| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2024-071 | | --- | --- | --- | --- | | 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 第五届董事会第四十一次会议决议公告 二、董事会会议审议情况 会议审议通过了如下议案： （一）《关于公司部分募投项目变更的议案》 同意公司根据光伏材料业务实际情况及自身发展战略，将"福 22 转债"募 投项目中的广东福斯特光伏材料有限公司"年产 2.5 亿平米光伏胶膜项目"的部 分募集资金 30,000.00 万元人民币变更至福斯特材料科学（泰国）有限公司"年 产 2.5 亿平方米高效电池封装胶膜项目"使用。本次变更有利于提高募集资金的 使用效率和未来收益，符合海内外光伏产业发展的实际情况，不存在损害公司及 股东利益的情形。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 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、董事会会议召开情况 杭州福斯特应用材料股份有限公司（以 ...

法律意见书 浙江天册律师事务所 关于 杭州福斯特应用材料股份有限公司 2024 年第三次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于杭州福斯特应用材料股份有限公司 2024 年第三次临时股东大会的 法律意见书 编号：TCYJS2024H1456 号 致：杭州福斯特应用材料股份有限公司 浙江天册律师事务所（以下简称"本所"）接受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"）的委托，指派本所律师参加福斯特 2024 年第三次临时股东大会，并根据《中华人民共和国证券法》以下简称（"《证券 法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和中国证券 监督管理委员会关于《上市公司股东大会规则（2022 年修订）》（以下简称"《股 东大会规则》"）等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集与召开程序、召集人与 出席会议人员的资格、会议表决程序及表决结果的合法有效性发表意见， ...

| 证券代码：603806 | 证券简称：福斯特 公告编号：2024-070 | | --- | --- | | 转债代码：113661 | 转债简称：福 22 转债 | (五) 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 7 人，出席 7 人； 杭州福斯特应用材料股份有限公司 2024 年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 641 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,931,080,724 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 74.1014 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (一) 股东大会召开的时间：2024 年 9 月 10 日 (二) 股东大会召开的地点：浙江省杭州市临安区锦北街道福斯特街 8 号· ...

杭州福斯特应用材料股份有限公司 2024 年第三次临时股东大会 会 议 资 料 2024 年 9 月 10 日 杭州福斯特应用材料股份有限公司 2024 年第三次临时股东大会会议资料 会议资料目录 | 一、2024 年第三次临时股东大会议程 3 | | | --- | --- | | 二、股东大会会议须知 | 5 | | 三、股东大会表决说明 | 6 | | 四、股东大会议案 | | | 议案一：《关于变更公司经营范围、注册资本的议案》 | 7 | | 议案二：《关于修订公司章程的议案》 | 9 | 2 杭州福斯特应用材料股份有限公司 2024 年第三次临时股东大会会议资料 杭州福斯特应用材料股份有限公司 2024 年第三次临时股东大会议程 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2024 年 9 月 10 日至2024 年 9 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][3]. Core Insights - The company is a global leader in photovoltaic (PV) encapsulant films, expected to sustain growth through market cycles. It has maintained a market share exceeding 50% for several years [2][3]. - The demand for PV encapsulant films is anticipated to grow steadily in the medium to long term, supported by a stable competitive landscape characterized by a few strong players [2][3]. - The company has a significant competitive advantage in the PV encapsulant film sector, with strong technical, scale, and cost advantages, allowing it to achieve profitability even during industry downturns [3][10]. Summary by Sections 1. Company Overview - Established in 2003, the company is the largest supplier of PV encapsulant films globally, offering a range of products including transparent EVA films, white EVA films, and POE films. It serves major clients such as JinkoSolar and Trina Solar, achieving over 50% market share in PV encapsulant films [8][10]. 2. Market Demand and Competitive Landscape - PV encapsulant films are critical materials for PV modules, with demand influenced by downstream PV installations and technological advancements. The market is expected to see a shift towards POE and EPE films due to increasing adoption of bifacial modules and N-type cells [21][22]. - The competitive landscape is stable, with significant differences in scale and profitability among companies. The company has successfully differentiated itself from smaller competitors through superior product performance and a comprehensive service system [3][10]. 3. Business Segments and Growth Potential - The company's PV encapsulant and backsheet businesses are well-positioned, with ongoing development in electronic materials and other new materials. The introduction of products like photosensitive dry films and aluminum-plastic films is expected to drive future growth [2][10]. - The company has a robust pipeline for new materials, including a focus on domestic production capabilities for key raw materials, which is expected to enhance its competitive position [10][24]. 4. Financial Projections and Valuation - The company reported a total revenue of 22.59 billion yuan in 2023, with a year-on-year growth of 19.66%. Net profit for the same period was 1.85 billion yuan, reflecting a growth of 17.21% [4][10]. - Future earnings per share (EPS) projections are 0.80 yuan for 2024, 1.08 yuan for 2025, and 1.33 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 18.32, 13.64, and 11.05 respectively [4][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [10]. Core Views - The company demonstrated stable performance in H1 2024, with revenue reaching 10.764 billion yuan, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 928 million yuan, up 4.95% year-on-year [1]. - The company continues to expand its overseas production capacity, with expectations for total capacity in Thailand and Vietnam to reach approximately 600 million square meters by 2025, which is anticipated to enhance profitability [1]. - The photovoltaic film shipments increased significantly, with H1 2024 shipments of approximately 1.389 billion square meters, a year-on-year growth of 43.61% [1]. Financial Performance Summary - **Revenue**: The company reported revenues of 18,877 million yuan in 2022, projected to grow to 34,186 million yuan by 2026, with a compound annual growth rate (CAGR) of 15.0% [1][6]. - **Net Profit**: The net profit attributable to shareholders is expected to rise from 1,579 million yuan in 2022 to 3,362 million yuan in 2026, reflecting a CAGR of 21.4% [1][6]. - **EPS**: The earnings per share (EPS) is projected to increase from 0.61 yuan in 2022 to 1.29 yuan in 2026 [1][6]. - **P/E Ratio**: The price-to-earnings (P/E) ratio is expected to decrease from 23.1 in 2022 to 10.8 by 2026, indicating improved valuation attractiveness [1][6]. Market Position and Strategy - The company holds a market share exceeding 50% in the photovoltaic film sector, solidifying its position as an industry leader [1]. - The report highlights the company's strong R&D capabilities and customer channel advantages, with notable clients in the electronics materials sector [1]. - The expansion into new materials and the increasing demand in the PCB industry due to AI advancements are expected to further drive growth [1].

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2024-069 | | --- | --- | --- | --- | | 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 关于使用部分暂时闲置募集资金进行现金管理的进展公告 二、截至本公告日，公司最近十二个月使用募集资金现金管理的情况 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。 金额：万元 | 序号 | 理财产品类型 | 实际投入金额 | 实际收回本金 | 实际收益 | 尚未收回 | | --- | --- | --- | --- | --- | --- | | | | | | | 本金金额 | | 1 | 券商理财产品 | 95,000 | 52,000 | 87.20 | 43,000 | | --- | --- | --- | --- | --- | --- | | 2 银行理财产品 | | 0.00 | 0.00 | 0.00 | 0.00 | | 合计 | | 95,000 | 52,0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains its leading position in the photovoltaic film market, with its material business continuing to grow [1][4] - In H1 2024, the company achieved operating revenue of 10.764 billion yuan, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 928 million yuan, up 4.95% from the same period last year [4][5] - The company's photovoltaic film sales volume reached 1.389 billion square meters, a year-on-year increase of 43.61%, while revenue from this segment was 9.879 billion yuan, up 3.79% [4][5] Financial Performance - The company reported a quarterly revenue of 5.321 billion yuan in Q1 and 5.442 billion yuan in Q2 of 2024 [4] - The electronic materials business also showed growth, with sales volume of photosensitive dry film reaching 7.4 million square meters, a year-on-year increase of 35.83%, and revenue of 275 million yuan, up 26.92% [4][5] - The aluminum-plastic film business is entering a sales ramp-up phase, with sales volume of 5.606 million square meters, a year-on-year increase of 35.54%, and revenue of 5.9 million yuan, up 26.52% [5] Future Outlook - The company is expected to achieve net profits of 1.942 billion yuan, 2.660 billion yuan, and 3.032 billion yuan for the years 2024, 2025, and 2026 respectively [6][7] - The current stock price corresponds to a price-to-earnings ratio (PE) of 19.72, 14.40, and 12.63 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [6][7]

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1]. Core Insights - The company reported a revenue of 10.76 billion yuan for the first half of 2024, a year-on-year increase of 1.4%, with a net profit attributable to shareholders of 930 million yuan, up 4.9% year-on-year [1]. - The photovoltaic film sector demonstrates strong cost control capabilities and significant overseas resource advantages, with sales volume reaching 138.91 million square meters, a growth of 43.61% year-on-year [1]. - The electronic materials business is entering a high-growth phase, with sales of photosensitive dry film increasing by 35.83% year-on-year, generating revenue of 275.37 million yuan, a rise of 26.92% [1]. - The company is experiencing a sales ramp-up in functional film materials, with aluminum-plastic film sales volume increasing by 35.54% year-on-year, contributing 58.90 million yuan in revenue, up 26.52% [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 10.76 billion yuan, a 1.4% increase from the previous year, and a net profit of 930 million yuan, reflecting a 4.9% growth [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.932 billion, 2.412 billion, and 2.899 billion yuan respectively, with corresponding EPS of 0.74, 0.92, and 1.11 yuan per share [1][3]. Market Position - The company has improved its global market share in the photovoltaic film sector, maintaining relatively stable profitability despite industry challenges [1]. - The electronic materials segment has established a customer base that includes well-known industry players, indicating strong market penetration [1]. Future Outlook - The report anticipates a decline in film prices, leading to a downward adjustment in profit forecasts, yet maintains a positive long-term growth outlook for the company [1]. - The company is expected to enhance its industry ranking through capacity expansion and customer development in the functional film materials segment [1].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights significant improvements in Q2 earnings, with a strong market position being reinforced [2][6] - The company achieved a revenue of 10.764 billion yuan in H1 2024, representing a year-on-year growth of 1.39%, and a net profit of 928 million yuan, up 4.95% year-on-year [6] - The report emphasizes the rapid growth in the shipment of photovoltaic films and photosensitive dry films, with photovoltaic film shipments increasing by 43.61% year-on-year [6] - The company has demonstrated stable profitability and improved gross margins despite a slowdown in the overall photovoltaic market [6] - Competitive advantages include self-manufactured equipment, strong customer resource barriers, and a global layout strategy [6] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 5.442 billion yuan, a year-on-year decrease of 4.57% but a quarter-on-quarter increase of 2.27%. The net profit for Q2 was 407 million yuan, down 21.79% year-on-year and 21.97% quarter-on-quarter [6] - The company’s gross margin improved by 1.43 percentage points year-on-year and 2.77 percentage points quarter-on-quarter [6] Market Position and Growth - The company has a strong market share and gross margin improvements in its main products, including films and backboards [6] - The report indicates that the electronic materials business is developing steadily, with aluminum-plastic film products entering a sales ramp-up phase [6] Profit Forecast - The forecast for net profit from 2024 to 2026 is 2.288 billion yuan, 2.785 billion yuan, and 3.393 billion yuan, respectively, with year-on-year growth rates of 23.7%, 21.7%, and 21.8% [7][8] - The company is expected to maintain a leading profitability in the photovoltaic film sector, with a reasonable valuation range of 19.36 to 21.12 yuan based on a PE ratio of 22-24 times for 2024 [7]