本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责 任。 -2- 证券代码：603806 证券简称：福斯特 杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之 员工持股计划 杭州福斯特应用材料股份有限公司 二零二五年四月 声明 风险提示 1、本员工持股计划需经公司股东大会批准后方可实施，本员工持股计划能 否获得公司股东大会批准存在不确定性。 2、本员工持股计划的资金来源、出资金额、预计规模、实施方案等属初步 结果，能否完成实施存在不确定性。 3、本员工持股计划设立后，若员工认购资金不足，本员工持股计划存在低 于预计规模的风险。 4、公司股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动， 投资者对此应有充分准备。 5、公司后续将根据相关规定披露本员工持股计划进展情况，敬请广大投资 者谨慎决策，注意投资风险。 -3- 特别提示 1、《杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之员 工持股计划》（以下简称"员工 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [20]. Core Insights - The company's revenue for Q1 2025 was 3.624 billion yuan, a year-on-year decrease of 31.89% and a quarter-on-quarter decrease of 8.78%. The net profit attributable to the parent company was 401 million yuan, down 23.08% year-on-year but up 709.79% quarter-on-quarter. The gross margin was 13.10%, a decrease of 2.18 percentage points year-on-year but an increase of 1.48 percentage points quarter-on-quarter [1]. - The company maintains a leading position in the film business, with a market share exceeding 50% in Q1 2025. The gross margin for this segment reached 13.1%, showing a recovery in profitability due to increased demand and price adjustments [7]. - The electronic materials business is expected to see growth, with significant shipments of photosensitive dry film and other products. The company has established relationships with major players in the electronic circuit field, indicating a positive outlook for this segment [7]. - The company has effectively managed credit risks, with a total of 136 million yuan in credit impairment provisions being reversed, contributing positively to the financial performance [7]. Financial Projections - The company is projected to achieve total revenue of 21.297 billion yuan in 2025, with a year-on-year growth rate of 11.2%. The net profit attributable to the parent company is expected to reach 1.680 billion yuan, reflecting a growth rate of 28.5% [3]. - Earnings per share (EPS) are forecasted to increase from 0.50 yuan in 2024 to 0.64 yuan in 2025, with a price-to-earnings (P/E) ratio of 19 times for 2025 [3]. - The target price for the company's stock is set at 16.10 yuan, based on a P/E ratio of 25 times for 2025, compared to the current price of 12.29 yuan [3].

Core Viewpoint - The company released its Q1 2025 financial report, showing a revenue of 3.624 billion yuan, a year-on-year decrease of 31.89%, and a net profit attributable to shareholders of 401 million yuan, a year-on-year decrease of 23.08%, but a quarter-on-quarter increase of 709.79% [1][2]. Financial Performance - Q1 revenue was 3.624 billion yuan, down 31.89% year-on-year [2]. - Net profit attributable to shareholders was 401 million yuan, down 23.08% year-on-year, but up 709.79% quarter-on-quarter [2]. Gross Margin Analysis - The gross margin improved quarter-on-quarter, primarily due to the recovery in the gross margin of photovoltaic film, driven by rising prices of raw materials and film [3]. - The price of EVA particles has rebounded since Q4 of last year, leading to a price increase in photovoltaic film [3]. - Orders from overseas bases in Thailand and Vietnam are full, resulting in a supply-demand imbalance and price increases [3]. Outlook for the Year - The company expects a moderate recovery in the gross margin of photovoltaic film, with overseas revenue share continuing to rise [4]. - The Thai production base is set to start operations in May, which will increase the overseas production share to around 20%, potentially raising the overseas revenue share to 15%-20% for the year [4]. - The photovoltaic film industry is beginning to clear out, with 2-3 tier manufacturers controlling shipment volumes to reduce losses [4]. - The price of ordinary photosensitive dry film has bottomed out, and high-end products have started shipping, which is expected to increase the average price of electronic materials this year [4]. Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.626 billion, 2.061 billion, and 2.4 billion yuan, with year-on-year growth rates of 24.34%, 26.75%, and 16.49% respectively [4]. - Earnings per share are projected to be 0.62, 0.79, and 0.92 yuan for the same period, corresponding to price-to-earnings ratios of 19.35, 15.27, and 13.11 times based on the closing market value on April 25 [4].

Core Viewpoint - The company reported a significant improvement in Q1 2025 performance, driven by a recovery in film profitability and a reversal of credit impairment, aligning with expectations [1]. Financial Performance - Q1 2025 revenue reached 3.624 billion yuan, with year-on-year and quarter-on-quarter declines of 31.9% and 8.8% respectively [1]. - Net profit attributable to shareholders was 401 million yuan, showing a year-on-year decline of 23.1% but a quarter-on-quarter increase of 709.8% [1]. - Non-recurring net profit stood at 378 million yuan, with year-on-year and quarter-on-quarter changes of -26.9% and +487.1% respectively [1]. Margin and Cost Analysis - The gross margin for Q1 2025 was 13.1%, reflecting a quarter-on-quarter increase of 1.48 percentage points, indicating stabilization in film prices [2]. - The company maintained stable expense ratios, with sales, management, finance, and R&D expense ratios at 0.5%, 1.9%, 0.0%, and 3.0% respectively [3]. - A reversal of credit impairment contributed significantly to Q1 net profit, with 172 million yuan recovered from previous provisions [3]. Business Development - The company successfully expanded its new electronic materials business, benefiting from demand in sectors such as new energy vehicles and AI servers [4]. - The company has onboarded several key clients, including Ganfeng Lithium and Xian Sefo, with expectations for further growth as production capacity expands [4]. Profit Forecast and Valuation - The company maintains net profit forecasts for 2025-2027 at 2.46 billion, 3.31 billion, and 3.70 billion yuan respectively [5]. - The target price is set at 23.5 yuan, with a maintained "buy" rating based on a 25x PE ratio for 2025 [5].

Group 1 - The core viewpoint of the news is that Foster (603806) has experienced a decline in revenue and net profit in its latest quarterly report, indicating potential challenges for the company [1] - As of April 28, 2025, Foster's stock closed at 12.29 yuan, with a 1.91% increase and a trading volume of 247,000 hands, amounting to 301 million yuan [1] - The company's latest quarterly performance shows total revenue of 3.624 billion yuan, a year-on-year decrease of 31.89%, and a net profit attributable to shareholders of 401 million yuan, down 23.08% year-on-year [1] Group 2 - Foster has made investments in 14 companies and participated in 108 bidding projects, indicating active engagement in business expansion [2] - The company holds 37 trademark registrations and 333 patents, showcasing its focus on intellectual property [2] - Foster has obtained 75 administrative licenses, reflecting its compliance and operational capabilities [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a recovery in profit margins for the company's film products, with a significant increase in sales and profitability expected in the upcoming quarters [8] - The company is experiencing a surge in demand for its high-end products, particularly in the photoconductive dry film segment, which is on the verge of explosive growth [8] - The report maintains previous profit forecasts, projecting a net profit growth of 25% in 2025, 37% in 2026, and 32% in 2027 [8] Financial Summary - Total revenue for 2023 is projected at 22,589 million, with a year-on-year growth of 19.66% [1] - The net profit attributable to shareholders for 2023 is expected to be 1,850 million, reflecting a year-on-year increase of 17.20% [1] - The earnings per share (EPS) for 2023 is estimated at 0.71 yuan, with a price-to-earnings (P/E) ratio of 17.67 [1] - The company anticipates total revenue of 21,557 million in 2025, with a net profit of 1,630 million, indicating a year-on-year growth of 24.66% [1] - The projected EPS for 2025 is 0.62 yuan, with a P/E ratio of 20.05 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a recovery in profit margins for the company's film products, with a significant increase in sales and profitability expected in the upcoming quarters [8] - The company is experiencing a surge in demand for its high-end products, particularly in the photoconductive dry film segment, which is on the verge of explosive growth [8] - The report maintains previous profit forecasts, projecting net profits of 1.63 billion, 2.23 billion, and 2.95 billion RMB for 2025, 2026, and 2027 respectively, representing growth rates of 25%, 37%, and 32% [8] Financial Summary - Total revenue for 2023 is projected at 22.59 billion RMB, with a year-on-year growth of 19.66% [1] - The net profit attributable to shareholders for 2023 is expected to be 1.85 billion RMB, reflecting a year-on-year increase of 17.20% [1] - The earnings per share (EPS) for 2023 is estimated at 0.71 RMB, with a price-to-earnings (P/E) ratio of 17.67 [1] - The company anticipates a total revenue of 21.56 billion RMB in 2025, with a year-on-year growth of 12.58% [1] - The gross profit margin is expected to improve from 14.74% in 2024 to 17.21% in 2027 [9]

Summary of Earnings Call Transcripts Companies and Industries Involved - **福斯特 (Foster)** - **联泓新科 (Lianhong Xinke)** - **阳光电源 (Sungrow Power)** - **帝尔激光 (Dier Laser)** - **比亚迪 (BYD)** - **三棵树 (Sankeshu)** - **五粮液 (Wuliangye)** - **新产业公司 (New Industry Company)** - **鱼跃医疗 (Yuyue Medical)** Key Points and Arguments 福斯特 (Foster) - 2025 overseas production capacity for solar films is expected to increase, with overseas gross margin around 20%, higher than domestic margins, leading to expanded profitability [1][5] - Q1 2025 net profit reached 4.01 billion, a 710% increase QoQ, despite a 9% YoY decline in solar film shipment [3] - Forecasted net profits for 2025-2027 are 17.4 billion, 20.2 billion, and 23.6 billion respectively, with corresponding PE ratios of 18x, 16x, and 13x [5] 联泓新科 (Lianhong Xinke) - Q1 2025 revenue was 15.4 billion, a 3% YoY increase, with net profit of 0.7 billion, up 39% YoY [6] - New production lines for EVA and POE are planned for 2025-2026, with revised profit forecasts of 3.02 billion, 5.96 billion, and 7.38 billion for 2025-2027 [8] 阳光电源 (Sungrow Power) - 2024 net profit was 110 billion, a 17% YoY increase, with Q1 2025 profit of 38 billion, an 83% YoY increase [9] - Operating cash flow for 2024 was 121 billion, up 73% YoY, indicating strong operational quality [10] - Forecasted net profits for 2025-2027 are 144 billion, 172 billion, and 207 billion respectively, with PE ratios of 8x, 7x, and 6x [10] 帝尔激光 (Dier Laser) - 2024 revenue was 20 billion, a 25% YoY increase, with a net profit of 5 billion, up 14% YoY [11] - Q1 2025 revenue was 6 billion, a 25% YoY increase, with a net profit of 2 billion [12] 比亚迪 (BYD) - Q1 2025 sales reached 1.001 million vehicles, a 60.3% YoY increase, with revenue of 1,703.6 billion, up 36.3% YoY [16] - Export volume exceeded 200,000 vehicles, a 110% YoY increase, with overseas net profit per vehicle around 20,000 [18] - 2025 sales target is 5.5 million vehicles, with net profit expected between 55 billion and 60 billion [20] 三棵树 (Sankeshu) - Retail wall paint growth rate for 2024 is projected at 13%, with Q1 2025 gross margin up 2.7 percentage points YoY [21][22] - Cash flow improved significantly, with Q1 2025 net inflow of 1.1 billion compared to a negative 2.6 billion YoY [23] 五粮液 (Wuliangye) - 2024 revenue was 892 billion, a 7% YoY increase, with net profit of 318 billion, up 5% YoY [24] - Q1 2025 sales collection reached 382 billion, a 76% YoY increase [25] 新产业公司 (New Industry Company) - 2024 revenue was 45.35 billion, a 15% YoY increase, with net profit of 18.28 billion, up 11% YoY [27] - Forecasted revenue for 2025-2027 is 21.48 billion, 26.48 billion, and 32.09 billion respectively, with growth rates of 18%, 23%, and 21% [27] 鱼跃医疗 (Yuyue Medical) - 2024 revenue was 75.66 billion, a 5% YoY decline, with net profit of 18.06 billion, down 25% YoY [28] - Q1 2025 revenue was 24.36 billion, a 9% YoY increase, with net profit of 6.25 billion, down 5% YoY [30] Other Important but Possibly Overlooked Content - Foster's competitive advantage is highlighted by its ability to maintain profitability amidst industry losses, indicating a strong market position [5] - BYD's strategy includes optimizing cost structures and leveraging significant R&D investments to maintain competitive pricing [19] - The cash flow improvements across multiple companies suggest a trend towards better operational efficiency and financial health in the industry [10][23]

浙江天册律师事务所 关于 杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之员工持股计划之 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之员工持股计划之 法律意见书 编号：TCYJS2025H0567 号 致：杭州福斯特应用材料股份有限公司 浙江天册律师事务所（以下称"本所"）接受杭州福斯特应用材料股份有限公司 （以下称"福斯特"或"公司"）的委托，担任公司实施 2024 年度光伏事业合伙人计 划之员工持股计划（草案）（下称"员工持股计划"或"本计划"）的专项法律顾问。 根据《中华人民共和国证券法》（下称"《证券法》"）、《中华人民共和国公 司法》（下称"《公司法》"）等有关法律、法规和中国证券监督管理委员会（下称 "中国证监会"）发布的《关于上市公司实施员工持股计划试点的指导意见（2025 修 订）》（以下简称"《试点指导意见》"）、《上海证券交易所上市公司自律监管指 引第 1 号——规 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported Q1 2025 revenue of 3.62 billion yuan, a year-on-year decrease of 32% and a quarter-on-quarter decrease of 9%, with a net profit attributable to shareholders of 401 million yuan, down 23% year-on-year but up 710% quarter-on-quarter, exceeding expectations [2]. - The increase in film prices has led to a recovery in profitability, showcasing the company's leading position in the industry despite challenges. The company shipped 630 million square meters of photovoltaic film in Q1, a 9% year-on-year decline, primarily due to weaker component production. However, price increases in December 2024 and March 2025 have improved the gross margin to 13.10%, a 1.48 percentage point increase quarter-on-quarter [3]. - The company's overseas production capacity is set to expand significantly, with the second phase in Thailand expected to add 250 million square meters, bringing total overseas capacity to 600 million square meters. This expansion is anticipated to enhance profitability and solidify the company's leading position as competitors face losses [3]. - The electronic materials business is experiencing rapid growth, with the introduction of photosensitive dry film products to major global electronic circuit companies. The recovery and transformation of the electronic circuit industry are expected to drive significant growth in this segment [4]. - The company has prudently accounted for credit impairment provisions, which positively impacted net profit by 108 million yuan in Q1 due to a combination of reversals and provisions [4]. Financial Projections - The company's net profit forecasts for 2025-2027 have been adjusted to 1.74 billion, 2.02 billion, and 2.36 billion yuan, respectively. The current stock price corresponds to price-to-earnings ratios of 18, 16, and 13 times for these years, reflecting a strong competitive position and growth potential in the electronic materials sector [5][9].