一、董事会会议召开情况 | 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-034 | | --- | --- | --- | --- | --- | | 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 第六届董事会第七次会议决议公告 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。 杭州福斯特应用材料股份有限公司（以下简称"公司"或"股份公司"）第 六届董事会第七次会议于 2025 年 4 月 25 日在公司会议室，以现场结合通讯表决 方式召开。本次董事会会议通知于 2025 年 4 月 18 日以电子邮件和电话方式发出。 会议应出席董事 7 名，实际出席会议董事 7 名。本次会议的召集和召开程序符合 《公司法》等相关法律法规及《公司章程》的有关规定，会议决议合法、有效。 会议由公司董事长林建华先生主持，公司监事、高级管理人员列席了本次会议。 二、董事会会议审议情况 会议审议通过了如下议案： （一）通过《关于审议公司<2025 年第一季度 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,624,381,474.09, a decrease of 31.89% compared to CNY 5,321,491,035.96 in the same period last year[3]. - Net profit attributable to shareholders was CNY 401,123,503.51, down 23.08% from CNY 521,500,737.00 year-on-year[3]. - Basic earnings per share decreased to CNY 0.154, a decline of 23.00% compared to CNY 0.200 in the previous year[3]. - The decline in revenue and profit was primarily due to a decrease in the sales price of photovoltaic film products, which fell more than the decline in raw material costs[5]. - Total operating revenue for Q1 2025 was approximately ¥3.62 billion, a decrease of 31.9% compared to ¥5.32 billion in Q1 2024[15]. - Net profit for Q1 2025 was approximately ¥395.41 million, a decline of 24.1% from ¥521.08 million in Q1 2024[16]. - Basic earnings per share for Q1 2025 were ¥0.154, compared to ¥0.200 in Q1 2024, reflecting a decrease of 22.9%[16]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -435,623,238.38, compared to CNY -33,529,867.60 in the same period last year[3]. - Cash flow from operating activities for Q1 2025 was negative at approximately -¥435.62 million, compared to -¥33.53 million in Q1 2024[18]. - Cash and cash equivalents decreased to CNY 4,155,675,692.73 from CNY 5,005,201,661.13, indicating a decline of about 16.93%[10]. - Cash and cash equivalents at the end of Q1 2025 were approximately ¥3.53 billion, down from ¥5.34 billion at the end of Q1 2024[19]. - The company's cash flow from investing activities for Q1 2025 was negative at approximately -¥984.98 million, worsening from -¥546.01 million in Q1 2024[19]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 21,543,749,347.75, an increase of 1.56% from CNY 21,211,809,320.40 at the end of the previous year[4]. - Current assets totaled CNY 16,258,382,839.31, compared to CNY 15,925,575,984.71 in the previous period, reflecting a growth of approximately 2.09%[10]. - Accounts receivable stood at CNY 3,572,235,436.02, down from CNY 3,985,331,209.23, representing a decrease of approximately 10.4%[10]. - The total liabilities decreased slightly to CNY 4,533,078,307.36 from CNY 4,594,141,839.45, a reduction of about 1.33%[12]. - The company's equity attributable to shareholders increased to CNY 16,811,069,882.74 from CNY 16,412,409,543.86, showing an increase of approximately 2.43%[12]. - Inventory levels rose to CNY 2,214,777,330.38 from CNY 1,868,284,937.26, marking an increase of about 18.46%[10]. - The company reported a decrease in short-term borrowings from CNY 66,478,399.95 to CNY 15,743,207.76, a significant reduction of approximately 76.36%[12]. - The total non-current assets remained relatively stable at CNY 5,285,366,508.44 compared to CNY 5,286,233,335.69, showing a negligible change[11]. Shareholder Information - The company had a total of 71,926 common shareholders at the end of the reporting period[6]. - The largest shareholder, Hangzhou Foster Technology Group, holds 48.47% of the shares, totaling 1,264,342,716 shares[7]. - The company has not reported any significant changes in its major shareholders or their relationships during the reporting period[8]. Other Financial Metrics - The weighted average return on equity fell to 2.41%, a decrease of 0.89 percentage points from 3.30%[3]. - The company reported non-recurring gains of CNY 23,492,922.55 during the period, primarily from investment income and government subsidies[5]. - Research and development expenses for Q1 2025 were approximately ¥109.71 million, a decrease of 38.7% from ¥179.27 million in Q1 2024[15]. - The company reported a significant increase in credit impairment losses, totaling approximately ¥171.80 million in Q1 2025, compared to ¥27.36 million in Q1 2024[15]. - Other comprehensive income after tax for Q1 2025 was approximately -¥3.06 million, compared to -¥52.56 million in Q1 2024, indicating an improvement[16].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3][5] Core Views - The company is a leader in photovoltaic film production, with a stable market position and expected high growth in photosensitive dry film sales [3][8] - The company's 2024 annual report shows a 29% decline in net profit attributable to shareholders, with a revenue decrease of 15.23% [8][9] - The company is expected to benefit from a recovery in photovoltaic component demand and prices, as well as strong capabilities in process control, supply chain management, and technology research and development [8][9] Financial Summary - The company’s revenue for 2024 is projected at RMB 19,147 million, down from RMB 22,589 million in 2023, reflecting a growth rate of -15.23% [7][9] - The net profit attributable to shareholders for 2024 is expected to be RMB 1,308 million, a decrease of 29.33% compared to 2023 [8][9] - The company’s earnings per share (EPS) for 2025 is forecasted to be RMB 0.68, down from the previous estimate of RMB 0.89, reflecting a reduction of 23.60% [5][7] - The projected EBITDA for 2025 is RMB 2,008 million, with a corresponding EV/EBITDA ratio of 14.3 [7][10] Business Segments - The photovoltaic film business achieved a gross margin of 14.72% in 2024, with a total shipment of 2.811 billion square meters, marking a year-on-year increase of 24.98% [8][9] - The sales of photosensitive dry film are expected to enter a high growth phase, with shipments reaching 159 million square meters in 2024, a growth of 37.97% year-on-year [8][9]

杭州福斯特应用材料股份有限公司 2024 年年度股东大会 会 议 资 料 2025 年 4 月 30 日 杭州福斯特应用材料股份有限公司 2024 年年度股东大会会议资料 会议资料目录 | 一、2024 年年度股东大会议程 3 | | --- | | 二、股东大会会议须知 5 | | 三、股东大会表决说明 6 | | 议案一：《关于审议<公司 2024 年度董事会工作报告>的议案》 7 | | 议案二：《关于审议<公司 2024 年度监事会工作报告>的议案》 55 | | 议案三：《关于审议<公司 2024 年度财务决算报告>的议案》 61 | | 议案四：《关于审议<公司 2024 年年度报告及其摘要>的议案》 68 | | 议案五：《关于公司 2024 年度利润分配预案的议案》 69 | | 议案六：《关于 2025 年度公司董事、监事及高级管理人员薪酬方案的议案》 | | 71 | | 议案七：《关于公司续聘会计师事务所的议案》 74 | | 议案八：《关于公司 2025 年度向银行申请授信额度的议案》 78 | | 议案九：《关于<2024 年度光伏事业合伙人计划>实施方案的议案》 79 | | 议案 ...

杭州福斯特应用材料股份有限公司董事会 二零二五年四月二十三日 杭州福斯特应用材料股份有限公司（以下简称"公司"）拟于 2025 年 4 月 30 日 14:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结 合的表决方式。具体内容详见公司于 2025 年 4 月 10 日在上海证券交易所网站 （http://www.sse.com.cn）及上海证券报披露的《福斯特：关于召开 2024 年年 度股东大会的通知》（公告编号：2025-030）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参 会、便利投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"） 提供的股东会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的 股东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一 键通服务用户使用手册》（https://vote.sseinfo.com/i/yjt_help.pdf）的提示 步骤直接投票，如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联网投 票平台进行投票。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - 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 [2][4]. - In Q4 2024, the company achieved a revenue of 3.973 billion yuan, a decline of 33.1% year-on-year and 9.92% quarter-on-quarter, with a net profit of 50 million yuan, down 88.18% year-on-year and 84.97% quarter-on-quarter [2][4]. - The company maintains a strong market position in the photovoltaic film sector, with a market share exceeding 50% despite a decrease in revenue and profit [8]. Summary by Sections Financial Performance - In 2024, the company generated 17.5 billion yuan from film sales, a decrease of 14.54% year-on-year, with a sales volume of 2.8 billion square meters, an increase of 24.98% year-on-year, and a gross margin of 14.72%, up 0.12 percentage points [8]. - The company reported a positive operating cash flow of 4.4 billion yuan in 2024, with a debt-to-asset ratio of 21.66%, indicating strong asset quality [8]. - The company declared a cash dividend of 678 million yuan for 2024, reflecting robust financial capability [8]. Business Segments - The electronic materials segment saw a significant increase in sales volume of photoresist dry film, reaching approximately 160 million square meters, a year-on-year growth of 37.97%, with a gross margin of 23.90%, up 0.61 percentage points [8]. - The functional film business reported sales of 12.96 million square meters, a year-on-year increase of 28.76%, successfully entering new markets [8]. - The backsheet business experienced a decline in sales volume of about 10 million square meters, down 33.50% year-on-year, primarily due to increased penetration of bifacial modules [8]. Future Outlook - The company anticipates an improvement in profitability levels in 2025 as second and third-tier companies exit the market, solidifying its leading position in the photovoltaic film industry [8]. - The electronic materials business is expected to benefit from the recovery in traditional consumer electronics demand and the emergence of new industries such as automotive intelligence and AI infrastructure [8]. - The company projects net profits attributable to shareholders of 1.9 billion yuan and 2.6 billion yuan for 2025 and 2026, respectively, corresponding to valuation multiples of 17 and 12 times [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by the photovoltaic business, with total revenue declining by 15.23% year-on-year to 19.15 billion yuan, and net profit decreasing by 29.33% to 1.31 billion yuan [7][10] - Despite the challenges in the photovoltaic sector, the company has shown significant improvement in operating cash flow, which turned positive at 4.39 billion yuan, attributed to increased sales collections and reduced cash payments for raw materials [10] - The company maintains a strong position in the photovoltaic encapsulant market, with a global market share of around 50%, and a sales volume of 2.81 billion square meters, up 24.98% year-on-year [10][13] - 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 films segment is expected to become a new growth driver, with significant sales increases in photosensitive dry films and aluminum-plastic films [10][13] Financial Summary - The company's gross profit margin for photovoltaic encapsulants was 14.72%, showing a slight increase of 0.12 percentage points year-on-year, despite a significant drop in sales price [10] - The projected net profits for 2025, 2026, and 2027 are estimated at 1.51 billion, 1.81 billion, and 2.12 billion yuan respectively, with corresponding diluted EPS of 0.58, 0.69, and 0.81 yuan [12][13] - The company’s financial ratios indicate a return on equity (ROE) of 7.97% for 2024, with expectations for gradual improvement in the following years [12][13]

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].

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating wind turbine project and the termination of a major solar component procurement by China Power Construction [6][7]. - The Australian government's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive installation growth [7]. Summary by Sections Wind Power - The commencement of the 16MW floating wind turbine project by Three Gorges marks a significant milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. - Key companies to watch include Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market shows upward momentum [7][16]. Solar Power - China Power Construction's termination of a 51GW solar component procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar equipment index decreased by 9.56%, with the current PE_TTM valuation around 29.99 times [4]. - Companies of interest include Longi Green Energy and Tongwei Co., as the solar sector faces potential short-term demand weakness post-May 31 [7][16]. Energy Storage & Hydrogen - The Australian Labor Party's proposed AUD 2.3 billion subsidy for home energy storage systems aims to lower costs by 30%, potentially facilitating the installation of over 1 million new batteries by 2030 [7]. - The energy storage index dropped by 9.04%, with a current PE_TTM of 23.9 times, indicating a strong growth outlook for the sector [4]. - Key players in the energy storage market include Sungrow Power Supply and Shuneng Electric, while the hydrogen sector sees interest in companies like Huagong Huaneng and Yihua Tong [7][16].