （ 一 ）本 次 监 事 会 会 议 的 召 开 符 合《 公 司 法 》等 有 关 法 律 、法 规 、 规 章 以 及 《 公 司 章 程 》 的 有 关 规 定 。 （ 二 ）厦 门 法 拉 电 子 股 份 有 限 公 司 于 2 025 年 3 月 10 日 以 专 人 送 达 、传 真 或 邮 件 的 方 式 向 全 体 监 事 发 出 关 于 召 开 公 司 第 九 届 2 025 年 第 一 次 监 事 会 会 议 的 通 知 。 （ 三 ）本 次 监 事 会 会 议 于 2 025 年 3 月 20 日 以 现 场 表 决 方 式 召 开 。 （ 四 ）本 次 监 事 会 会 议 应 参 加 ...

券代码： 6 0 0 5 6 3 证券简称：法拉电子 编号： 2 0 2 5 - 0 0 2 厦门法拉电子股份有限公司 第九届董事会 2025 年第一次会议决议 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 个 别 及 连 带 责 任 。 一 、 董事会会议召开情况 （ 一 ）本 次 董 事 会 会 议 的 召 开 符 合《 公 司 法 》等 有 关 法 律 、法 规 、 规 章 以 及 《 公 司 章 程 》 的 有 关 规 定 。 （ 二 ）厦 门 法 拉 电 子 股 份 有 限 公 司（ 以 下 简 称" 公 司 "）于 2 02 5 年 3 月 10 日 以 专 人 送 达 、 传 真 或 邮 件 的 方 式 向 全 体 董 事 发 出 关 于 召 开 公 司 第 九 届 2 02 5 年 第 一 次 董 事 会 会 议 的 通 知 。 （ 三 ）本 次 董 事 会 会 议 于 2 02 5 年 3 月 20 日 以 现 ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 1,039,196,100.11, representing a 1.48% increase compared to the previous year[7]. - Total operating revenue for the year reached RMB 4,771,751,247.83, marking a 22.99% increase from RMB 3,879,793,275.80 in 2023[23]. - The net profit attributable to the parent company was 1.04 billion RMB, reflecting a growth of 1.48% compared to the previous year[33]. - Basic earnings per share for 2024 were RMB 4.62, up from RMB 4.55 in 2023, reflecting a 1.54% increase[24]. - The total comprehensive income for the year was CNY 1,039,647,569.14, reflecting strong performance in the market[182]. Cash Flow and Investments - The net cash flow from operating activities was RMB 1,258,335,086.51, an increase of 11.86% compared to RMB 1,124,943,191.49 in the previous year[23]. - The company reported a net cash outflow from investing activities of ¥1,101,585,019.31 in 2024, worsening from a net outflow of ¥624,060,990.37 in 2023, suggesting increased investment activities[177]. - The cash inflow from loans received was CNY 37,735,995.41, marking the first recorded inflow from this source[181]. Assets and Liabilities - The company's total assets increased by 23.98% to RMB 7,817,751,349.84 from RMB 6,305,733,192.07 in 2023[23]. - Total liabilities reached CNY 2,469,460,524.28, up from CNY 1,550,766,617.64, which is an increase of approximately 59.06%[162]. - The total equity at the end of the current period was CNY 5,267,168,550.30, which includes a capital reserve of CNY 4,624,393,423.47[200]. Research and Development - The company's R&D expenses amounted to 166.67 million RMB, representing a 17.96% increase from the previous year[39]. - Research and development expenses for 2024 were ¥166,670,807.86, an increase of 18.0% from ¥141,291,508.93 in 2023[169]. - The company employed 508 R&D personnel, making up 10.12% of the total workforce[51]. Market and Sales - Domestic sales revenue reached 3.64 billion RMB, up 26.89% year-on-year, while export revenue was 1.01 billion RMB, an increase of 8.09%[37]. - The production volume of film capacitors was 270.5 million units, with a sales volume of 265.6 million units, reflecting a year-on-year increase of 20.01% in production and 14.83% in sales[44]. - The company is actively expanding into high-end markets such as new energy vehicles, photovoltaics, and energy storage[33]. Governance and Compliance - The company held one annual general meeting in 2023, adhering to legal requirements and ensuring equal rights for all shareholders[67]. - The audit committee monitored the preparation process of all periodic reports for 2024, ensuring compliance and transparency[68]. - The company has maintained a governance structure that ensures the rights of minority shareholders are protected[67]. Environmental Responsibility - The company has established a comprehensive environmental risk management system and regularly conducts third-party testing to ensure pollutant discharge meets regulatory standards[105]. - The company achieved a compound reduction rate of 8.68% in greenhouse gas emissions intensity from 2019 to 2024, meeting its target of a 3% annual reduction[117]. - The company has committed to a green low-carbon operation philosophy, promoting digital smart offices and recycling electronic waste to enhance employee environmental awareness[117]. Shareholder Information - The total number of ordinary shareholders reached 16,525 by the end of the reporting period, an increase from 14,967 at the end of the previous month[139]. - The largest shareholder, Xiamen Fala Development Co., Ltd., holds 84,000,000 shares, accounting for 37.33% of total shares[140]. - The total number of shares held by the top ten shareholders is 129,000,000, which constitutes a significant portion of the company's equity[141].

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].