福莱特 福莱特玻璃 买入 维持评级 公司点评 Q2 盈利显著改善，Q3 行业减产加 速，供需压力有望缓解 业绩简评 2024 年 8 月 27 日，公司披露半年报，2024 年上半年实现营收 107 亿元，同比增长 10.5%；归母净利润 15 亿元，同比增长 38.1%。其 中 Q2 实现归母净利润 7.4 亿元，同比增长 28.8%。 经营分析 Q2 盈利能力显著提升，减值拖累业绩兑现：公司 Q2 实现营收 49.7 亿元，同比增长 15.2%，环比下降 13.2%，主要是受到 6 月组件排 产下滑及玻璃单价下跌影响。Q2 毛利率 26.45%，同比提升 6.5pct， 环比提升 5.0pct，受益于纯碱等原燃料成本下降，公司盈利能力 同环比显著提升；净利率 14.92%，环比提升 1.7pct，公司因计提 存货、固定资产减值 0.12、0.81 亿元，略拖累 Q2 业绩兑现。 海外产能溢价明显，盈利能力远高于国内：上半年越南子公司实 现收入 11.4 亿元，净利润 3.2 亿元，净利率达到 28%，盈利能力 远高于国内产能。虽然目前中国企业东南亚组件产能仍受到美国 贸易制裁的影响，但由于海外光伏玻璃产能 ...

Financial Performance - Net profit attributable to parent company shareholders for the first half of 2024 was RMB 1,498,620,327.99[6] - Revenue for the first half of 2024 increased by 10.51% to RMB 10.695 billion compared to the same period last year[26] - Net profit attributable to shareholders rose by 38.14% to RMB 1.499 billion in the first half of 2024[26] - Operating cash flow surged by 306.53% to RMB 1.746 billion in the first half of 2024[26] - Total assets grew by 3.97% to RMB 44.690 billion as of the end of the reporting period[26] - Basic earnings per share increased by 25.34% to RMB 0.64 in the first half of 2024[27] - The company's operating income in the first half of 2024 was RMB 10.7 billion, a year-on-year increase of 10.51%[42] - The company's operating costs increased by 4.14% year-on-year to RMB 8.15 billion in the first half of 2024[42] - The company's R&D expenses increased by 13.70% year-on-year to RMB 325.81 million in the first half of 2024[42] - The company's net cash flow from operating activities was RMB 1.75 billion, a significant improvement from a negative RMB 845.35 million in the same period last year[42] - The company's net cash flow from financing activities decreased by 99.15% year-on-year to RMB 28.88 million in the first half of 2024[42] - Total operating revenue for the first half of 2024 reached RMB 10,695,995,497.44, a 10.5% increase compared to RMB 9,678,423,349.74 in the same period of 2023[176] - Net profit attributable to the parent company's shareholders in the first half of 2024 was RMB 1,498,620,327.99, up 38.2% from RMB 1,084,877,855.00 in the first half of 2023[176] - R&D expenses in the first half of 2024 were RMB 325,805,907.04, a 13.7% increase compared to RMB 286,539,318.55 in the same period of 2023[176] - Basic earnings per share for the first half of 2024 were RMB 0.64, up 25.5% from RMB 0.51 in the first half of 2023[177] - Total comprehensive income for the first half of 2024 was RMB 1,430,211,814.43, a 26.8% increase from RMB 1,127,509,966.33 in the same period of 2023[177] - Operating profit for the first half of 2024 was RMB 731.85 million, a significant increase from RMB 104.75 million in the same period last year[180] - Net profit for the first half of 2024 reached RMB 719.67 million, compared to RMB 94.94 million in the first half of 2023[180] - Total comprehensive income for the first half of 2024 was RMB 722.48 million, up from RMB 92.17 million in the same period last year[180] - Cash inflow from operating activities in the first half of 2024 was RMB 6.74 billion, a 43.4% increase from RMB 4.70 billion in the first half of 2023[182] - Cash outflow from operating activities in the first half of 2024 was RMB 4.99 billion, a 10% decrease from RMB 5.54 billion in the first half of 2023[182] - Net cash flow from operating activities in the first half of 2024 was RMB 1.75 billion, a significant improvement from a negative RMB 845.35 million in the same period last year[182] - Cash inflow from financing activities in the first half of 2024 was RMB 6.62 billion, a 16.4% decrease from RMB 7.92 billion in the first half of 2023[183] - Cash outflow from financing activities in the first half of 2024 was RMB 6.59 billion, a 45.1% increase from RMB 4.54 billion in the same period last year[183] - Net cash flow from financing activities in the first half of 2024 was RMB 28.88 million, a 99.1% decrease from RMB 3.38 billion in the first half of 2023[183] - Cash and cash equivalents at the end of the first half of 2024 were RMB 4.60 billion, a 43.1% increase from RMB 3.22 billion at the end of the first half of 2023[183] - Operating cash flow increased to 223.87 million yuan from -478.19 million yuan in the previous period, indicating a significant improvement in cash flow management[186] - Investment cash inflow surged to 4.73 billion yuan, up from 245.44 million yuan, driven by substantial returns on investments and asset disposals[186] - Financing cash inflow decreased to 4.13 billion yuan from 4.75 billion yuan, reflecting a reduction in borrowing activities[186] - Net cash increase for the period was 676.34 million yuan, compared to 191.09 million yuan in the previous period, showing stronger liquidity[186] - Comprehensive income for the period contributed 1.43 billion yuan to owner's equity, highlighting strong profitability[188] - Capital reserves increased by 12.76 million yuan, reflecting prudent financial management and allocation of resources[188] - The company allocated 887.22 million yuan for profit distribution, indicating a commitment to shareholder returns[188] - Investment in fixed assets and intangible assets decreased to -33.36 million yuan from 529.17 million yuan, suggesting a shift in capital expenditure strategy[186] - Cash and cash equivalents at the end of the period stood at 1.93 billion yuan, up from 1.11 billion yuan, demonstrating improved financial health[186] - Comprehensive income for the period was 92,166,250.85 yuan, with net profit contributing 94,939,292.32 yuan[191] - Total owner's equity at the end of the period was 15,179,674,609.43 yuan, reflecting a decrease of 468,221,804.10 yuan from the beginning of the period[193] - Share repurchases amounted to 311,553,862.40 yuan, significantly impacting the reduction in owner's equity[193] - Profit distribution to owners (or shareholders) was 32,200.00 yuan, resulting in a corresponding decrease in owner's equity[189] - Special reserve usage was 1,090,380.39 yuan, with a total reserve of 7,253,405.04 yuan at the end of the period[189] - Capital reserve increased by 10,326,605.94 yuan, primarily due to owner's capital contributions[191] - Other comprehensive income decreased by 2,773,041.47 yuan, reflecting changes in the fair value of financial assets[191] - Total assets at the end of the period were 14,082,501,358.45 yuan, with a decrease in undistributed profits of 167,552,649.54 yuan[193] Dividend and Shareholder Returns - Proposed cash dividend of RMB 1.30 per 10 shares, totaling RMB 303,410,166.80[6] - Dividend will be paid in RMB for A-shares and in HKD for H-shares[7] - The company maintains a stable dividend policy, adjusting the total distribution amount if the number of shares changes[7] - The dividend proposal is subject to approval at the shareholders' meeting[7] - The company emphasizes the importance of investor returns and future development in its dividend policy[6] - The company plans to distribute a cash dividend of 1.30 yuan per 10 shares (tax included), totaling 303.41 million yuan[64] - The company has established a stable profit distribution system and a robust shareholder return mechanism, with a three-year (2022-2024) shareholder dividend return plan in place[109] - The company allocated 887.22 million yuan for profit distribution, indicating a commitment to shareholder returns[188] Share Repurchase and Capital Structure - Total shares as of August 26, 2024, were 2,343,039,281, with 9,114,921 shares in the repurchase account[6] - The company repurchased 8,250,600 A shares, accounting for 0.35% of the total issued shares, with a total payment of RMB 200.40 million[131] - The A-share repurchase period was extended by 6 months, now ending on February 22, 2025[131] - 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, with a total payment of HKD 122.29 million[133] - The repurchased H shares were canceled, reducing the total number of shares from 2,351,324,281 to 2,343,039,281[133] - The company was granted a general authorization to repurchase up to 10% of the issued H shares at the time of the 2023 third extraordinary general meeting[132] - The company was granted a general authorization to repurchase up to 10% of the issued H shares at the time of the 2024 annual general meeting[135] - The company repurchased 8,285,000 H-shares between December 22, 2023, and June 17, 2024, representing 0.35% of total shares and 1.84% of H-shares[143] - The total amount spent on H-share repurchases was HKD 122,291,740, with prices ranging from HKD 13.66 to HKD 17.98 per share[143] - After the H-share repurchase and cancellation, the total number of shares decreased from 2,351,324,281 to 2,343,039,281[143] - The company's registered capital decreased by RMB 2,071,250.00 due to the H-share repurchase and cancellation[143] - The proportion of restricted shares decreased from 8.79% to 0.09% after the changes[138] - The proportion of tradable shares increased from 91.21% to 99.91% after the changes[138] - The total number of shares remained at 2,351,324,281 before the H-share repurchase[139] - The total number of restricted shares at the end of the reporting period is 204,849,301 shares, with 204,569,301 shares released during the period and 280,000 shares added[146] - The total number of ordinary shareholders at the end of the reporting period is 45,159[147] - Shanghai Ruiyang Investment Management Co., Ltd. - Ruiyang Emerging Growth Private Securities Investment Fund holds 6,132,879 restricted shares, all of which were released during the reporting period[145] - Morgan Stanley International Co., Ltd. holds 7,155,025 restricted shares, all of which were released during the reporting period[145] - China Life Asset Management Co., Ltd. - China Bank Life Asset - Insurance Asset - PIPE2020 holds 6,814,310 restricted shares, all of which were released during the reporting period[145] - UBS AG holds 28,177,172 restricted shares, all of which were released during the reporting period[146] - Goldman Sachs International holds 12,708,688 restricted shares, all of which were released during the reporting period[146] - Nord Fund Management Co., Ltd. holds 22,894,582 restricted shares, all of which were released during the reporting period[146] - GF Fund Management Co., Ltd. holds 23,481,571 restricted shares, all of which were released during the reporting period[146] - The restricted shares of the 2020 A-share restricted stock incentive plan reserved for 3 incentive objects total 420,000 shares, with 140,000 shares released and 280,000 shares remaining restricted[146] - HKSCC NOMINEES LIMITED holds 449,943,960 shares, representing 19.14% of the total shares[150] - Ruan Hongliang holds 439,358,400 shares, representing 18.69% of the total shares[150] - Ruan Zeyun holds 350,532,000 shares, representing 14.91% of the total shares[150] - Mei Jianjiao holds 324,081,600 shares, representing 13.78% of the total shares[150] - Zheng Wenrong holds 46,801,800 shares, representing 1.99% of the total shares[150] - Hong Kong Securities Clearing Company Limited holds 35,965,590 shares, representing 1.53% of the total shares[150] - Zhu Quanming holds 31,201,200 shares, representing 1.33% of the total shares[150] - Shen Fuquan holds 31,201,200 shares, representing 1.33% of the total shares[150] - Shanghai Ruiyang Investment Management Co., Ltd. holds 31,000,000 shares, representing 1.32% of the total shares[150] - China Merchants Bank Co., Ltd. holds 17,363,780 shares, representing 0.74% of the total shares[150] - The company issued 40 million A-share convertible bonds with a total value of RMB 4 billion, each with a face value of RMB 100, and listed them on the Shanghai Stock Exchange on June 13, 2022[159] - The initial conversion price of the convertible bonds is RMB 43.94 per share, with a conversion period from November 28, 2022, to May 19, 2028[159] - As of the reporting period, the number of convertible bond holders is 8,866, with the top holder being China Bank - E Fund Stable Income Bond Fund, holding 4.93% of the total bonds[160] - During the reporting period, RMB 2,000 worth of convertible bonds were converted into 46 shares, with a cumulative conversion of 1,726 shares, accounting for 0.001% of the total shares before conversion[163] - The unconverted amount of the convertible bonds is RMB 3,999,924,000, representing 99.9981% of the total issuance[163] - The latest conversion price of the convertible bonds is RMB 42.22 per share, adjusted from RMB 43.94 due to the 2022 semi-annual rights distribution[165] - The conversion price was further adjusted to RMB 41.84 per share effective from July 19, 2024, due to the 2023 annual rights distribution[165] - The company's liquidity and financial condition remained stable in the first half of 2024, with major funding sources including A-share convertible bonds, A-share stock issuance, operating cash flow, and bank credit financing[166] - As of June 30, 2024, the company's total assets amounted to RMB 446.90 billion, an increase from RMB 429.82 billion at the end of 2023[170] - Total liabilities as of June 30, 2024 were RMB 221.46 billion, up from RMB 206.91 billion at the end of 2023[170] - The company's cash and cash equivalents decreased to RMB 5.61 billion as of June 30, 2024 from RMB 6.62 billion at the end of 2023[170] - Accounts receivable increased to RMB 3.46 billion as of June 30, 2024 from RMB 3.69 billion at the end of 2023[170] - Inventory increased to RMB 2.14 billion as of June 30, 2024 from RMB 2.00 billion at the end of 2023[170] - Fixed assets increased to RMB 15.80 billion as of June 30, 2024 from RMB 15.11 billion at the end of 2023[170] - Long-term loans increased to RMB 7.26 billion as of June 30, 2024 from RMB 6.66 billion at the end of 2023[170] - The company's credit rating remained stable at "AA" for both the corporate entity and its convertible bonds, with a stable outlook[166] - Total assets as of June 30, 2024, amounted to RMB 24,819,376,800.16, a slight increase from RMB 24,685,956,705.96 at the end of 2023[174] - Total liabilities decreased to RMB 10,736,875,441.71 as of June 30, 2024, from RMB 10,135,233,543.41 at the end of 2023[174] - Long-term equity investments increased significantly to RMB 3,515,184,480.21 as of June 30, 2024, from RMB 1,851,859,972.86 at the end of 2023[174] - Short-term borrowings decreased to RMB 446,634,000.00 as of June 30, 2024, from RMB 842,634,429.29 at the end of 2023[174] - The company's total equity increased to RMB 14,082,501,358.45 as of June 30, 2024, from RMB 14,550,723,162.55 at the end of 2023[174] - Total owner's equity increased to 22.54 billion yuan, up from 22.29 billion yuan, primarily due to comprehensive income and capital adjustments[188] - Owner's equity increased by 12,316,224.89 yuan, including 10,303,702.44 yuan from share-based payments[189] - Total owner's equity at the end of the period was 15,179,674,609.43 yuan, reflecting a decrease of 468,221,804.10 yuan from the beginning of the period[193] - Share repurchases amounted to 311,553,862.40 yuan, significantly impacting the reduction in owner's equity[193] - Profit distribution to owners (or shareholders) was 32,200.00 yuan, resulting in a corresponding decrease in owner's equity[189] - Special reserve usage was 1,090,380.39 yuan, with a total reserve of 7,253,405.04 yuan at the end of the period[189] - Capital reserve increased by 10,326

年 月 日 福莱特 买入 维持评级 公司深度研究 行业低谷尽显韧性，玻璃龙头穿越周期 光伏景气底部看龙头系列（四） 投资逻辑： 为什么选择光伏玻璃？1）组件大尺寸趋势下，玻璃是少有的抗通 缩环节，在大尺寸组件趋势下，玻璃进一步减薄难度较大，且技术 替代风险小；2）盈利下滑叠加政策管控下双寡头格局稳定，中小 窑炉占比 23%，行业成本曲线仍然陡峭，头部企业合理利润空间有 望保持稳定；3）2024 版《水泥玻璃行业产能置换实施办法（征求 意见稿）》删除"光伏玻璃不需要产能置换"表述，行业扩产边际 收紧，预计 2024 年新增光伏玻璃产能不到 2 万吨/日，供给集中 度有望进一步提升；4）随着玻璃投资回报期回归合理水平，行业 扩产积极性下降，供需格局有望逐步改善，成本端纯碱、天然气价 格也从高位回落，预计玻璃盈利有望逐步走出底部区域。 为什么选择福莱特：成本优势显著，份额有望持续提升，海外产能 提供溢价。1）从毛利率来看，目前公司仍能保持和二三线 10pct 以上差距，我们判断主要来自大窑炉、技术领先和石英砂自供的优 势。2023 年公司新公示的项目中窑炉规模已提高至 1600t/d，有 望进一步扩大成本差，巩固龙 ...

衍生品研究 福莱转债投资价值分析 潜伏光伏产业链的优质标的 2024年6月20日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 福莱转债（113059.SH）： AA，债券余额40.0亿元，剩余期限3.92年。最新收盘价108.62元，转股 溢价率100.34%，纯债溢价率2.24%，YTM 1.79%。 正股：福莱特（601865.SH）： 总市值492亿元；主要从事设计、开发、生产及销售光伏玻璃，我国最大的 光伏玻璃原片制造商之一。Q124营收57.26亿元，同比+6.73%；归母净利 资料来源：最闻 7.60亿元，同比+48.57%。当前PE TTM 18.2x，处最近3年估值底部。 相关报告 平衡型代表，正股新业务是亮点-智尚转 福莱转债主要看点： 债投资价值分析 2024.6.12  行业集中较高，竞争压力相对较小：截至 2023 年底，公司总产能 双低品种，铜价暴涨冲击或已过去-金铜 20600t/d，与信义光能形成双寡头格局，两公司市占分别20.6%、25.9%。2024 转债投资价值分析 2024.5.28 年，公司安徽四期项目和南通项目合计9600t/d产能预计点火运营，总产能 事 ...

[Table_MainInfo] 公司研究/建材/建筑材料 证券研究报告 福莱特（601865）公司研究报告 2024年06月16日 [Table_InvestInfo] 首次 盈利能力稳健，关注产能释放节奏 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 0[6Ta月b1le4_日S收to盘ck价I（nf元o]） 23.61 投资要点： 52周股价波动（元） 17.09-41.01 总股本/流通A股（百万股） 2351/1899  公司23Q4及24Q1业绩表现较好，经营性现金流量持续好转：根据公司2023 总市值/流通市值（百万元） 55515/55465 年度报告，23Q4公司实现归母净利润7.91亿元，同比增长27.9%、环比下 相关研究 降10.5%；23Q4公司毛利率为23.4%，高于23全年平均水平21.8%。根据 [Table_ReportInfo] 公司 2024 年一季度报告，24Q1 公司实现归母净利润 7.60 亿元，同比大幅 增长48.6%，实现毛利率为21.5%，同比提升3.0pct；归母净利率达13.3% 同比提升 3.7pct。23Q4、24Q1 公司分别 ...

业 、 、 研 、 、 公 究 、 宏行 司 观业 福莱特和 （601865.SH）： 研 研 销量快速增长，盈利水平较好 究 究 ----2024Q1业绩点评 分析师 内容摘要： 2024年4月29日 梁晨  事件：公司2023年实现营业收入215.24亿元，同比增长 执业证书编号：S1380518120001 39.21%；归母净利润27.60亿元，同比增长30.00%，业绩略 联系电话：010-88300853 超市场预期。 证 邮箱：liangchen@gkzq.com.cn  销量增长，盈利水平持续改善。公司营收增长主要是受新 券 增产能释放和光伏行业蓬勃发展的影响，而归母净利润提 公司评级 升主要得益于部分原材料成本压力得到缓解及市场供应 研 逐步平衡。公司期间费用率为6.98%，同比下降0.5pct，公 当前价格（元）： 26.70 究 司费用管控较好，其中财务费用4.83亿元，同比增长 本次评级： 推荐 100.84%，主要是公司产业扩张及营运资金需求增加导致 报 银行借款增加，同时公司可转债利息增加所致；公司经营 公司基本数据 告 性现金流19.67亿元，同比增长1012.04%，主要是 ...

太阳能 福莱特（601865.SH） 买入-A(维持) 2024年5月13日 玻璃龙头，盈利上行 公司研究/深度分析 公司近一年市场表现 投资要点：  公司介绍：深耕光伏玻璃多年，行业龙头地位稳固：福莱特玻璃集团股 份有限公司成立于1998年，2006年正式进军光伏玻璃领域。公司是目前全 球最大的光伏玻璃生产商之一。公司股权结构集中，实际控制人为董事长阮 洪良先生，且管理团队经验丰富。光伏行业快速发展带动公司营收高增长。 2019-2023年公司营业收入CAGR为35.0%，归母净利润CAGR为30.9%。  玻璃环节率先迎来盈利拐点，龙头企业成本优势显著： 1）光伏玻璃阶段性供需偏紧，价格拐头向上：根据隆众资讯，截至2023年 市场数据：2024年5月13日 收盘价（元）： 25.44 底，光伏玻璃的产能约为9.98万吨/d；全年来看，预计2024年新点火产能 总股本（亿股）： 23.51 超过4万吨/d，但实际点火和落地节奏要受供需和价格等因素影响，预计投 流通股本（亿股）： 18.99 产可能性较高的产能2万吨+。我们认为盈利承压、重资产投资及政策限制 流通市值（亿元）： 483.12 等三方面因素 ...

[Table_StockInfo] 买入 2024年 05月 05日 （维持） 证券研究报告•2023年年报及2024年一季报点评 当前价： 26.63元 福 莱 特（601865） 电力设备 目标价： 32.40元（6个月） 24Q1 业绩超预期，行业底部凸显盈利韧性 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma2ry02] 3年实现营业收入215.24亿元，同比增长39.21%；实现归母净 利润 27.60亿元，同比增长30.00%。2024Q1实现营业收入57.26亿元，同比 [分Ta析bl师e_：Au韩th晨or ] 增长6.73%；实现归母净利润7.60亿元，同比增长48.57%。 执业证号：S1250520100002 电话：021-58351923  光伏玻璃销量大增，行业底部盈利凸显韧性。2023年光伏组件价格大幅下跌刺 激了下游组件装机需求大幅增长。受益于公司新增产能释放和光伏行业需求旺 邮箱：hch@swsc.com.cn 盛，公司光伏玻璃营收、销量再创新高。2023年公司光伏玻璃销量12.20亿平 分析师：敖颖晨 （折合2.0mm口径），同比增长49.52%。 ...

[Table_Main] 证券研究报告 | 公司点评 福莱特(601865.SH) 2024年05月07日 福莱特：行业逐步走向供需平衡， 买入（维持） 所属行业：电力设备/光伏设备 龙头业绩维持增长 当前价格(元)：26.98 投资要点 证券分析师 彭广春 事件：2023年公司实现营业收入215.24亿元，比上年同期增长39.21%，实现归 资格编号：S0120522070001  属上市公司股东净利润27.60亿元，同比增长30%，实现扣非净利润26.94亿元， 邮箱：penggc＠tebon.com.cn 同比增长29.87%。 研究助理  受益于新增产能释放和光伏装机高增，公司营收再创新高。根据国家能源局统计 的数据，中国 2023 年光伏新增装机 216.88GW，同比增加 148.1%。集中式分 市场表现 布式齐头并进，其中集中式增长动能尤为强劲。集中式光伏电站新增装机 120.59GW，同比增长 232.2%，分布式光伏电站新增装机 96.29GW，同比增长 福莱特 沪深300 88.4%。全球市场2023 年光伏新增装机也再创新高。2023年公司受益于新增产 43% 能释放和光伏行业蓬勃发 ...

公司研 究 证 券研究 报 告 太阳能 2024年05月07日 福 莱特（601865）2024年一季报点评 推 荐 （维持） 目标价：34.79元 库存消化出货环增，成本松动盈利同比改善 当前价：26.47元 事项： 华创证券研究所  公司发布2024年一季报。2024Q1实现营业收入57.26亿元，同比+6.73%，环 证券分析师：黄麟 比+1.54%；归母净利润7.60亿元，同比+48.57%，环比-3.95%；扣非归母净利 润7.60亿元，同比+52.49%，环比+1.58%；综合毛利率21.47%，同比+3.0pct， 邮箱：huanglin1@hcyjs.com 环比-2.0pct。 执业编号：S0360522080001 证券分析师：盛炜 评论： 邮箱：shengwei@hcyjs.com  库存消化光伏玻璃出货环增，成本端松动盈利同比改善。据卓创资讯，2024Q1 执业编号：S0360522100003 3.2/2.0mm光伏玻璃均价分别为25.6/16.4元/平，同比-2%/-14%，环比-4%/-10%。 而公司一季度营收同环比均实现增长，我们认为主要系公司光伏玻璃业务产销 联系人：蒋 ...