Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company faces short-term performance pressure due to declining photovoltaic glass prices, with a 13.20% year-on-year decrease in revenue to 18.683 billion yuan and a 63.52% drop in net profit to 1.007 billion yuan in 2024 [5] - Despite the challenges, the company's leading position in the photovoltaic glass industry remains solid, with a market share exceeding 50% when combined with a competitor [6] - The company is expected to see gradual improvement in profitability starting in 2025, with projected revenues of 21.067 billion yuan and earnings per share (EPS) of 0.74 yuan [7] Summary by Sections Financial Performance - In 2024, the company's core product revenue from photovoltaic glass was 16.816 billion yuan, down 14.54% year-on-year, leading to a gross margin of 15.50%, a decrease of 6.30 percentage points [5] - The company sold approximately 1.265 billion square meters of photovoltaic glass in 2024, a 3.70% increase year-on-year [5] Market Position - The company has a total production capacity of 19,400 tons per day as of the end of 2024, with plans to expand operations in Indonesia [6] - Revenue from the North American market reached 1.114 billion yuan in 2024, a significant increase of 231.64% year-on-year, indicating enhanced international influence [6] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 21.067 billion yuan, 23.854 billion yuan, and 26.479 billion yuan, respectively, with corresponding EPS of 0.74 yuan, 1.08 yuan, and 1.31 yuan [7][9]

事件：2025 年3 月27 日，公司发布2024 年年报。2024 年公司实现营业收入186.83 亿元，同 比-13.20%；实现归母净利润10.07 亿元，同比-63.52%；实现扣非净利润10.15 亿元，同比-62.32%。 多重优势有望助力公司穿越周期。截至 24 年底，公司在产总产能为19400 吨/天，2600 吨/天产能在冷 修，安徽项目和南通项目将根据市场情况陆续点火运营；同时，公司计划在印度尼西亚投资建设光伏玻 璃窑炉，以满足不同国家和地区对光伏玻璃的需求。目前，公司与信义光能同处于光伏玻璃行业的第一 梯队，两家公司市场占有率合计超过50%，盈利能力拉开二三线企业较大差距，规模优势、资源优势以 及技术优势有望助力公司穿越周期。 投资建议：我们预计公司2025-2027 年营收分别为203.71、236.19、275.51 亿元，对应增速分别为 9.0%、15.9%、16.6%；归母净利润分别为10.85、18.11、27.71 亿元，对应增速分别为7.7%、67.0%、 53.0%，以3 月28 日收盘价为基准，对应2025-2027 年PE 为40X、24X、16X，公司是光伏玻璃的龙 ...

2025 年 03 月 30 日 业绩短期承压，光伏玻璃龙头地位稳固 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | 买入(维持) 事件 | 基本数据 | 2025-03-28 | | --- | --- | | 当前股价（元） | 18.58 | | 总市值（亿元） | 435 | | 总股本（百万股） | 2343 | | 流通股本（百万股） | 1900 | | 52 周价格范围（元） | 14.82-29.99 | | 日均成交额（百万元） | 439.61 | 福莱特发布 2024 年年度报告，2024 年公司实现营业收入 186.83 亿元，同比下降 13.20%；实现归母净利润 10.07 亿 元，同比下降 63.52%。 投资要点 ▌光伏玻璃价格下降，带来短期业绩压力 2024 年公司实现营业收入 186.83 亿元，同比下降 13.20%； 实现归母净利润 10.07 亿元，同比下降 63.52% ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Views - The company experienced a significant decline in revenue and profit in 2024, with total revenue of 18.683 billion yuan, down 13.20% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [1][4]. - The photovoltaic glass industry is facing a temporary oversupply, leading to pressure on profitability in the short term. The company's photovoltaic glass sales volume decreased by 3.7% year-on-year, with revenue from this segment falling by 14.54% [2]. - A price increase in photovoltaic glass in March 2025 is expected to aid in profit recovery, driven by reduced supply and increased downstream demand [2]. - The company has a total production capacity of 19,400 tons per day, with plans to invest in new projects in Indonesia to meet global demand [3]. - Revenue projections for 2025-2027 are estimated at 20.371 billion, 23.619 billion, and 27.551 billion yuan, with corresponding growth rates of 9.0%, 15.9%, and 16.6% [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 4.079 billion yuan, down 27.67% year-on-year, and a net loss of 289 million yuan, a decline of 136.54% year-on-year [1]. - The gross margin for the photovoltaic glass business was 15.64%, a decrease of 6.81 percentage points year-on-year [2]. Industry Context - The photovoltaic glass industry is currently experiencing a phase of oversupply, which has led to declining prices and profitability for many companies [2]. - The report highlights that many smaller companies are facing losses, prompting them to reduce production capacity [2]. Future Outlook - The company is expected to recover profitability as supply pressures ease, with projected net profits for 2025, 2026, and 2027 at 1.085 billion, 1.811 billion, and 2.771 billion yuan, respectively [3][4]. - The report anticipates a significant increase in earnings per share from 0.43 yuan in 2024 to 1.18 yuan by 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 18.7 billion CNY and a net profit of 1.01 billion CNY for FY 2024, reflecting a year-over-year decline of 13% and 63.5% respectively. The Q4 results showed a revenue of 4.08 billion CNY, down 27.7% year-over-year, and a net loss of 290 million CNY [1][2]. - The price of photovoltaic glass has significantly decreased, with a year-over-year revenue drop of 14.5% to 16.8 billion CNY. The average selling price for photovoltaic glass was 13.3 CNY per square meter, down 17.6% year-over-year [2]. - The company has increased its production capacity with the addition of two new production lines, bringing the total daily melting capacity to 19,400 tons. The total production of photovoltaic glass for the year was 1.29 billion square meters, a 6% increase year-over-year [4][2]. - The gross margin for photovoltaic glass was reported at 15.6%, a decline of 6.8 percentage points year-over-year. The estimated net profit per square meter of photovoltaic glass is approximately 0.74 CNY [2][4]. - The company is facing challenges from the real estate sector, with revenues from engineering, float, and home glass declining by 13.8%, 17.4%, and 6% respectively. The gross margin for engineering glass remains negative [3]. Financial Data Summary - The company’s projected revenues for the next few years are as follows: 21.52 billion CNY in 2023, 18.68 billion CNY in 2024, and 17.94 billion CNY in 2025, with a growth rate of -13.20% in 2024 [10]. - The net profit is expected to decline to 1.01 billion CNY in 2024, with a significant recovery projected in 2025 at 1.74 billion CNY [10]. - The company’s earnings per share (EPS) is projected to be 0.43 CNY in 2024, with an increase to 0.74 CNY in 2025 [10]. - The company maintains a strong balance sheet with a debt-to-asset ratio of 49.24% and a total asset value of approximately 42.92 billion CNY [11].

产品价格下跌下4季度业绩展韧性，经营现金流创新高 近期出台的分布式光伏新政和新能源电价新政提升了新建项目收益率不确定性，因此光伏项目尤其是分 布式有较大动力在2025年5月1日和6月1日的新老划断时点前抢装并网，供给大幅收缩和短期需求爆发， 推动3月2.0mm玻璃价格大涨1.75元/平或15%，卓创资讯预计4月将继续上涨0.5元/平或4%。 公司2024年盈利10.07亿元(人民币，下同)，同比降64%，接近业绩预告中值，其中4季度亏损2.89亿元， 环比扩42%，全年经营活动现金流59.1亿元，同比大增2倍，其中4季度达29.0亿元，创单季新高。据卓 创资讯，4季度内地2.0mm光伏玻璃均价环比降13%，但公司毛利率环比仅降3.1个百分点至2.9%，明显 好于该行预期，或因成本控制较好及行业产能减产，导致高毛利率的海外产能收入占比提升。 该行测算目前公司毛利率已回升至约15%，4月有望接近20%。尽管盈利大幅回升，3月以来行业在产产 能仅增加2950吨，在行业自律下点火仍较为克制，即使4月点火加速，3个月的爬坡期也将导致短期供给 刚性，因此该行预计本轮涨价有望持续较长时间。 4季度光伏玻璃产量环比下降，但销 ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-025 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 福莱特玻璃集团股份有限公司 关于公司及控股子公司提供担保的进展公告 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。 重要内容提示: 被担保人名称：浙江嘉福玻璃有限公司（以下简称"嘉福玻璃"），本次担 保不属于关联担保。 本次担保金额及实际为其提供的担保余额：福莱特玻璃集团股份有限公司 （以下简称"公司"）本次为全资子公司嘉福玻璃提供债权本金不超过人民币 33,000 万元的保证担保，公司已实际为嘉福玻璃提供的担保余额为人民币 21,000 万元（不 含本次）。 本次是否有反担保：无。 公司无逾期对外担保。 一、担保情况概述 （一）基本情况 公司与中国银行股份有限公司嘉兴市分行（以下简称"中国银行嘉兴分行"） 签署了《最高额保证合同》，公司为全资子公司嘉福玻璃向中国银行嘉兴分行申请 在人民币 33,000 万元主债权的最高余额内提供连带责任保证担 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 14.04 for H shares and RMB 25.27 for A shares [8]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at RMB 18.7 billion and net profit at RMB 1.01 billion, representing year-on-year decreases of 13.2% and 63.5% respectively. The fourth quarter saw revenue of RMB 4.08 billion and a net loss of RMB 290 million, primarily due to falling prices of photovoltaic glass and asset impairment losses. However, since March 2025, prices have started to recover as downstream demand improves, suggesting that the company's leading position in the industry will help maintain its scale and profitability advantages [1][2][5]. Summary by Sections Financial Performance - In 2024, the company sold 1.26 billion square meters of photovoltaic glass, a year-on-year increase of 3.7%, generating revenue of RMB 16.82 billion, down 14.5%. The average selling price was RMB 13.3 per square meter, down 17.6%. The overall gross margin for 2024 was 15.5%, a decrease of 6.3 percentage points, with Q4 gross margin at 2.9%, down 20.6% year-on-year [2][3]. Cash Flow and Expenses - The operating cash flow for 2024 was RMB 5.91 billion, a significant increase of RMB 2.01 billion year-on-year. The fourth quarter cash flow was RMB 2.9 billion, up 45.7% year-on-year, mainly due to reduced cash payments for goods and services. The company incurred asset impairment and disposal losses of RMB 360 million and RMB 70 million respectively [3][4]. Market Outlook - The photovoltaic installation demand is expected to remain strong in the first half of 2025, with 39.5 GW of new installations reported in January and February, a year-on-year increase of 7.5%. The company's production capacity for photovoltaic glass is 19,400 tons per day, accounting for 19.3% of global capacity. The company is leading production cuts to accelerate industry supply-demand rebalancing, which, along with recovering downstream demand, is expected to drive price recovery and improve profitability [4][5]. Profit Forecast and Valuation - The company has slightly raised its average price assumptions for photovoltaic glass starting from March. The projected net profits for 2025-2027 are RMB 1.07 billion, RMB 1.83 billion, and RMB 2.30 billion respectively, reflecting an upward adjustment of 17% and 2% from previous estimates. The target price for A shares is set at RMB 25.27, while for H shares it is HKD 14.04, maintaining the "Buy" rating [5][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the company's profit low point has been reached, and there is an expectation for gradual improvement in 2025 [8] - The company's 2024 revenue is projected at 18.683 billion yuan, a decrease of 13.20% year-on-year, with a net profit of 1.007 billion yuan, down 63.52% year-on-year [8] - The report highlights that the company's glass sales volume for 2024 is expected to be approximately 1.26 billion square meters, an increase of 3.7% [8] - The company is expected to benefit from industry self-discipline, with daily melting capacity reduced to about 80,000 tons, leading to improved profitability in 2025 [8] - The company maintains a leading production capacity and is gradually establishing overseas operations, with total production capacity expected to reach 19,400 tons/day by the end of 2024 [8] Financial Summary - The company's total revenue for 2023 is 21.524 billion yuan, with a projected decline to 18.683 billion yuan in 2024, followed by a recovery to 21.117 billion yuan in 2025 [1][9] - The net profit for 2024 is expected to be 1.007 billion yuan, with forecasts of 1.041 billion yuan in 2025 and 1.597 billion yuan in 2026 [1][9] - The earnings per share (EPS) is projected to be 0.43 yuan in 2024, increasing to 0.44 yuan in 2025 and 0.68 yuan in 2026 [1][9] - The company's operating cash flow for Q4 2024 is reported at 2.896 billion yuan, indicating a stable cash flow situation [8]

证券研究报告·公司点评报告·光伏设备 福莱特（601865） 2024 年报点评：盈利低点已现，25 年有望逐 步改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21524 | 18683 | 21117 | 23807 | 27584 | | 同比（%） | 39.21 | (13.20) | 13.03 | 12.74 | 15.86 | | 归母净利润（百万元） | 2760 | 1007 | 1041 | 1597 | 2157 | | 同比（%） | 30.00 | (63.52) | 3.43 | 53.38 | 35.05 | | EPS-最新摊薄（元/股） | 1.18 | 0.43 | 0.44 | 0.68 | 0.92 | | P/E（现价&最新摊薄） | 16.53 | 45.32 | 43.81 | 28.57 | 21.15 | [Table_Tag] [Table_Summar ...