Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by a decline in revenue and net profit due to oversupply in the photovoltaic industry, but the sales of new materials such as photosensitive dry film and aluminum-plastic film showed growth, partially offsetting the decline in photovoltaic business [10][13] - The company maintains a strong position in the photovoltaic film market with a global market share of around 50%, despite a decrease in sales price and revenue [10][11] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional film materials business is expected to benefit from rapid growth in emerging fields such as electronic circuits and lithium battery materials, creating new growth opportunities [13] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 19.147 billion yuan, a decrease of 15.23% year-on-year, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [7] - The gross profit margin for sales was 14.74%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 6.73%, a decrease of 1.46 percentage points year-on-year [10] - The operating cash flow significantly improved, with a net cash flow from operating activities of 4.389 billion yuan, a substantial increase compared to the previous year [10] Business Segments - The photovoltaic film segment saw a sales volume of 2.811 billion square meters, an increase of 24.98% year-on-year, but revenue decreased by 14.54% due to a drop in sales price [10] - The sales price of photovoltaic film was 6.23 yuan per square meter, down 31.62% year-on-year, while the unit cost was 5.31 yuan per square meter, down 31.71% year-on-year [10] - The photovoltaic backplane segment experienced a revenue decline of 54.26% year-on-year, with a sales volume decrease of 33.50% [11] Future Outlook - The company is expected to see net profits of 1.508 billion yuan, 1.811 billion yuan, and 2.119 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding diluted EPS of 0.58 yuan, 0.69 yuan, and 0.81 yuan [12][13] - The company is positioned to benefit from the recovery of the photovoltaic industry and the growth of its new materials business, which is anticipated to enter a phase of increased sales volume [13]

Core Viewpoint - The company reported a significant decline in net profit for Q4 2024, with a year-on-year decrease of 88.18% and a quarter-on-quarter decrease of 84.97%. Despite the overall industry pressure, the company maintained a positive net profit per unit area due to its advantages in funding, technology, and cost management [1][2]. Financial Performance - For the full year 2024, the company's revenue was 19.147 billion, a year-on-year decrease of 15.23%, and the net profit attributable to the parent company was 1.308 billion, down 29.33%. In Q4 2024, the revenue was 3.973 billion, a year-on-year decrease of 33.10% and a quarter-on-quarter decrease of 9.92% [2]. Market Position - The company has continued to increase its market share in the photovoltaic film sector, achieving a market share of approximately 55.2% with a shipment of 2.811 billion square meters, which is a year-on-year increase of 25%, outpacing the 12.7% growth in component production [3]. Industry Challenges - The photovoltaic industry faced a downturn in demand in the second half of the year, leading to price pressure on photovoltaic films. The company's film gross margin decreased by 4.7 percentage points compared to the first half of the year, which was a key factor in the decline of net profit per unit area [3]. Future Outlook - Despite the challenges, the company remains optimistic about its electronic materials segment, which saw a revenue increase of 30.72% year-on-year, contributing 42.69 million to the overall performance, a growth of approximately 1900%. The company expects continued high growth in this segment driven by demand recovery in consumer electronics and new markets such as AI and electric vehicles [3]. Profit Forecast - The company projects net profits for 2025, 2026, and 2027 to be 1.626 billion, 2.061 billion, and 2.4 billion respectively, with year-on-year growth rates of 24.34%, 26.75%, and 16.49%. The earnings per share are expected to be 0.62, 0.79, and 0.92, corresponding to price-to-earnings ratios of 20.01, 15.79, and 13.55 based on the closing market value on April 14 [4].

Core Insights - The company reported a revenue of 19.147 billion yuan for 2024, a year-on-year decrease of 15.23%, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [1] - The company maintained a leading position in the adhesive film market with a global market share of approximately 50%, achieving a shipment of 2.81 billion square meters in 2024, a year-on-year increase of 25% [2] - The operating cash flow for 2024 was 4.389 billion yuan, showing significant improvement, with a cash dividend of 680 million yuan, representing 51.82% of the net profit attributable to shareholders [3] Financial Performance - In Q4 2024, the company achieved a revenue of 3.973 billion yuan, a year-on-year decline of 33.10%, and a net profit of 50 million yuan, down 88.18% year-on-year [1] - The gross profit margin for 2024 was 14.74%, an increase of 0.10 percentage points year-on-year, while the net profit margin was 6.83%, a decrease of 1.36 percentage points year-on-year [1] Business Segments - The electronic materials segment saw significant growth, with shipments of photosensitive dry film reaching 159 million square meters in 2024, a year-on-year increase of 38% [2] - The company is expanding its overseas production capacity to meet the specific requirements of photovoltaic components and related materials in the US and Europe, ensuring its leading market share [2] Cash Flow and Dividends - The net operating cash flow for 2024 was 4.389 billion yuan, with Q4 contributing 1.6 billion yuan, attributed to improved collection of receivables and reduced procurement costs [3] - The company’s dividend payout ratio reached a historical high, reflecting its commitment to returning value to shareholders [3] Investment Outlook - The company is expected to maintain its leading position in the photovoltaic adhesive film market and continue to see growth in its electronic materials business [3] - Profit forecasts for 2025-2027 have been adjusted, with expected net profits of 1.680 billion yuan, 2.171 billion yuan, and 2.717 billion yuan respectively [3]

Core Viewpoint - The company, Foster, reported a decline in both revenue and net profit for 2024, yet announced a significant increase in cash dividends to shareholders, raising questions about the rationale behind this decision [2][4]. Financial Performance - For 2024, Foster achieved a revenue of 19.147 billion yuan, a year-on-year decrease of 15.23% [2]. - The net profit attributable to shareholders was 1.308 billion yuan, down 29.33% compared to the previous year [2]. - The company has maintained a net profit exceeding 1 billion yuan for five consecutive years [2][4]. Dividend Policy - Foster plans to distribute a cash dividend of 2.60 yuan per 10 shares, totaling approximately 678 million yuan, with a dividend payout ratio of 51.82% [4]. - This dividend amount marks a historical peak, significantly higher than the previous years' distributions [4][5]. Shareholding Structure - The largest shareholder, Hangzhou Foster Technology Group, holds 48.47% of the shares, while the second-largest shareholder, Lin Jianhua, holds 13.47% [4]. - Lin Jianhua and his spouse control a total of 61.94% of the company, indicating a concentrated ownership structure [4]. Market Performance - The sales volume of photovoltaic encapsulant reached 281.06 million square meters, a year-on-year increase of 24.98%, but revenue fell to 17.504 billion yuan, a decrease of 14.54% [6]. - The sales volume of photovoltaic backsheet was 10.05 million square meters, down 33.50%, with revenue approximately 607 million yuan, a decline of 54.26% [6]. Business Segments - The photovoltaic materials division is the primary revenue driver, but both key products, encapsulant and backsheet, faced market challenges [6]. - The electronic materials and functional materials divisions saw revenue growth, but their overall contribution to total revenue remains limited [8]. Industry Context - The photovoltaic encapsulant market is characterized by intense competition, with leading companies exerting significant pricing power, impacting smaller players [7]. - The overall market dynamics have led to a situation where many encapsulant manufacturers are operating at a loss, prompting some to seek partnerships or expand into new markets to mitigate competitive pressures [7].

Core Viewpoint - Foster, a leading photovoltaic materials company, experienced its first decline in both revenue and net profit in nearly a decade in 2024, primarily due to challenges in its photovoltaic materials business [2][3]. Financial Performance - In 2024, Foster reported a revenue of 19.147 billion yuan, a year-on-year decrease of 15.23% [2]. - The net profit attributable to shareholders was 1.308 billion yuan, down 29.33% compared to the previous year [2]. - The photovoltaic materials segment remains the core revenue source, contributing 18.111 billion yuan, accounting for 94.59% of total revenue [2]. Product Performance - The sales volume of photovoltaic encapsulant reached 2.811 billion m² in 2024, generating revenue of 17.504 billion yuan, which represented 91.42% of the company's total revenue [2]. - The average selling price of photovoltaic encapsulant dropped from approximately 9.11 yuan/m² in 2023 to 6.23 yuan/m² in 2024, indicating a "volume increase but price decrease" scenario [3]. - Revenue from photovoltaic backsheet halved in 2024, with average selling prices falling from 8.79 yuan/m² in 2023 to 6.01 yuan/m² in 2024 [3]. Business Segments - The electronic materials segment saw a revenue increase of 38.16% year-on-year, reaching 719 million yuan, indicating a shift in revenue contribution [2]. - The output of photosensitive dry film increased significantly, reaching 159 million m² in 2024, a growth of 37.97% [4]. - The gross margin for photosensitive dry film was reported at 23.90%, an increase of 0.61 percentage points [4]. Future Outlook - Foster aims to expand its production capacity for both photovoltaic and electronic materials in 2025, with several projects planned for capacity expansion and technological upgrades [5]. - The company is focusing on high-end products targeting major clients in the IC substrate and packaging substrate sectors, driven by emerging industries like AI and robotics [5]. - The decline in market valuation from over 150 billion yuan in 2021 to 32.3 billion yuan currently highlights the importance of successfully scaling new business lines for future growth [5].

福斯特（603806.SH）2024 年年报点评 胶膜龙头优势显著，电子材料快速起量 2025 年 04 月 11 日 事件：2025 年 4 月 9 日，公司发布 2024 年年报。2024 年公司实现营业收入 191.47 亿元，同比-15.23%；实现归母净利润 13.08 亿元，同比-29.33%；实 现扣非净利润 12.85 亿元，同比-25.13%。 24Q4 公司实现营业收入 39.73 亿元，同比-33.10%，环比-9.92%；实现归母 净利润 0.50 亿元，同比-88.18%，环比-84.97%；实现扣非净利润 0.64 亿元， 同比-82.84%，环比-79.85%。 ➢ 光伏胶膜业务量增价减，多重优势有望助力平稳穿越周期。2024 年公司光 伏胶膜销售量为 28.11 亿平米，同比增长 24.98%，实现收入 175.04 亿元，同 比下降 14.54%；胶膜业务毛利率为 14.72%，同比增长 0.12pct。2024 年，光 伏主产业链供给过剩矛盾凸显，导致全产业链价格持续下跌；光伏胶膜环节市 场格局较好，且公司技术研发实力、成本控制能力、海内外主流组件客户资源 等优势显著，20 ...

考虑到25 年产能出清有望提速，胶膜价格或企稳回升，我们上调公司25-26年归母预测至24.6/33.1 亿元 （25-26 年前值22.0/30.2 亿元，上调11.6/9.6%），给予公司27 年归母净利预测37 亿元。参考可比公司 25 年Wind一致预期PE 23x（前值24x），考虑到公司龙头优势显著，给予公司 25 年25x PE（前值 27x），目标价23.5 元（前值22.68 元），维持"买入"评级。 感光膜&功能膜：新生需求多点开花，25 年或放量公司2024 年实现感光干膜营收5.93 亿元 （yoy+30.72%），销售量1.59 亿平方米，（yoy+37.97%），毛利率23.9%（yoy+0.61pct），主因系24 年新能源汽车、AI 服务器、高端工控等领域的需求升级推动高端PCB 的需求增长。24 年公司铝塑膜营 收1.33 亿元（yoy+16.17%），销售量1,295.77 万平方米（yoy+28.76%），毛利率7.97%（yoy- 1.52pct），主要受益于新能源汽车、储能及消费电子需求扩张态势。24 年公司感光膜和功能膜业务导 入赣锋锂电、西安瑟福、广东国光、江苏正 ...

证券研究报告 福斯特 (603806 CH) 胶膜量增价减，感光膜快速起量 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 10 日│中国内地 | 电源设备 | 公司公布 24 年业绩：2024 全年公司实现营收 191.47 亿元（同比-15.2%）， 归母净利 13.08 亿元，（同比-29.3%），扣非净利 12.83 亿元（同比-25.1%）； 其中 24Q4 营收为 39.73 亿元，同环比-33.1/-9.9%，归母净利 0.50 亿元， 同环比-88.2%/-85.0%，扣非净利 0.64 亿元，同环比-82.8/-79.8%。公司年 报业绩低于我们预期（归母 16.23 亿元），主要系 24 年光伏供给侧竞争激烈， 胶膜价格持续下跌所致，我们预计 25 年胶膜环节尾部产能出清进程将加速 完成，胶膜价格有望企稳回升，看好公司龙头地位进一步加强和盈利能力提 升，维持"买入"评级。 胶膜：24 年光伏"内卷"引致量增价减，25 年产能出清有望加速 2024 年全球光伏产能失衡叠加需求增速放缓，全产业链价格持续下跌，同 时电 ...

证券研究报告·公司点评报告·光伏设备 福斯特（603806） 2024 年报点评：胶膜单平盈利优于同行，电 子材料建立第二增长曲线 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） | 22,589 | 19,147 | 21,557 | 24,599 | 28,063 | | 同比（%） | 19.66 | (15.23) | 12.58 | 14.11 | 14.08 | | 归母净利润（百万元） | 1,850 | 1,308 | 1,630 | 2,228 | 2,951 | | 同比（%） | 17.20 | (29.33) | 24.66 | 36.71 | 32.40 | | EPS-最新摊薄（元/股） | 0.71 | 0.50 | 0.62 | 0.85 | 1.13 | | P/E（现价&最新摊薄） | 17.67 | 25.00 | 20.05 | 14.67 | 11.08 | [Table_T ...

证券研究报告·公司点评报告·光伏设备 福斯特（603806） 2024 年报点评：胶膜单平盈利优于同行，电 子材料建立第二增长曲线 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） | 22,589 | 19,147 | 21,557 | 24,599 | 28,063 | | 同比（%） | 19.66 | (15.23) | 12.58 | 14.11 | 14.08 | | 归母净利润（百万元） | 1,850 | 1,308 | 1,630 | 2,228 | 2,951 | | 同比（%） | 17.20 | (29.33) | 24.66 | 36.71 | 32.40 | | EPS-最新摊薄（元/股） | 0.71 | 0.50 | 0.62 | 0.85 | 1.13 | | P/E（现价&最新摊薄） | 17.67 | 25.00 | 20.05 | 14.67 | 11.08 | [Table_T ...