干源证券 电力设备/光伏设备 公 司 研 究 福莱特（601865.SH） 2024 年 10 月 30 日 Q3 利润由盈转亏，看好公司长期竞争力 ——公司信息更新报告 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 福莱特 沪深300 数据来源：聚源 相关研究报告 《Q2 毛利率环比改善，行业供需关系 有望迎来转机—公司信息更新报告》 -2024.8.28 《业绩符合预期，行业龙头加速国内 外产能扩张—公司信息更新报告》 -2024.3.30 | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/29 | | 当前股价 ( 元 ) | 26.71 | | 一年最高最低 ( 元 ) | 31.00/14.80 | | 总市值 ( 亿元 ) | 625.83 | | 流通市值 ( 亿元 ) | 507.51 | | 总股本 ( 亿股 ) | 23.43 | | 流通股本 ( 亿股 ...

证券研究报告 福莱特 (6865 HK/601865 CH) Q3 盈利承压，关注供给端变化 | --- | --- | |------------------------------------------|----------| | 年秦研究 | 學报点评 | | 2024 年 10 月 30 日 \| 中国内地/中国香港 | 玻璃 | 公司公布三季度业绩: Q3 收入 39.1 亿元,同/环比-37.0%/-21.4%;归母净 利-2.0 亿元,同环比均由盈转亏;前三季度公司实现收入 146.0 亿元,同比 -8.1%;归母净利 13.0 亿元，同比-34.2%,公司三季度业绩低于我们预期 (1.6 亿元),主要系光伏玻璃价格下跌导致公司盈利能力承压。近期行业 冷修减产持续增加,短期建议关注供给端变化,下调至"增持"评级。 Q3 收入同比承压下滑，毛利率跌至近５年低位 24Q3 公司收入同比-37.0%,19 年以来首次单季度增速同比转负,主要系 Q3 光伏玻璃价格大幅下跌。24年前三季度公司毛利率 19.0%,同比-2.2pct, Q3 为 6.0%,同/环比-18.6/-20.5pct,单季度毛利率 ...

动物证券研究所提醒您本次电话会议仅面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见 均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢各位同志大家晚上好 我是东吴证券的电信首席曾朵红非常欢迎大家参加我们今天晚上关于弗莱特的三季度业绩的一个交流会我们非常荣幸邀请到了公司的董秘陈总和财务负责人蒋总一起来做一个交流首先我们有请陈总对三季度的情况给我们做一个简单的分享然后后面再是提问的环节然后陈总好的谢谢董总 尊敬的各位投资者大家晚上好非常感谢大家在百忙中参加这次弗莱克2024年第三季度的业绩交流会先给大家简单的回顾一下公司三季度的经营情况截止到2024年9月30号公司的总资产达到了441亿较年初的430亿微增2.63%淨资产达到223.75亿和年初相比基本是持平的 公司的综合毛利率和去年同期的21.23%相比下降2.23个百分点到了这个19%由于当期销售回款的增加以及购买原材料原辅材料支出的一个减少经营活动产生的现金流量金额为30.17亿和去年同期的负的2093万相 ...

Financial Performance - Revenue for the third quarter was RMB 3,907,891,430.35, a decrease of 37.03% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB -202,973,418.07, a decrease of 122.97% year-on-year[2] - Net profit for the first nine months of 2024 was 1.30 billion CNY, a decrease from 1.97 billion CNY in the same period of 2023[17] - Operating income for the first nine months of 2024 was 14.60 billion CNY, down from 15.88 billion CNY in the same period of 2023[17] - Comprehensive income attributable to parent company shareholders decreased to 1,264,751,586.66 RMB from 1,956,603,279.35 RMB in the previous year[18] - Basic and diluted earnings per share were 0.55 RMB, down from 0.90 RMB in the same period last year[18] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 44,112,509,494.84, an increase of 2.63% compared to the end of the previous year[4] - Total assets increased to 44.11 billion CNY as of September 30, 2024, compared to 42.98 billion CNY at the end of 2023[15] - Total liabilities rose to 21.74 billion CNY, up from 20.69 billion CNY at the end of 2023[16] - Total equity attributable to the parent company's shareholders increased to 22.29 billion CNY as of September 30, 2024, from 22.22 billion CNY at the end of 2023[16] - Long-term loans increased to 7.44 billion CNY as of September 30, 2024, up from 6.66 billion CNY at the end of 2023[16] - Inventory increased to 2.17 billion CNY as of September 30, 2024, compared to 2.00 billion CNY at the end of 2023[15] Cash Flow - The net cash flow from operating activities for the period was RMB 3,016,985,554.74, a significant improvement from the previous year[7] - Net cash flow from operating activities significantly improved to 3,016,985,554.74 RMB from -20,926,981.33 RMB in the previous year[19] - Cash received from sales of goods and services increased to 9,489,508,855.91 RMB from 8,401,966,384.11 RMB[19] - Net cash flow from investing activities was -4,242,860,171.80 RMB, compared to -3,217,251,123.13 RMB in the previous year[20] - Cash paid for construction of fixed assets, intangible assets, and other long-term assets increased to 4,134,470,859.86 RMB from 2,985,540,423.24 RMB[20] - Net cash flow from financing activities was -135,304,914.00 RMB, a significant decrease from 7,697,992,926.37 RMB in the previous year[20] - Cash and cash equivalents at the end of the period decreased to 4,102,537,278.72 RMB from 6,805,547,703.82 RMB[20] - Cash and cash equivalents decreased to 5.20 billion CNY as of September 30, 2024, from 6.62 billion CNY at the end of 2023[15] Shareholder Information - HKSCC NOMINEES LIMITED holds 441,652,960 shares, representing 18.85% of the total shares[10] - Ruan Hongliang holds 439,358,400 shares, representing 18.75% of the total shares[10] - Ruan Zeyun holds 350,532,000 shares, representing 14.96% of the total shares[10] - Jiang Jinhua holds 324,081,600 shares, representing 13.83% of the total shares[10] - Hong Kong Securities Clearing Company Limited holds 55,167,444 shares, representing 2.35% of the total shares[10] Share Repurchase and Cancellation - The company repurchased 8,285,000 H shares, accounting for 0.35% of the total issued shares and 1.84% of the total H shares[11] - The total amount used for the H share repurchase was HKD 122,291,740[11] - The company completed the cancellation of 8,285,000 H shares, reducing the total number of shares from 2,351,324,281 to 2,343,039,281[12] - The company plans to repurchase and cancel 120,000 restricted shares due to the departure of an incentive object[13] - The repurchase and cancellation of the restricted shares are still in process as of the report date[14] Expenses and Other Financial Metrics - Research and development expenses for the first nine months of 2024 were 479.77 million CNY, slightly lower than 488.80 million CNY in the same period of 2023[17] - Interest expenses for the first nine months of 2024 were 417.44 million CNY, up from 377.28 million CNY in the same period of 2023[17] - Other income increased by 125.60% to RMB 100,203,738.26, mainly due to the benefits from VAT deduction policies[7][8] Asset Changes - The company's construction in progress increased by 107.30% to RMB 3,640,248,496.21, mainly due to the ongoing photovoltaic glass manufacturing projects in Anhui and Nantong bases[7][8] - Intangible assets increased by 94.44% to RMB 6,376,730,051.37, primarily due to the recognition of mining rights[7][8] - Short-term borrowings decreased by 34.00% to RMB 1,263,045,007.52, reflecting a reduction in the company's short-term debt[7][8] - Other receivables increased by 71.05% to RMB 189,838,724.10, mainly due to an increase in deposits and guarantees[7][8] - The company's inventory stock increased by 1,336.51% to RMB 229,647,592.17, primarily due to the repurchase of company shares[7][8]

证券时报网讯，证券时报•数据宝统计，两融数据来看，该股最新（10月25日）两融余额为5.31亿元， 其中，融资余额5.30亿元，较前一个交易日增加6294.57万元，环比增长13.48%，近4日累计增加1.83亿 元，环比增长52.55%。 龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%上榜龙虎榜1次，买卖居前营业部 中，机构净买入1977.63万元，沪股通累计净卖出6750.52万元，营业部席位合计净买入5232.54万元。 ...

＃assAuthor＃ 证券研究报告 ＃industryId＃ 光伏辅材 ＃investSuggestion＃ 买入 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |----------------------------|-------------------------------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 16.06 | | 总股本（百万股） | 2343.04 | | 流通股本（百万股） | 2341.78 | | | | | 净资产（百万元） | 22465.7 | | 总资产（百万元） | 44689.64 | | 每股净资产 ( 元 ) 来源： | 9.59 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《【兴证电新】福莱特 2023 年年 报点评：2023 年光伏玻璃产销 两旺，2024 年迎供需改善》2024- 04-01 《【兴证电新】福莱特 2023 年三 季报点 ...

公司近一年市场表现 市场数据：2024 年 9 月 11 日 收盘价（元）： 16.78 年内最高/最低（元）： 31.00/15.60 流 通 A 股 / 总 股 本 19.00/23.43 光伏玻璃贡献主要营收，2024 年 Q2 毛利率同环比改善。公司营收主 要由光伏玻璃产品贡献，2024 年上半年光伏玻璃营收占比为 90.3%。2024 年上半年，公司整体毛利率为 23.8%，同比+4.7pct；光伏玻璃毛利率为 24.7%。Q2 单季度，公司毛利率为 26.5%，同比+6.5pct，环比+5.0pct，主 要受益于 4-5 月组件排产提升带动光伏玻璃价格上涨，而纯碱、天然气等 原材料价格同比下降。 （亿）： 流通 A 股市值（亿）： 318.83 总市值（亿）： 393.16 稳步扩产降本增效，海外产能盈利能力更优。截至 2024 年 6 月底，公 司总产能为 23000t/d；其中 2600t/d 已冷修。截至公司报告披露时间，公司 产线中千吨级及以上的窑炉占比 90%+，大窑炉能够降低单耗、提升成本 率，从而带动成本的降低。公司国内的安徽项目，南通项目以及海外项目 均处于正常推进状态，后续落地时 ...

2024年09月04日 证券研究报告|公司研究|公司点评 福莱特（601865） 中报业绩超预期,下游需求承压短期扰动行业发展 ◆ 业绩超出预期，盈利能力迎来拐点 2024H1 公司实现营收 106.96 亿元、同比+10.5%，归母净利润 14.99 亿元、 同比+38.1%,毛利率23.8%、同比+4.7pcts,净利率 14.0%、同比+2.8pcts, 经营性现金流净额为 17.46亿元、较去年同期-8.45亿元显著改善;Q2 单季度 实现营收 49.7 亿元、同比+15.2%，归母净利润 7.39 亿元、同比+28.8%；毛 利率 26.5%、同环比+6.5pcts/+5.0pcts, 净利率 14.9%、同/环比+1.6pcts +1.7pcts。截至 2024年 6 月底,公司存货周转天数为 45.7 天、虽较 2024Q1 末(35.3天)有所提升仍低于2023年底(47.0天)水平;此外公司应收账款 周转天数及应付账款周转天数分别为 60.1 天/102.8 天、较 2024Q1 末 (61.6 天 /85.6 天）均有改善，体现出了报告期内公司运营能力的进一步提升。 ◆ 中美市场装机需求增 ...

'()%*+ ,-./01%S0740522020001 Email%zengbiao@zts.com.cn [Table_Title] !"#$%&'() !"#$%17.68 & '()%23 ,-./01%S0740522040004 Email%wupeng@zts.com.cn [Table_Profit] *+,- 456(785) 2,343 9:56(785) 1,900 !#(&) 17.68 !;(78&) 41,425 9:!;(78&) 33,593 [Table_QuotePic] ./012-345678 2023-092023-102023-112023-122024-012024-022024-032024-042024-052024-062024-072024-082024-09 !"# $%300 -60% -50% -40% -30% -20% -10% 0% <=>?@5ABC 9:;< 1 DEFGHIJKL%MN#$? OPQR<=STUV?OW'XY Z[\]^ 2 DEFG`IJKLabFcd% -efghiRZ[jkil^ 3 DEFGaIJKLmncd%o ...

、 、 、 、 、 行 业 业 研 究 宏 观 研 究 福莱特 沪深300 公 司 研 究 分析师 梁晨 邮箱：liangchen@gkzq.com.cn 执业证书编号：S1380518120001 联系电话：010-88300853 公司评级 证 券 研 究 报 告 | --- | --- | |-----------------------------|--------| | | | | 当前价格（元）： | 16.74 | | 本次评级： 推荐 | | | 公司基本数据 | | | 总股本（亿股）： | 23.43 | | 流通股本（亿股）： | 19.00 | | 流通 A 股市值（亿元）： | 318.06 | | 每股净资产（元）： | 9.35 | | 资产负债率（%）： | 49.56 | 福莱特与沪深 300 走势比较 | --- | --- | --- | --- | --- | --- | --- | |---------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | ...