福莱特（601865.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 行业供给阶段性过剩，24Q3 盈利短期承压 2024 年 11 月 03 日 ➢ 事件：2024 年 10 月 29 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 146.04 亿元，同比-8.06%；实现归母净利润 12.96 亿 元，同比-34.18%；实现扣非净利润 12.45 亿元，同比-36.02%。 24Q3 公司实现营业收入 39.08 亿元，同比-37.03%，环比-21.37%；实现归母 净利润-2.03 亿元，同比-122.97%，环比-127.48%；实现扣非净利润-2.35 亿 元，同比-126.87%，环比-132.67%。24Q3 公司计提资产减值损失 1.13 亿 元，我们预计主要系光伏玻璃产品售价降低以及窑炉冷修带来的存货和固定资 产减值损失，影响当期利润。 ➢ 供给阶段性过剩，24Q3 盈利短期承压。根据卓创资讯，截至 9 月 26 日， 全国在产光伏玻璃产能合计 104820 吨/天，行业库存高达 37 天。供需错配下， 24Q3 光伏玻璃 ...

EF001 EF001 | 股東類型 | | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | 非居民企業 | | | | | （非中國內地登記地址） | | 10% | 本公司向所有非居民企業股東派發 | | | | | 股息時須代扣代繳10%的企業所得 | | | | | 稅。 | | 透過滬股通投資上海證券交易 | | 10% | 本公司按照10%的稅率代扣所得 | | 所本公司A股股票投資者 | | | 稅，並向主管稅務機關辦理扣繳申 | | | | | 報。 | | 透過港股通投資聯交所本公司 | | 20% | 本公司按照20%的稅率代扣個人所 | | H股股票投資者 | | | 得稅。 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | | | 其他信息 | | | | | 其他信息 | 不適用 | | | | 發行人董事 | | | | | 執行董事：阮洪良先生、姜瑾華女士、阮泽云女士、魏葉忠先生和沈其甫先生 | | | | | 獨立非執行董 ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2024-096 | | --- | --- | --- | | 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 重要内容提示： | 回购方案首次披露日 | 2024/2/24 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 日~2025 年 月 | 2 | 2 | 22 | 日 | 23 | | 预计回购金额 | 30,000 万元~60,000 万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 946.6921 万股 | | | | | | | 累计已回购股数占总股份比例 | 0.40% | | | | | | | 累计已回购金额 | 22,145.70 万元 | | | | | | | 实际回购价 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's third-quarter earnings were under pressure, with a significant decline in profitability due to a sharp drop in photovoltaic glass prices, leading to the first quarterly loss [1]. - The report highlights that the industry is experiencing a reduction in supply, which is expected to alleviate downward price pressure and gradually restore profitability [1][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 14.604 billion yuan, a year-on-year decrease of 8.06%, and a net profit attributable to shareholders of 1.296 billion yuan, down 34.18% year-on-year [1]. - In Q3 2024, the company reported a revenue of 3.908 billion yuan, a year-on-year decline of 37.03% and a quarter-on-quarter decline of 21.37%, resulting in a net loss of 203 million yuan [1]. Industry Analysis - The report notes that since July, the domestic photovoltaic glass industry has seen an increase in production cuts, with a significant reduction in operating capacity, which is expected to help balance supply and demand [1]. - As of October, the industry had a cold repair capacity of 2,450 tons, with daily melting capacity decreasing by 2.34% compared to the previous month [1]. Earnings Forecast - The earnings forecast has been adjusted downward due to the company's lower-than-expected performance in the first three quarters. Projected revenues for 2024, 2025, and 2026 are 20.399 billion yuan, 24.699 billion yuan, and 29.399 billion yuan, respectively [5]. - The expected EPS for the same years is 0.42 yuan, 1.04 yuan, and 1.46 yuan, with corresponding PE ratios of 64.2, 26.0, and 18.5 times [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 earnings are under pressure, indicating that the bottom of the cycle has been reached [3] - The report suggests that the rapid decline in glass prices has led to a downward adjustment in profit forecasts, but anticipates a recovery in glass prices as demand improves [4] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 14.6 billion yuan, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 1.3 billion yuan, down 34.2% year-on-year [2] - The gross margin for Q1-Q3 2024 was 19%, a decrease of 2.2 percentage points year-on-year, while the net profit margin was 8.9%, an increase of 3.5 percentage points year-on-year [2] - In Q3 2024, revenue was 3.91 billion yuan, down 37% year-on-year, with a net profit of -200 million yuan, reflecting a significant decline [2][3] Sales and Production Insights - The company sold approximately 1.0-1.1 billion square meters of photovoltaic glass in Q1-Q3 2024, with Q3 sales at 300-350 million square meters, remaining stable quarter-on-quarter [3] - The average price for Q3 2024 was estimated at 10-12 yuan per square meter, a decrease of 3-5 yuan from the previous quarter due to increased inventory and reduced production [3] Capacity and Inventory Management - As of September 2024, the company's total production capacity was 23,000 tons per day, with 2,600 tons undergoing cold repairs, representing about 20% of capacity [3] - The company currently holds approximately 25 days of inventory, with future cold repairs and capacity adjustments dependent on market conditions [3] Cash Flow and Expenditure - Operating cash flow for Q1-Q3 2024 was 3.02 billion yuan, with Q3 cash flow at 1.27 billion yuan, reflecting a year-on-year increase of 54.2% [4] - Capital expenditures for Q1-Q3 2024 totaled 4.13 billion yuan, a year-on-year increase of 39.6%, with Q3 capital expenditures at 1.52 billion yuan [4] Profit Forecasts - The profit forecasts for 2024-2026 have been adjusted downward due to the rapid decline in glass prices, with expected net profits of 1.16 billion yuan in 2024, 2.45 billion yuan in 2025, and 3.68 billion yuan in 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company faces pressure on profitability due to a temporary oversupply in the photovoltaic glass market, but it continues to see growth in operating cash flow [3]. - The company reported a revenue of 14.6 billion RMB for the first three quarters of 2024, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 1.296 billion RMB, down 34% year-on-year [3]. - In Q3, the company experienced a revenue of 3.9 billion RMB, a decline of 37% year-on-year and 21% quarter-on-quarter, resulting in a net loss of 203 million RMB [3]. - The company is managing inventory through production cuts and cold repairs of older furnaces, with a total of 2,600 tons per day of capacity being cold repaired in July and August [3]. - The report anticipates a potential turning point in inventory levels as the industry begins to reduce production significantly [3]. Summary by Sections Financial Performance - For 2024-2026, the forecasted net profit attributable to shareholders is adjusted to 980 million RMB, 2.47 billion RMB, and 3.38 billion RMB respectively, with corresponding PE ratios of 64/32, 25/13, and 19/9 [3]. - The company’s operating cash flow for Q3 was 1.27 billion RMB, reflecting a year-on-year increase of 54% and a quarter-on-quarter increase of 11% [3]. - The gross profit margin in Q3 decreased to 5.97%, yet remains above industry averages [3]. Market Conditions - The photovoltaic glass market is experiencing high inventory levels and declining prices, with the price of 2.0mm photovoltaic glass dropping to 12.5 RMB per square meter, a 21% decrease from the end of Q2 [3]. - As of the end of September, the industry inventory level reached 36.83 days [3]. Future Outlook - The report suggests that the company’s cost advantages and leading market position will support its recovery as the industry adjusts to the current oversupply situation [3]. - The anticipated production cuts across the industry are expected to lead to a turning point in inventory levels, potentially stabilizing prices in the future [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a shift from profit to loss in Q3 due to industry supply-demand imbalance, with Q3 net profit at -203 million yuan, a year-over-year decline of 123% [2] - Despite short-term challenges, the company is expected to leverage its competitive advantages to maintain its leading position in the long term [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 14.604 billion yuan, down 8.1% year-over-year, and a net profit of 1.296 billion yuan, down 34.18% year-over-year [2] - Q3 revenue was 3.91 billion yuan, a decrease of 37.0% year-over-year and 21.4% quarter-over-quarter, with a net profit of -203 million yuan [2] - The gross margin for Q3 was 6.0%, down 20.5 percentage points from the previous quarter [2] Earnings Forecast - The company's net profit forecasts for 2024-2026 have been revised to 1.007 billion yuan, 937 million yuan, and 2.216 billion yuan respectively, down from previous estimates of 3.104 billion yuan, 3.479 billion yuan, and 4.690 billion yuan [2] - The expected EPS for 2024-2026 is 0.43 yuan, 0.40 yuan, and 0.95 yuan, with corresponding P/E ratios of 62.1, 66.8, and 28.2 [2] Industry Outlook - The industry is currently facing high inventory pressure, leading to a significant decline in photovoltaic glass prices, resulting in widespread losses across the sector [2] - There is an expectation for a recovery in component production and inventory reduction, which may lead to price stabilization in the near term [2] - The company is actively expanding its overseas production capacity in markets like Vietnam and Indonesia to enhance profitability [2]

Investment Rating - The report downgrades the investment rating to "Buy" for both A-shares and H-shares of the company [7]. Core Views - The company's Q3 revenue was 3.91 billion RMB, down 37.0% year-on-year and 21.4% quarter-on-quarter, with a net profit attributable to shareholders of -0.2 billion RMB, indicating a shift from profit to loss [1][2]. - The decline in profitability is primarily attributed to the significant drop in photovoltaic glass prices, leading to a low gross margin of 6.0% in Q3, the lowest in nearly five years [2]. - The report emphasizes the need to monitor supply-side changes due to ongoing production cuts in the industry, suggesting that supply may continue to decrease in the future [4]. Summary by Sections Q3 Performance - Q3 revenue was 3.91 billion RMB, a decrease of 37.0% year-on-year and 21.4% quarter-on-quarter; net profit attributable to shareholders was -0.2 billion RMB, marking a transition from profit to loss [1]. - The gross margin for Q3 was 6.0%, down 18.6 percentage points year-on-year, indicating significant pressure on profitability [2]. Cash Flow and Expenses - The operating cash flow for the first three quarters was 3.02 billion RMB, an increase of 30.4% year-on-year, with Q3 cash flow at 1.27 billion RMB, up 54.2% year-on-year [3]. - The company experienced asset impairment losses of -0.11 billion RMB in Q3, which may become a significant factor affecting profits if photovoltaic glass prices continue to decline [3]. Supply and Inventory - As of late October, the daily melting capacity of domestic photovoltaic glass was 102,000 tons, up 7.4% year-on-year, but inventory levels remained high at 38 days, a 100.7% increase year-on-year [4]. - The report suggests that despite ongoing production cuts, inventory pressure remains significant, and future supply-side changes should be closely monitored [4]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised down to 0.93 billion, 0.92 billion, and 1.79 billion RMB respectively, reflecting the impact of declining photovoltaic glass prices [5]. - The target price for A-shares is set at 26.92 RMB, and for H-shares at 15.17 HKD, both reflecting a downgrade from previous estimates [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 二零二四年第一次臨時股東大會通告 茲發出通告，內容有關將按原定計劃於二零二四年十一月十八日（星期一）下午二時三十分假座中華 人民共和國浙江省嘉興市秀洲區運河路1999號福萊特玻璃集團股份有限公司一樓大會議室舉行福 萊特玻璃集團股份有限公司（「本公司」）之二零二四年第一次臨時股東大會（「二零二四年第一次臨時 股東大會」），藉以考慮並酌情通過下列普通決議案或特別決議案。除另有界定者外，本通告所用 詞彙與本公司日期為二零二四年十月三十日的通函（「通函」）所界定者具有相同涵義： 5. 考慮及批准第七屆董事會執行董事換屆選舉： 5.1 選舉阮洪良先生為執行董事； 承董事會命 福萊特玻璃集團股份有限公司 董事長 阮洪良 普通決議案 1. 宣派截至二零二四年六月三十日止 ...

福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 於二零二四年十一月十八日舉行的 二零二四年第一次臨時股東大會代表委任表格 附註： 1. 請 用 正 楷 填 上 閣 下 登 記 在 本 公 司 股 東 名 冊 上 的 全 名（以 中 文 及 英 文）。 2. 請 用 正 楷 填 上 閣下登記在本公司股東名冊上的註冊地址。 本人╱吾等 （附註1） 地址為 （附註2） 為 福 萊 特 玻 璃 集 團 股 份 有 限 公 司（「 本公司 」）股 本 中 每 股 面 值 人 民 幣0.25元 的A股 股 ╱ H股 股 （附註3） 的持有人，現委任大會主席，或 （附註4） 地址為 為 本 人╱吾 等 的 代 表 出 席 將 於 二 零 二 四 年 十 一 月 十 八 日（星 期 一）下 午 二 時 三 十 分 於 中 華 人 民 共 和 國 浙 江 省 嘉 興 市秀洲區運河路1999號福萊特玻璃集團股份有限公司一樓大會議室舉行的本公司二零二四年第一次臨時股東大 會（「二零二四年第一次臨時股東大會」）或 其 任 何 續 會 ...