业务层面的话就是我们整个Q3啊光伏胶膜这个产品出货是开票的话是7.05亿平米的光伏背板的话是接近2000万平米然后感光杆膜的话新业务我们是超过了4000万平米然后像铝素膜的话我们是有300多万平米 所以整个Q3的这个表现的话跟我们上半年的话也是延续了这样的一个就是说稳中有增的这样的一个情况稳健的话像我们光复胶膜包括到Q3为止的话我们的市占率是超过了50%然后我们的备版的话目前从这个数量上来看也是行业继续是排名第二名 因为东莱股份它的备版的这个数据我没有查到不知道他们在整个到Q3为止吧备版出货量是多少除了东莱以外的话其他的数据看起来我们仍然是就是说在其他的公司里面我们备版的量还是最多的然后像甘摩这个新业务的话就是说今年还是保持了一个比较好的这样的一个态势到Q3为止的话就是我们整体出货量是投币增长30%以上 像铝素膜也是今年像我们的钙膜完成1.5亿平米的目标和铝素膜完成1亿平米的目标这些新业务的话都是没有问题那像我们的胶膜业务的话完成全年目标的上限28亿平米左右的话应该也是没有问题然后背板的话是因为2024年的话整体来说背板的需求是下降的所以背板这一块的话整个出货量的话表现跟年送的目标还有一定的差距这个也是行业实 ...

子公司发生火情 福斯特：对公司整体生产经营影响较小 财联社11月3日电，光伏胶膜龙头企业福斯特发 布情况说明，11月2日，福斯特安徽生产基地局部仓库发生失火，安徽子公司发现火情后立即启动应急 预案，在政府和消防相关部门的全力支持下，在安徽子公司员工的共同努力下，明火及时扑灭，无任何 人员伤亡，失火原因尚在调查中。 本次火情对安徽子公司的生产设备没有影响，受影响的产品数量较少，对公司整体生产经营影响较小。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [4]. Core Views - The company, a leader in the photovoltaic film sector, is experiencing temporary pressure on profitability due to declining margins and sales volumes in the solar film market, alongside increased foreign exchange losses [2][3]. - Despite the current challenges, the company is expected to navigate through the industry cycle effectively due to its strong market position, technological capabilities, and cost control [2][3]. - The company has made significant strides in expanding its overseas production capacity, which is anticipated to bolster its competitive edge and market share globally [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 15.174 billion yuan, a year-on-year decrease of 8.86%, and a net profit attributable to shareholders of 1.258 billion yuan, an increase of 12.08% [1]. - In Q3 2024, the company achieved revenues of 4.411 billion yuan, down 26.90% year-on-year and 18.96% quarter-on-quarter, with a net profit of 330 million yuan, reflecting a 39.67% decline year-on-year [2]. - The company's gross profit margin in Q3 2024 was 12.82%, a decrease of 5.23 percentage points from the previous quarter, indicating the impact of industry-wide price declines [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 20.082 billion yuan, 25.583 billion yuan, and 32.840 billion yuan, respectively, with corresponding net profits of 1.564 billion yuan, 2.357 billion yuan, and 3.160 billion yuan [3][5]. - The company is expected to maintain a price-to-earnings (PE) ratio of 29X in 2024, decreasing to 20X in 2025 and 15X in 2026, reflecting anticipated growth in profitability [3][5].

证券研究报告·公司点评报告·光伏设备 福斯特（603806） 2024 年三季报点评：Q3 胶膜盈利下滑、新材 料继续增长 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|-------|---------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 18877 | 22589 | 20560 | 25980 | 29918 | | 同比（ % ） | 46.82 | 19.66 | (8.98) | 26.36 | 15.15 | | 归母净利润（百万元） | 1579 | 1850 | 1659 | 2439 | 3264 | | 同比（ % ） | (28.13) | 17.20 | (10.32) | 47.01 | 33.83 | | EPS- 最新摊薄（元 / 股） | 0.61 | 0.71 ...

| 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-089 | | --- | --- | --- | | 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股东集中竞价减 持股份计划公告 本公司董事会、全体董事及相关股东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。 | | | | | | 区间 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 竞价 | | | | | | | | | 交易 | | | | | | | | | 减持， | | | | | | 杭州临安同德 | 不超过： | 不超 | 不超 | 2024/11/6 | 按市场 | 资本公积 | 自身资金 | | 实业投资有限 | 8,131,00 | 过： | | | | | | | 公司 | 0 股 | 0.31% | 过： | ～2025/2/5 | 价格 | 金转增 | 需要 | | | | | 8,131 | | | | | | | ...

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 ...