由于该公司相较小型或仅限国内市场的同业具备更显著的利润优势，该行认为过去两季16至17%的毛利 率将成为公司新的长期底部。然而，该行仍对太阳能需求疲软及持续供过于求的状况感到忧虑，且福莱 特玻璃股价在业绩公布后已上涨12%，估值已趋合理。 美银证券发布研报称，将福莱特（601865）玻璃(06865)评级由"跑输大市"上调至"中性"，因第三季净利 润达3.76亿元人民币，胜预期，主要受惠于16.8%的毛利率，远胜该行8至9%的预测。该行将福莱特玻 璃2026财年盈利预测上调55%，并将目标价由7港元升至12.8港元，该估值基于2026财年预测市盈率15.5 倍，原为13.5倍，与五年平均水平相符。 ...

Core Points - The Shanghai Composite Index closed at 4018.86 points, slightly up by 0.06%, with a total trading volume of 1.56 trillion yuan [1] - A total of 43 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Group 1: Stock Performance - The stocks with the highest deviation rates from their annual moving average include Guangha Communication at 6.46%, Huaihe Energy at 5.66%, and Bluefocus at 4.44% [1] - The trading performance of these stocks shows significant increases, with Guangha Communication rising by 10.80%, Huaihe Energy by 6.52%, and Bluefocus by 11.41% [1] Group 2: Trading Data - The total trading volume for A-shares today reached 1.56 trillion yuan, indicating active market participation [1] - The turnover rates for the top-performing stocks also reflect strong investor interest, with Guangha Communication at 7.52% and Bluefocus at 12.42% [1]

Core Viewpoint - Bank of America Securities reports that Fuyao Glass achieved a net profit of 376 million yuan in Q3, exceeding expectations, primarily due to a gross margin of 16.8%, significantly higher than the forecast of 8-9% [1] Financial Performance - Fuyao Glass's gross margin of 16.8% is seen as a new long-term bottom for the company, compared to the previous two quarters' margins of 16-17% [1] - The company has a notable profit advantage over smaller or domestically focused competitors [1] Market Concerns - There are concerns regarding weak solar demand and ongoing oversupply in the market [1] Stock Performance and Valuation - Following the earnings announcement, Fuyao Glass's stock price increased by 12%, leading to a reasonable valuation [1] - The earnings forecast for Fuyao Glass for the fiscal year 2026 has been raised by 55%, with the target price adjusted from 7 HKD to 12.8 HKD, based on a projected price-to-earnings ratio of 15.5 times for fiscal year 2026, which aligns with the five-year average [1] - The rating has been upgraded from "underperform" to "neutral" [1]

Core Viewpoint - The solar energy stocks have collectively risen, driven by positive developments in the industry, particularly the establishment of a joint storage capacity among leading companies in the domestic photovoltaic sector [1] Group 1: Stock Performance - New Special Energy (01799) increased by 8.75%, reaching HKD 8.58 [1] - GCL-Poly Energy (03800) rose by 6.06%, reaching HKD 1.39 [1] - Xinyi Solar (00968) saw a 3.83% increase, reaching HKD 3.8 [1] - Flat Glass Group (601865) gained 2.39%, reaching HKD 12.44 [1] Group 2: Industry Developments - GCL-Poly Chairman Zhu Gongshan announced that 17 leading companies have signed agreements regarding joint storage capacity during a recent interview [1] - The establishment of a joint platform is expected to accelerate supply-side reforms in the polysilicon sector, as noted in a report by Shenwan Hongyuan [1] - The ongoing efforts to combat "involution" are leading to noticeable recovery in industry prices and profitability [1] Group 3: Future Outlook - By the third quarter of 2025, the polysilicon industry is anticipated to begin price increases under regulations requiring sales at "not lower than cost," gradually recovering above the comprehensive cost line [1]

Core Viewpoint - The report indicates that Fulaite's net profit attributable to shareholders for Q1-Q3 2025 is 638 million yuan, a year-on-year decrease of 51%. However, Q3 net profit shows a significant increase of 285% year-on-year and 143% quarter-on-quarter, driven by high shipment growth and better-than-expected performance [1] Financial Performance - For Q3 2025, the net profit attributable to shareholders reached 376 million yuan, reflecting a strong recovery compared to previous quarters [1] - The overall profitability for Q4 2025 is expected to improve quarter-on-quarter due to low inventory levels and stable glass prices, with potential increases in natural gas prices during the heating season [1] Production Capacity and Market Outlook - The company maintains stable production capacity, with plans to adjust production in Anhui and Nantong based on market conditions [1] - The two 1600-ton furnaces in Indonesia are projected to be operational by the end of 2027, aimed at meeting the demand for photovoltaic glass across different countries and regions [1] Competitive Position - Fulaite's profitability is expected to continue to widen the gap compared to second- and third-tier companies, allowing it to maintain a leading advantage in the market [1] - Due to the anticipated rebound in glass prices, the company's earnings forecasts for 2025-2027 have been revised upward, with corresponding price-to-earnings ratios of 38, 23, and 18 times [1] - The company maintains a "buy" rating based on these projections [1]

福莱特（601865） 2025 年三季报点评：Q3 出货环比高增，业绩 超预期 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） | 21,524 | 18,683 | 17,151 | 21,381 | 24,422 | | 同比（%） | 39.21 | (13.20) | (8.20) | 24.66 | 14.22 | | 归母净利润（百万元） | 2,760 | 1,007 | 1,039 | 1,667 | 2,181 | | 同比（%） | 30.00 | (63.52) | 3.22 | 60.42 | 30.86 | | EPS-最新摊薄（元/股） | 1.18 | 0.43 | 0.44 | 0.71 | 0.93 | | P/E（现价&最新摊薄） | 14.19 | 38.89 | 37.68 | 23.49 | 17.95 | [Table_Tag] [Table_Summary] 投资要点 ...

福莱特 20251028 摘要 福莱特三季度营收同比下降 14.66%至 124.64 亿元，主要受光伏玻璃 价格和销量下滑影响，但归母净利润同比大幅提升 284.87%至 3.76 亿 元，得益于成本控制措施。 三季度光伏玻璃出货量增加主要因库存消化加速，9 月底库存天数降至 10 天左右。7 月价格触底后，8、9 月价格有所反弹，但三季度平均价 格与二季度基本持平。 10 月份光伏玻璃价格稳定在每平方米 13 元，未来价格走势取决于供需 关系。组件厂库存略有增加，福莱特库存稳定在 1-2 周。 公司优先考虑新点火窑炉，南通和安徽项目已完成建设待设备调试。行 业内企业对复工冷修窑炉持谨慎态度，需持续回暖信号。 三季度双层镀膜玻璃报价机制明确，价格高于单层镀膜，综合报价与二 季度持平。越南生产线满负荷运转，外销比例上升，对收入增长有贡献。 三季度光伏玻璃出口量约占总销量的 30%，海外市场价格高于国内。印 尼项目预计 2027 年下半年或年底可达到点火条件。 福莱特石英砂自供比例提升至 80%。预计未来几年玻璃行业需求增速将 趋于平稳，保持个位数增长。 Q&A 福莱特公司 2025 年第三季度的主要财务情况如 ...

交银国际研究 公司更新 | 新能源 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 10 月 28 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 10.82 | 港元 12.05↑ | +11.4% | | | 福莱特玻璃 (6865 HK) | | | | | | 下游囤货导致 3Q 业绩大增，但库存快速反弹下良好势头或难持续 个股评级 中性↓ 1 年股价表现 资料来源 : FactSet 10/24 2/25 6/25 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 6865 HK 恒生指数 股份资料 | 52周高位 (港元) | 15.84 | | --- | --- | | 52周低位 (港元) | 7.75 | | 市值 (百万港元) | 39,032.46 | | 日均成交量 (百万) | 6.28 | | 年初至今变化 (%) | (0.92) | | 200天平均价 (港元) | 9.96 | | 资料来源 : FactSet | | 文昊, CPA bob.wen@bocom ...

Core Insights - The company reported a strong performance in Q3 2025, with revenue of 4.727 billion yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 29% [1] - Net profit attributable to shareholders reached 376 million yuan, corresponding to an earnings per share of 0.16 yuan, reflecting a significant year-on-year increase of 285% and a quarter-on-quarter increase of 143%, exceeding expectations due to rapid inventory depletion, cost reduction, and a high proportion of exports [1] Industry Trends - In Q3 2025, the shipment of photovoltaic glass increased quarter-on-quarter, and costs decreased, driving revenue growth [2] - The company's current production capacity stands at 16,400 tons per day after a cold repair of 3,000 tons per day in July [2] - Inventory levels improved significantly, dropping from over 20 days at the end of Q2 to 1-2 weeks by the end of Q3, indicating effective domestic inventory digestion and increased overseas shipments [2] - Glass sales prices remained stable in Q3, with a bottoming out in July followed by continuous increases in August and September [2] - Gross and net profit margins both improved quarter-on-quarter, attributed to lower soda ash prices easing cost pressures and a 30% share of overseas sales enhancing overall product profitability [2] - Looking ahead to Q4, glass prices are expected to hold steady at around 13 yuan per square meter, despite weaker demand for components, due to ongoing inventory depletion and seasonal fuel cost increases [2] Profit Forecast and Valuation - The company has adjusted its 2025 revenue forecast down by 7% to 16.68 billion yuan, while increasing its profit forecast by 54% to 860 million yuan due to the rapid recovery in profitability from rising photovoltaic glass prices [3] - For 2026, revenue expectations have been lowered by 15% to 17.4 billion yuan, but profit forecasts remain unchanged due to ongoing cost reduction and efficiency improvements [3] - The company maintains an outperform rating in the industry, with an adjusted target price for A-shares increased by 8.1% to 20 yuan, indicating a 20% upside potential based on a price-to-book ratio of 2.1 and 2 times for 2025 and 2026, respectively [3] - The target price for H-shares remains unchanged at 13.3 HKD, corresponding to a price-to-book ratio of 1.3 and 1.2 for 2025 and 2026, respectively, with a 23% upside potential [3]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Views - The company reported a revenue of 12.46 billion yuan and a net profit of 640 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 14.7% and 50.8% respectively. However, Q3 showed a revenue of 4.73 billion yuan and a net profit of 380 million yuan, indicating a year-on-year increase of 21.0% and 5.8 million yuan [1][2]. - The recovery in photovoltaic glass prices has led to an improvement in gross margins, alongside a reversal of asset impairments, which supports the company's position as an industry leader with scale and profitability advantages [1][2]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 12.46 billion yuan, down 14.7% year-on-year, while Q3 revenue was 4.73 billion yuan, up 21.0% year-on-year and 29.2% quarter-on-quarter. The gross margin for Q3 was 16.8%, up 10.8% year-on-year and 0.1% quarter-on-quarter [2][3]. Cost Management and Cash Flow - The company's expense ratio slightly decreased to 7.4% for the first three quarters of 2025. The operating cash flow improved to 2.26 billion yuan in Q3, up 4.3% year-on-year, driven by increased sales [3]. Inventory and Asset Impairment - The company experienced a significant reduction in inventory, which fell by 38.4% to 1.21 billion yuan by the end of Q3. This reduction contributed to a reversal of asset impairments amounting to 80 million yuan [3][4]. Market Outlook - The photovoltaic glass industry has seen a notable decrease in inventory levels, with expectations for stable pricing in Q4 due to improved supply-demand dynamics. The average price for 2.0mm coated photovoltaic glass was reported at 13 yuan per square meter, up 6.1% year-on-year [4]. Earnings Forecast and Valuation - The earnings forecast remains unchanged, with projected net profits of 1.04 billion yuan, 1.80 billion yuan, and 2.28 billion yuan for 2025, 2026, and 2027 respectively. The target price for A shares is set at 22.59 yuan, while for H shares it is 13.54 HKD [5].