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].

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 ...