Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company, a leader in the encapsulation film sector, shows stable profitability despite a 12% year-on-year decline in performance for the first three quarters of 2024. Continuous optimization of cash flow and credit recovery, along with enhanced overseas production capacity, strengthens the company's competitive advantage [3][4]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 15,174.25 million RMB, a decrease of 8.86% year-on-year. The net profit was 1,258.02 million RMB, down 12.08% year-on-year. The third quarter alone saw a net profit of 330 million RMB, reflecting a significant decline of 39.67% year-on-year and 19.01% quarter-on-quarter [4][6]. - The comprehensive gross margin for the first three quarters was 15.56%, an increase of 1.49 percentage points year-on-year, while the net margin was 8.28%, a decrease of 0.32 percentage points year-on-year [4][6]. Cash Flow and Credit Recovery - The net cash flow from operating activities for the first three quarters was 2,789 million RMB, with the third quarter showing a positive cash flow of 1,885 million RMB, indicating a significant improvement [4][6]. Competitive Positioning - The company has a comprehensive product range and excellent cost control capabilities, providing competitive encapsulation solutions for new technology components. The expansion of production capacity in Vietnam and the initiation of a second-phase project in Thailand are expected to enhance its global leadership in encapsulation film [4][5]. Valuation - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 0.61, 0.89, and 1.16 RMB, respectively, with corresponding price-to-earnings ratios of 30.0, 20.5, and 15.7 times. The report maintains an "Accumulate" rating based on the company's solid leadership position in the encapsulation film sector [4][5].

证券研究报告 | 公司动态点评 2024 年 11 月 03 日 福斯特（603806.SH） Q3 盈利短期承压，新业务持续扩张 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|------------------------------------------|------------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 18,877 | 22,589 | 20,734 | 25,994 | 29,904 | 股票信息 | | | 增长率 yoy （ % ） | 46.8 | 19.7 | -8.2 | 25.4 | 15.0 | | | | 归母净利润（百万元） | 1,579 | 1,850 | 1,786 | 2,495 | 2,979 | 行业 | 电力设备及新能源 | | 增长率 ...

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。 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 应用材料股份有限公司（以下简称"公司"）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。上述募集资金全部到位，已经 天健会计师事务所（特殊普通合伙）审验，并出具了"〔2022〕648 号"《验证 报告》。 截至 2023 年 10 月 17 日，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》。内容详见公司分别于 2022 年 12 月 15 ...

2024 年 11 月 01 日 公司点评 买入/维持 福斯特(603806) 昨收盘:17.62 福斯特 2024 年三季报点评：短期盈利承压难掩强者本色，龙头 出海穿越周期 | --- | --- | --- | |--------------------------------------------------------------------------------------|---------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

进博会，为国内外市场互联互通、资源共享架起了桥梁，也让诸如蔡司这样的企业，更加坚定了在华发 展的信心。 进博会开幕前，蔡司大中华区总裁兼首席执行官福斯特（Maximilian Foerst）接受了《国际金融报》记 者的专访。 他向记者表示，"中国市场已成为蔡司集团在全球的第一大市场，对我们来说至关重要。 它不仅是我们的产品销售和制造的重要基地，更是我们全球业务不可或缺的一部分。 "本届进博会，蔡司将以"以新提质，共创未来"为主题，设立"立足中国，连接全球""创新驱动，携手生 态""全面呵护，健康未来"三大展区，带来医疗技术、光学消费品、工业质量与研究、半导体制造技术 四大业务部门的一系列创新解决方案。 长期立足中国历经7年发展，进博会的溢出效应持续放大。 作为进博会的"铁杆"展商，蔡司每一年的参与都能加深他们"对中国市场的洞察以及对中国用户和消费 者的沟通"。 福斯特表示，中国市场的潜力、供应链整合度以及研发创新能力，始终吸引着蔡司。 因为看好中国快速发展的新能源汽车行业，蔡司还将全球新能源汽车运营总部设在了上海。 自1957年进入中国市场以来，蔡司不仅见证了中国市场的不断开放和经济的腾飞，更亲身经历了中国融 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company reported a revenue of 15.174 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.86%, with a net profit attributable to shareholders of 1.258 billion yuan, down 12.08% year-on-year [1] - The gross margin for the company was 15.56%, an increase of 1.49 percentage points year-on-year, while the net profit margin was 8.29%, a decrease of 0.30 percentage points year-on-year [1] - In Q3 2024, the company achieved a revenue of 4.411 billion yuan, a year-on-year decline of 26.90% and a quarter-on-quarter decline of 18.96%, with a net profit of 330 million yuan, down 39.67% year-on-year and 19.01% quarter-on-quarter [1] - The company’s cash flow from operations improved quarter-on-quarter, reaching 1.885 billion yuan in Q3 2024, an increase of 101% [2] Summary by Sections Revenue and Profitability - The company’s total revenue for 2024 is projected to be 21.647 billion yuan, reflecting a year-on-year decrease of 4.2%, with net profit expected to be 1.836 billion yuan, a slight decrease of 0.8% year-on-year [3] - The gross margin is expected to improve to 16.1% in 2024, while the net profit margin is projected to be 8.5% [3] Market Position and Business Development - The company maintains a stable market share in the film business, with shipments of approximately 2-2.2 billion square meters in the first three quarters of 2024, and Q3 shipments of 700-710 million square meters [2] - The electronic materials business is rapidly developing, with shipments of photosensitive dry film expected to exceed 1.5 billion square meters in 2024, showing over 30% year-on-year growth [2] Financial Metrics - The company’s total assets are projected to reach 23.446 billion yuan in 2024, with a debt-to-asset ratio of 26.7% [3] - The earnings per share (EPS) for 2024 is expected to be 0.70 yuan, with a price-to-earnings (P/E) ratio of 25 [3]

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 ...