Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 15.2 billion RMB for the first three quarters of 2024, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 1.258 billion RMB, down 12% year-on-year. In Q3 alone, revenue was 4.4 billion RMB, reflecting a 27% decline year-on-year and a 19% decline quarter-on-quarter, with a net profit of 330 million RMB, down 40% year-on-year and 19% quarter-on-quarter [2] - Despite the challenging environment, the company maintained positive profitability, showcasing its competitive advantages in cost control, product structure, and overseas production capacity, as it continued to gain market share in a declining market [2][3] - The company has a strong cash flow position, with net cash flow from operating activities increasing to 1.88 billion RMB in Q3, demonstrating effective management practices [3] Summary by Sections Financial Performance - Revenue for 2024 is projected at 19.724 billion RMB, a decrease of 12.68% from 2023, with a recovery expected in 2025 and 2026 [5] - Net profit for 2024 is estimated at 1.737 billion RMB, with a growth forecast of 44.11% in 2025 and 27.39% in 2026 [5] - The diluted earnings per share for 2024 is projected to be 0.666 RMB, with an increase to 0.959 RMB in 2025 and 1.222 RMB in 2026 [5] Market Position and Strategy - The company has established a leading position in the encapsulation solutions market, providing cost-effective options for various battery technologies, including TOPCon, HJT, and others [3] - The overseas production capacity in Thailand and Vietnam is operational, with plans for further expansion, which will enhance the company's ability to meet international demand [3] Cash Flow and Management - The company has improved its operating cash flow through optimized procurement and receivables management, with Q3 cash flow net increasing by 1.88 billion RMB [3] - The reversal of credit impairment losses in Q3 contributed positively to the overall performance [3] Valuation and Future Outlook - The projected price-to-earnings ratios for 2025 and 2026 are 19 and 15 times, respectively, indicating a solid competitive position and growth potential in the electronic materials sector [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is experiencing temporary pressure on earnings, but its comprehensive advantages ensure that it can navigate through the cycle as a leading player in the film industry [2] - Despite a decline in revenue and net profit in Q3, the company continues to maintain positive profitability, highlighting its competitive edge in cost control and product structure [2][3] - The company has a strong cash flow management strategy, which has improved its operating cash flow, and it has successfully reversed credit impairment losses, contributing positively to its performance [3] Summary by Relevant Sections Earnings Overview - For the first three quarters of 2024, the company achieved revenue of 15.2 billion yuan, a year-on-year decrease of 9%, and a net profit attributable to shareholders of 1.258 billion yuan, down 12% year-on-year [2] - In Q3 alone, revenue was 4.4 billion yuan, reflecting a 27% year-on-year decline and a 19% quarter-on-quarter decline, with a net profit of 330 million yuan, down 40% year-on-year and 19% quarter-on-quarter [2] Operational Analysis - The decline in downstream production has pressured the profitability of the film products, with the sales gross margin decreasing by 5.2 percentage points to 12.82% in Q3. However, the company has managed to increase its market share despite the challenges faced by competitors [2][3] - The company’s diverse product offerings and excellent cost control allow it to provide competitive packaging solutions across various battery technologies, enhancing its profitability [3] Financial Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted to 1.74 billion, 2.5 billion, and 3.19 billion yuan respectively, with the current stock price corresponding to a PE ratio of 19 and 15 times for 2025-2026 [3] - The company is expected to benefit from the rapid development of its electronic materials business, reinforcing its competitive position in the market [3]

Revenue and Profit - Revenue for Q3 2024 was CNY 4,410,570,044.46, a decrease of 26.90% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 329,574,805.41, down 39.67% year-on-year[2] - Basic earnings per share for the period was CNY 0.12, a decline of 42.86% compared to the previous year[2] - Total operating revenue for the first three quarters of 2024 was CNY 15,174,251,391.12, a decrease of 8.85% compared to CNY 16,649,610,494.16 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was CNY 1,256,863,367.93, compared to CNY 1,431,512,764.83 in 2023, representing a decline of 12.19%[19] - The company reported a basic earnings per share of CNY 0.48 for the first three quarters of 2024, down from CNY 0.55 in the same period of 2023[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 21,717,254,509.84, a decrease of 0.55% from the end of the previous year[3] - Current assets totaled RMB 16,458,899,532.98, down from RMB 17,336,533,689.76 at the end of 2023, indicating a decrease of approximately 5.05%[14] - The company's cash and cash equivalents were RMB 4,600,591,681.68, compared to RMB 5,340,879,268.46 at the end of 2023, reflecting a decline of about 13.83%[14] - Accounts receivable decreased to RMB 4,138,559,589.64 from RMB 4,813,574,990.24, a reduction of approximately 13.95%[14] - Inventory decreased to RMB 2,145,124,268.19 from RMB 3,089,888,250.87, representing a significant decline of about 30.54%[14] - Total liabilities decreased to CNY 5,107,246,998.05 in Q3 2024 from CNY 6,038,644,037.03 in Q3 2023, a reduction of 15.38%[16] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 5.11% to CNY 16,387,366,428.84 compared to the end of the previous year[3] - Total equity attributable to shareholders increased to CNY 16,387,366,428.84 in Q3 2024 from CNY 15,590,109,604.98 in Q3 2023, reflecting an increase of 5.12%[16] - The total number of common shareholders at the end of the reporting period was 53,747[8] Cash Flow - The company reported a cash inflow from operating activities of CNY 2,789,226,478.73 year-to-date, reflecting changes in sales and payment timing[6] - Cash generated from operating activities was CNY 14,860,868,284.72 in the first three quarters of 2024, compared to CNY 12,532,675,094.67 in 2023, indicating an increase of 18.54%[21] - The net cash flow from operating activities for Q3 2024 was ¥2,789,226,478.73, a significant improvement from a negative cash flow of ¥2,289,421,875.27 in the same period last year[22] - Total cash inflow from operating activities reached ¥15,108,081,631.99, compared to ¥12,990,031,581.50 in Q3 2023, indicating a year-over-year increase of approximately 16.3%[22] - Cash outflow for operating activities decreased to ¥12,318,855,153.26 from ¥15,279,453,456.77, reflecting a reduction of about 19.3%[22] Expenses and Costs - Total operating costs for the first three quarters of 2024 were CNY 13,770,717,617.95, down from CNY 15,070,241,554.78 in 2023, reflecting a reduction of 8.59%[17] - Research and development expenses for the first three quarters of 2024 amounted to CNY 518,013,725.90, slightly increasing from CNY 514,766,431.90 in the previous year[19] - The tax expenses for the first three quarters of 2024 were CNY 150,614,691.01, compared to CNY 146,215,538.23 in 2023, showing a slight increase of 3.27%[19] Foreign Exchange and Other Factors - The decline in revenue was primarily due to a decrease in sales prices of photovoltaic films and backsheets[6] - The company experienced an increase in foreign exchange losses due to fluctuations in the USD exchange rate, impacting net profit[6] - Non-recurring gains and losses totaled CNY 10,380,127.28 for the current period[4] Financing Activities - Cash inflow from financing activities was ¥892,148,200.00, down from ¥2,319,840,195.83 in the same quarter last year, representing a decline of approximately 61.6%[23] - The net cash flow from financing activities was negative at ¥762,665,215.93, compared to a positive cash flow of ¥345,781,553.33 in Q3 2023[23] Other Information - The company has not reported any significant changes in the participation of major shareholders in margin financing and securities lending activities[12] - There are no significant new strategies or product developments mentioned in the report[13] - The company reported a total of 1,264,342,716 shares held by the largest shareholder, indicating a strong control over the company[10] - Long-term borrowings increased to RMB 294,045,000.00 from RMB 70,000,000.00, showing a significant increase of approximately 320.06%[15]

| 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-088 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | 杭州福斯特应用材料股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） （一）会议召开时间：2024 年 11 月 07 日 上午 09:00-10:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 31 日（星期四）至 11 月 06 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱：fst-zqb@firstpvm.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 杭州福斯特应用材料股份有限公司（以下简称"公司"）已于 2024 年 ...

二、募集资金管理和使用情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 杭州福斯特应用材料股份有限公司 关于注销部分可转债募集资金专户的公告 为了规范公司募集资金管理，根据《上市公司监管指引第 2 号—上市公司募 集资金管理和使用的监管要求》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等相关规定，公司、子公司与保荐机构国泰君安证券股份有限公 司及募集资金专项账户开户银行分别签订了《募集资金专户三方监管协议》《募 集资金专户三方监管协议之补充协议》。上述监管协议与上海证券交易所《募集 资金专户存储三方监管协议（范本）》不存在重大差异。 | 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-086 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | 一、募集资金基本情况 经中国证券监督管理委员会《关于核准杭州福斯特应用材料股份有限公司公 开发行可转换公司债券的批复》（证监许可[2022]2647号）核准，杭州福斯特应 用材料股 ...

截止本公告披露日，公司已累计归还募集资金暂时补充流动资金金额为 16,500 万元，暂时补充流动资金余额 83,500 万元暂未归还。公司将在规定到期 日之前悉数归还至募集资金专户，并及时履行相关信息披露义务。 特此公告。 杭州福斯特应用材料股份有限公司董事会 | 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-083 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | 杭州福斯特应用材料股份有限公司 关于提前归还部分募集资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 杭州福斯特应用材料股份有限公司（以下简称"公司"）于 2024 年 4 月 1 日召开第五届董事会第三十五次会议，审议通过了《关于归还募集资金及继续使 用募集资金临时补充流动资金的议案》，同意公司将"福 22 转债"暂时闲置募 集资金中的不超过人民币 100,000 万元临时用于补充公司流动资金，使用期限自 董事会审议通过之日起不超过 12 个月。监事会、保荐机构分 ...

法律意见书 浙江天册律师事务所 "福 22 转债"可转换公司债券回售的 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 关于 浙江天册律师事务所 杭州福斯特应用材料股份有限公司 关于杭州福斯特应用材料股份有限公司 "福 22 转债"可转换公司债券回售的 法律意见书 编号：TCYJS2024H1576 号 法律意见书 简称"《证券法律业务管理办法》"）和《律师事务所证券法律业务执业规则（试 行）》（以下简称"《证券法律业务执业规则》"）等规定，针对本法律意见书出具 日前已经发生或存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原 则，进行了充分的查验，保证法律意见所认定的事实真实、准确、完整，所发表的 结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应 法律责任； 3、 本所律师同意将本法律意见书作为公司本次回售所必备的法定文件随同其 他材料一起上报；本所律师同意公司在其为本次回售所制作的法定文件中自行引用 或根据审核机关的要求引用本法律意见书中的相关内容，但公司作上 ...

| 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-079 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 转债 | | 杭州福斯特应用材料股份有限公司 关于使用募集资金向子公司增资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: ● 杭州福斯特应用材料股份有限公司（以下简称"公司"）拟以"福 22 转 债"募集资金净额中计人民币 30,000 万元对公司全资子公司福斯特材料科学（泰 国）有限公司（以下简称"泰国福斯特"）进行增资。本次增资事项不构成关联 交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准杭州福斯特应用材料股份有限公司公 开发行可转换公司债券的批复》（证监许可[2022]2647 号）核准，杭州福斯特 应用材料股份有限公司（以下简称"公司"或"福斯特"）获准向社会公开发行 可转换公司债券 3,030 万张，每张面值为人民币 100 元，募集资金 ...

●根据《杭州福斯特应用材料股份有限公司公开发行可转换公司债券募集说 明书》及《杭州福斯特应用材料股份有限公司可转换公司债券之债券持有人会议 规则》的规定，债券持有人会议作出的决议，须经出席会议的二分之一以上有表 决权的债券持有人（或债券持有人代理人）同意方为有效。 ●根据《杭州福斯特应用材料股份有限公司可转换公司债券之债券持有人会 议规则》的相关规定，经表决通过的债券持有人会议决议对本次可转债全体债券 持有人（包括未参加会议或明示不同意见的债券持有人）具有法律约束力。 ●本次债券持有人会议无否决、修改、增加提案的情况。 一、会议召开和出席情况 | 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-077 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | 杭州福斯特应用材料股份有限公司 "福 22 转债"2024 年第一次债券持有人大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 三、律师出具的法律意见 （一）本次债 ...

国泰君安证券股份有限公司 关于杭州福斯特应用材料股份有限公司 二、募集资金投资项目情况 使用募集资金向子公司增资之核查意见 国泰君安证券股份有限公司（以下简称"保荐机构"）作为杭州福斯特应用 材料股份有限公司（以下简称"福斯特"或"公司"）发行可转债的保荐机构， 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第2号——上市公司 募集资金管理和使用的监管要求》《上海证券交易所股票上市规则》以及《上海 证券交易所上市公司自律监管指引第1号——规范运作》等有关规定，保荐机构 对福斯特拟使用"福22转债"募集资金向子公司增资事项进行了核查，情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准杭州福斯特应用材料股份有限公司公 开发行可转换公司债券的批复》（证监许可[2022]2647号）核准，福斯特获准向 社会公开发行可转换公司债券3,030万张，每张面值为人民币100元，募集资金总 额为人民币303,000.00万元，扣除各项发行费用后的募集资金净额为人民币 302,382.97万元。经上海证券交易所自律监管决定书[2022]346号文同意，公司本 次可转换公司债券于2022年12月22日起挂 ...