证券研究报告·公司点评报告·光伏设备 福斯特（603806） 2023 年年报点评：盈利能力稳健，公司α继 2024 年 04月 12日 续凸显，2024 年持续稳增长 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 郭亚男 营业总收入（百万元） 18,878 22,589 29,564 37,280 45,554 执业证书：S0600523070003 同比 46.82% 19.66% 30.88% 26.10% 22.20% guoyn@dwzq.com.cn 归母净利润（百万元） 1,579 1,850 2,610 3,283 4,103 研究助理 余慧勇 同比 -28.13% 17.20% 41.09% 25.75% 24.99% 执业证书：S0600122080038 EPS-最新摊薄（元/股） 0.85 0.99 1.40 1.76 2.20 yuhy@dwzq.com.cn P/E（现价 ...

Financial Performance - The net profit attributable to shareholders for 2023 is CNY 1,850,161,937.63, with the parent company achieving a net profit of CNY 1,172,744,444.13[4] - The company's operating revenue for 2023 reached ¥22,588,526,670.13, representing a 19.66% increase compared to the previous year[19] - Net profit attributable to shareholders for 2023 was ¥1,850,161,937.63, an increase of 17.20% year-over-year[19] - The net profit after deducting non-recurring gains and losses was ¥1,713,294,260.80, reflecting an 18.64% growth compared to the previous year[19] - The company's net cash flow from operating activities decreased by ¥26,083,653.82, primarily due to the rigid payment for raw materials and longer credit terms for sales[21] - The net assets attributable to shareholders increased by ¥160,914,770.00, marking an 11.51% growth from the beginning of the year[21] - Total assets increased by ¥164,172,330.00, representing an 8.13% growth compared to the previous year[21] - Basic earnings per share for 2023 were ¥0.99, up 16.47% from the previous year[20] - The diluted earnings per share increased to ¥1.00, a 17.65% rise year-over-year[20] Dividend and Shareholder Returns - The proposed cash dividend is CNY 2.60 per 10 shares, totaling CNY 484,032,252.86, which represents 30% of the net profit attributable to shareholders[4] - The cumulative undistributed profits of the parent company amount to CNY 7,370,771,168.14[4] - The company has repurchased shares worth CNY 70,988,956.66, which is treated as cash dividends for the year[4] - The total cash dividend amount for the year was ¥484,032,252.86, which represents 26.16% of the net profit attributable to ordinary shareholders in the consolidated financial statements[152] - The total dividend amount, including cash and stock dividends, was ¥555,021,209.52, accounting for 30.00% of the net profit attributable to ordinary shareholders[152] Corporate Governance and Management - The company has established a comprehensive internal management and control system to enhance governance and protect shareholder interests[119] - The company has implemented measures to ensure the independence of its assets, personnel, and operations from its controlling shareholders[120] - The company has actively worked on improving its governance structure and internal controls during the reporting period[119] - The company held a total of 4 shareholder meetings during the reporting period, including 1 annual meeting and 3 extraordinary meetings[122] - The board of directors convened 16 meetings, while the supervisory board held 14 meetings, and specialized committees conducted 13 meetings[119] Research and Development - Research and development expenses increased by 22.83% to CNY 792,026,569.41, reflecting the company's commitment to innovation[62] - The company holds 645 invention and utility model patents, with 249 and 115 being valid respectively[53] - The company is committed to leveraging its expertise in polymer materials to develop new materials in various sectors beyond photovoltaics[40] Market Position and Industry Trends - The company maintains a market share of approximately 50% in the global photovoltaic encapsulant market, solidifying its position as a leading supplier of photovoltaic films[39] - The photovoltaic industry is transitioning to a "grid parity" phase, making solar power a cost-competitive and sustainable energy source[34] - The global PCB market is expected to decline to $78.4 billion in 2023, a decrease of about 4% from the previous year, but is projected to rebound to $98.4 billion by 2027 driven by demand in advanced applications[37][38] Environmental and Social Responsibility - The company invested approximately ¥68.61 million in environmental protection during the reporting period[161] - The company reduced carbon emissions by 44,972.68 tons during the reporting period, primarily through its photovoltaic power generation initiatives[168] - The company actively engages in poverty alleviation and rural revitalization projects, with a total investment of ¥524,500[173] - The company has disclosed its ESG report, detailing its environmental, social, and governance practices[169] Employee and Talent Management - The total number of employees is 4,549, with 1,880 in the parent company and 2,669 in major subsidiaries[143] - The company has established a compensation policy that links employee salaries to performance and company profitability[145] - The company has implemented a plan for employee stock ownership through capital increase and equity transfer[140] Financial Management and Investments - The company has a total of 79,000,000 RMB in bank wealth management products, with no overdue amounts[196] - The company has invested a total of 166,958.52 million RMB from the proceeds of convertible bonds, achieving an investment progress of 98.21%[200] - The company has not provided any guarantees for shareholders, actual controllers, or related parties[193] Risks and Challenges - The company faces risks from fluctuations in operating performance due to seasonal demand from downstream photovoltaic component customers and raw material price volatility[112] - Increased competition in the photovoltaic industry is anticipated as many companies implement expansion plans, prompting the company to leverage its technological and cost advantages[113] - Operating cash flow is expected to remain low due to the nature of the photovoltaic materials business, with a focus on improving cash flow stability[115]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company shows an improving gross margin trend and a solid market position with a recovery in market share [2][3] - In 2023, the company achieved a revenue of 22.589 billion RMB, a year-on-year increase of 19.66%, and a net profit of 1.850 billion RMB, up 17.20% year-on-year [3][6] - The company benefited from a continuous increase in downstream photovoltaic demand, with a shipment of photovoltaic film reaching 2.249 billion square meters, a 70% year-on-year increase [3] Summary by Sections Performance Overview - In Q4 2023, the company reported a revenue of 5.939 billion RMB, an 11% year-on-year increase, but a 2% decrease quarter-on-quarter [2] - The net profit for Q4 was 419 million RMB, a significant year-on-year increase of 828%, but a 23% decrease quarter-on-quarter [2] Operational Analysis - The company maintained a competitive advantage despite overall industry pressure, leading to an increase in market share and profitability [3] - The Q4 gross margin increased by 3.2 percentage points to 16.25%, while the net margin decreased by 2.0 percentage points to 7.03% due to non-recurring impairment losses and increased expenses [3] Product Segment Performance - The company achieved significant growth in various product segments, with photovoltaic backsheet shipments increasing by 23%, photosensitive dry film by 5%, and aluminum-plastic film by 68% in 2023 [3] - The company is now the second-largest in global backsheet sales and is expanding overseas production capacity [3] Profit Forecast and Valuation - The profit forecast for 2024 and 2025 has been revised down to 2.630 billion RMB and 3.310 billion RMB, respectively, with a new forecast for 2026 at 4.000 billion RMB [3][6] - The current stock price corresponds to a price-to-earnings ratio of 18, 15, and 12 times for 2024, 2025, and 2026, respectively [3]

目 录 | 一、审计报告……………………………………………………… | 第 | 1—6 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 7—14 | 页 | | （一）合并资产负债表…………………………………………… | | 第 7 | 页 | | （二）母公司资产负债表………………………………………… | | 第 8 | 页 | | （三）合并利润表………………………………………………… | | 第 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 | 页 | | 15—107 | | --- | | 三、财务报表附注…………………… ...

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 2023 年度募集资金存放与使用情况的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安证券"或"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"）持续 督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》《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》等有关规 定，对福斯特 2023 年度募集资金存放与使用情况进行了审慎核查，具体核查情 况如下： 一、募集资金基本情况 2023 年度，公司募集资金存放与使用所涉及的募集资金为 2020 年发行可转 债（以下简称"福 20 转债"）的募集资金和 2022 年发行可转债（以下简称"福 22 转债"）的募集资金。 （一）实际募集资金金额和资金到账时间 1、福 20 转债 根据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〔2020〕1719 号），本公司由联席 主承销商财通证券股份有限公司、中信证券股 ...

公司代码：603806 公司简称：福斯特 杭州福斯特应用材料股份有限公司 2023 年度内部控制评价报告 杭州福斯特应用材料股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况 ...

杭州福斯特应用材料股份有限公司董事会 关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》等要求，杭州福斯特应 用材料股份有限公司（以下简称"公司"）董事会就公司在任独立董事刘梅娟、 孙文华、李敬科的独立性情况进行评估并出具如下专项意见： 经核查，公司第五届独立董事刘梅娟、孙文华、李敬科的任职经历以及签署 的相关自查文件真实、准确，上述人员未在公司担任除独立董事以外的任何职务， 也未在公司主要股东担任任何职务，与公司以及主要股东之间不存在利害关系或 其他可能妨碍其进行独立客观判断的关系，因此，公司独立董事符合《上市公司 独立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》中对独立董事独立性的相关要求。 杭州福斯特应用材料股份有限公司董事会 2024 年 4 月 10 日 ...

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 部分募投项目延期之核查意见 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，对公司 "福 22 转债"部分募投项目延期情况进行了核查，具体情况如下： 一、本次部分募集资金投资项目延期情况的概述 （一）"福 22 转债"募集资金的基本情况 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 3,030,000,000.00 元，扣除各项发行费用人民币 6,170,283.02 元（不 含税）后的募集资金净额为人民币 3,023,829,716.98 元 ...

1 | 4 | | | --- | --- | | 5 | 6 | | 8 | | | 11 | | | 13 | | | 14 | | | 15 | | | 18 | | | 20 | | | 22 | | | 26 | | | 29 | | | 30 | | | 34 | | | 39 | | | 40 | | | 42 | | | 43 | | | 45 | | | 46 | | | 48 | | | 49 | | | 51 | | | 53 | | | 54 | | | 55 | 56 | | 58 | | | 64 | | 3 4568 2023年度环境、社会及治理报告 阅读指引 董事长致辞 关于福斯特 2023年关键绩效与荣誉 阅读指引 本报告为杭州福斯特应用材料股份有限公司发布的环境、社会及治理（以下简称"ESG"）报告。 本报告旨在展示福斯特在可持续发展方面的实践和成效，披露2023年及以往年度福斯特环境、社会及治理方面的工作情况。 报告范围 本报告组织范围涵盖杭州福斯特应用材料股份有限公 司及所属子公司。本报告发布周期为一年一次，与财 务年度保持一致，本报告的时间范围是2023年1月1日 至 ...

董事会审计委员会 2023 年度履职情况报告 根据中国证监会《上市公司治理准则》、《上海证券交易所上市公司董事会审 计委员会运作指引》、《公司章程》以及《董事会审计委员会工作细则》等规定， 杭州福斯特应用材料股份有限公司（以下简称"公司"）董事会审计委员会本着 勤勉尽责的原则,认真履行了审计监督职责。现将董事会审计委员会 2023 年度履 职情况报告如下： 一、董事会审计委员会基本情况 杭州福斯特应用材料股份有限公司 公司第五届董事会审计委员会由独立董事刘梅娟女士、独立董事李敬科先生 及董事张虹女士组成，其中刘梅娟女士为会计专业人士，担任召集人暨主任委员。 二、董事会审计委员会 2023 年度会议召开情况 2、2023 年 4 月 20 日，召开第五届董事会审计委员会第十次会议，审议通 过了《关于审议<公司 2022 年度内审部工作报告>的议题》《关于审议<公司 2023 年度内审部工作计划>的议题》《关于审议<董事会审计委员会 2022 年度履职情况 报告>的议题》《关于审议<公司 2022 年度财务决算报告>的议题》《关于审议<公 司 2022 年年度报告及其摘要>的议题》《关于公司计提信用减值准备和资产 ...