Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company's performance is under pressure, with a revenue decline of 13.2% year-on-year to CNY 18.683 billion in 2024, and a significant drop in net profit by 63.52% to CNY 1.007 billion [1][4]. - The gross margin decreased to 15.50%, down 6.31 percentage points year-on-year, while the net profit margin fell to 5.39%, down 7.43 percentage points year-on-year [1]. - In Q4 2024, the company reported a revenue of CNY 4.079 billion, a year-on-year decline of 27.67%, and a net loss of CNY 289 million [1]. Financial Performance Summary - The company achieved total revenue of CNY 186.83 billion in 2024, with a year-on-year decrease of 13.2% [4]. - The net profit attributable to the parent company was CNY 10.07 billion, reflecting a 63.52% decline compared to the previous year [4]. - The gross margin for 2024 was 15.50%, down from the previous year, while the net profit margin was 5.39%, also showing a decline [1][4]. - The company expects a recovery in profitability driven by a rebound in solar glass prices, with inventory levels decreasing significantly [8]. Future Projections - Revenue projections for 2025, 2026, and 2027 are CNY 19.116 billion, CNY 23.330 billion, and CNY 27.249 billion, respectively, indicating a recovery trend [4]. - The net profit forecasts for the same years are CNY 1.139 billion, CNY 1.980 billion, and CNY 2.685 billion, showing a significant rebound in profitability [4]. - The report anticipates a price recovery in solar glass, which is expected to improve the company's profitability in the coming years [8]. Market Position and Strategy - The company maintains a leading position in the photovoltaic glass industry, with a nominal capacity of 23,000 tons per day and an operational capacity of 19,400 tons per day as of the end of 2024 [8]. - The company is expanding its overseas presence, with profitable operations in Vietnam and ongoing projects in Indonesia to mitigate trade barrier risks [8]. - The report highlights the company's cost advantages and solid market position as key factors for future growth [8].

Summary of Key Points Core Viewpoint - The announcement details a share reduction plan by a specific shareholder, Tao Hongzhu, who intends to sell up to 2,500,000 shares of Fuyao Glass Group Co., Ltd. due to personal financial needs, which represents approximately 0.1067% of the company's total share capital [1][2]. Group 1: Shareholder Information - Tao Hongzhu holds 12,840,000 shares, accounting for 0.5480% of the total share capital of the company [1][2]. - The shares were acquired prior to the company's IPO [1][3]. Group 2: Reduction Plan Details - The planned reduction will not exceed 2,500,000 shares and will be executed at market price [1][2]. - The reduction period starts from the announcement date and may be adjusted if the company's stock is suspended [2][3]. Group 3: Compliance and Commitments - Tao Hongzhu made a commitment not to transfer or manage the shares acquired before the IPO for 36 months post-listing, with limited conditions for future reductions [3][4]. - The current reduction plan is consistent with previously disclosed commitments [4]. Group 4: Regulatory Compliance - The reduction plan complies with relevant laws and regulations, and the shareholder will adhere to disclosure obligations during the process [4][5].

福莱特玻璃集团股份有限公司 特定股东集中竞价减持股份计划公告 | 证券代码：601865 | 证券简称：福莱特 公告编号：2025-027 | | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | 本公司董事会、全体董事及相关股东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。 重要内容提示： 特定股东的基本情况 截至本公告披露之日，福莱特玻璃集团股份有限公司（以下简称"公司"）特 定股东陶宏珠女士持有公司股份 12,840,000 股，占公司当前总股本的比例为 0.5480%（四舍五入后），股份来源于公司首次公开发行（"IPO"）前持有的股份。 集中竞价减持计划的主要内容 因个人资金需要，公司特定股东陶宏珠女士本次拟自本减持计划公告之日起 15 个交易日后的 3 个月内，通过集中竞价交易方式，减持本公司无限售条件流 通股数量合计不超过 2,500,000 股，不超过公司总股本的 0.1067%（四舍五入后）； 减持价格按市场价格确定。若计划减持期间公司有送股、资本公积金转增股本、 配股等股份变动事项，上述拟减持数量不变 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 585,730,034.75 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 呈交日期: 2025年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06865 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Views - The company reported a revenue of 18.683 billion yuan in 2024, a decrease of 13.20% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [1]. - The photovoltaic glass segment showed a stable increase in sales volume, with a 3.70% year-on-year rise to 1.265 billion square meters, although the average selling price (ASP) dropped significantly by 17.59% to 13.30 yuan per square meter [2]. - The company is expected to recover its profitability in 2025 due to recent price recoveries in photovoltaic glass and the optimization of comprehensive costs from new production capacities [2]. Summary by Sections Financial Performance - In Q4 2024, the company experienced a revenue decline of 27.67% year-on-year, resulting in a net loss of 289 million yuan, a decrease of 136.54% compared to the previous year [1]. - The overall gross margin for 2024 decreased by 6.31 percentage points to 15.50%, with an increase in the expense ratio by 0.47 percentage points to 7.45% [3]. Business Segments - The engineering glass segment saw a revenue drop of 13.83% to 502 million yuan, while the home glass segment's revenue decreased by 6.10% to 308 million yuan [3]. - The float glass segment's revenue fell by 17.35% to 283 million yuan, with a slight increase in gross margin to -3.59% [3]. Future Outlook - The company plans to gradually start operations at its Anhui and Nantong projects based on market conditions, aiming to maintain its production capacity advantage [4]. - The company is also expanding its overseas production capacity, with plans to build photovoltaic glass furnaces in Indonesia to meet regional demand [4]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.504 billion yuan, 2.148 billion yuan, and 2.720 billion yuan respectively, reflecting a significant downward revision of 66% and 56% for 2025 and 2026 [4][5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's performance is under short-term pressure due to the continued low prices of photovoltaic glass, with expectations for a rebound in prices [6] - In 2024, the company achieved operating revenue of 18.683 billion yuan, a year-on-year decline of 13.20%, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [4][6] - The company has a competitive advantage as an industry leader, with over 90% of its production lines utilizing large furnaces, which provide lower costs and higher yield rates [6] - The company is expected to improve its profitability in 2025 as photovoltaic glass prices are anticipated to stabilize and recover [6] Summary by Relevant Sections Financial Performance - In Q4 2024, the company reported operating revenue of 4.079 billion yuan, a year-on-year decline of 27.67%, but a quarter-on-quarter increase of 4.37% [6] - The net profit for Q4 2024 was -289 million yuan, a year-on-year decline of 136.54% and a quarter-on-quarter decline of 42.40% [6] - The company’s total production capacity for photovoltaic glass as of December 31, 2024, was 19,400 tons per day [6] Revenue and Profit Forecast - The forecast for operating revenue from 2025 to 2027 is 19.687 billion yuan (2025), 22.151 billion yuan (2026), and 24.936 billion yuan (2027), with growth rates of 5.38%, 12.51%, and 12.57% respectively [8] - The net profit forecast for the same period is 1.153 billion yuan (2025), 1.822 billion yuan (2026), and 2.361 billion yuan (2027), with growth rates of 14.50%, 58.08%, and 29.60% respectively [8] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 36.2, 22.9, and 17.7 respectively [8] - The average P/E ratio for comparable companies in 2025 is 27.3, indicating that the company is valued favorably given its industry-leading cost advantages [6][9]

证券研究报告 电力设备 报告日期：2025 年 04 月 01 日 公司业绩短期承压，光伏玻璃价格有望筑底回升 ——福莱特（601865.SH）2024 年年报点评报告 观点： 请认真阅读文后免责条款 华龙证券研究所 最近一年走势 | 当前价格（元） | 17.80 | | --- | --- | | 周价格区间（元） 52 | 14.80-31.00 | | 总市值（百万元） | 41,703.98 | | 流通市值（百万元） | 33,821.16 | | 总股本（万股） | 234,292.01 | | 流通股（万股） | 190,006.51 | | 近一月换手（%） | 20.12 | 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 2024 年三季报点评报告》2024.11.01 事件： 投资评级：增持（维持） 2025 年 3 月 28 日，福莱特发布 2024 年年报：2024 年公司实现 营业收入 186.83 亿元，同比下滑 13.20%；实现归属上市公司股东的 净利润 10.07 亿元，同比下滑 63.52 %。 市场数据 2025 年 03 ...

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Fuyao Glass Group Co., Ltd., highlighting the low conversion rate and the remaining unconverted bonds. Group 1: Convertible Bond Issuance Overview - Fuyao Glass Group Co., Ltd. issued 40 million convertible bonds with a total value of RMB 4 billion on May 20, 2022, with a maturity of six years and a tiered interest rate starting from 0.3% in the first year to 2.0% in the sixth year [1][2]. - The initial conversion price was set at RMB 43.94 per share, with the conversion period from November 28, 2022, to May 19, 2028 [2]. Group 2: Conversion Status - As of March 31, 2025, a total of RMB 112,000 worth of convertible bonds have been converted into 2,584 shares, representing 0.0001% of the total shares issued prior to conversion [1][3]. - The amount of unconverted convertible bonds as of the same date stands at RMB 3,999,888,000, which accounts for 99.9972% of the total issuance [1][3]. Group 3: Share Changes - The total number of shares increased from 2,342,919,565 to 2,342,920,139 due to the conversion of bonds, with a minor increase in the number of unrestricted shares [4].

福莱特玻璃集团股份有限公司 可转债转股结果暨股份变动的公告 | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-026 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的"福莱转债"金 额为人民币 3,999,888,000 元，占"福莱转债"发行总额的 99.9972%。 本季度转股情况：自 2025 年 1 月 1 日至 2025 年 3 月 31 日，共有人民币 24,000 元"福莱转债"转为本公司 A 股普通股，转股股数为 574 股。 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。 重要内容提示： 累计转股情况：截至 2025 年 3 月 31 日，累计已有人民币 112,000 元"福 莱转债"转为本公司 A 股普通股，累计转股股数为 2,584 股，占"福莱转债"转股 前本公司已发行股票股份总数的 0.0001%。 经中国证券监督管理委员会证监许可[2022]664 号文 ...

福莱特 20250328 • 2024 年，福莱特营收 186.83 亿元，同比下降 13.2%，归母净利润 10.066 亿元，同比下降 63.53%，主要受光伏玻璃价格大幅下跌影响，但经营活动 现金流为 59.14 亿元，同比增长 200.66%。 • 光伏玻璃行业面临政策调整、贸易壁垒及产能过剩等多重挑战，行业自律 和去产能成为关键。福莱特现有光伏玻璃在产产能为 19,400 吨，并计划推 进南通及印尼项目。 • 光伏玻璃价格走势取决于供需关系，预计全年需求与去年持平。福莱特将 根据市场情况决定冷修窑炉及新建窑炉计划，四月份价格预期稳定，三月 份涨价后盈利已现拐点。 • 福莱特在盈利能力和成本控制方面仍具优势，石英砂自供比例约为 70%， 且石英砂价格有所下降，天然气成本也相对平稳，尤其在凤阳基地。 • 2024 年四季度光伏玻璃出货量约为 3.3 亿平方米，环比提升明显。2.0 毫 米厚度光伏玻璃的出口占比接近 90%。 • 公司预计 2025 年资本开支约 30 亿元，主要集中于国内现有项目，如安徽 四期和南通项目，并计划 6 月启动印尼项目，但主要资本开支将在明后两 年产生。 • 福莱特四季度毛利 ...