Investment Rating - The investment rating for the company is "Accumulate" [1][5] Core Views - The company is a leader in photovoltaic encapsulation materials, maintaining a market share of approximately 50% in the photovoltaic film auxiliary materials sector. It offers a range of products including UVB films, light conversion films, and high-reflective back sheets, aimed at providing cost-effective encapsulation solutions for new technologies such as TOPCon and HJT [8] - The company is actively exploring new solutions for space photovoltaic applications, leveraging its existing technology in UV cutoff and conversion, as well as its proprietary PI material technology, which may play a significant role in future space photovoltaic projects [8] Financial Summary - The company forecasts revenue growth from RMB 22,589 million in 2023 to RMB 27,672 million in 2027, with a notable increase of 26.4% in 2026 [7] - The projected net profit is expected to rise from RMB 1,850 million in 2023 to RMB 2,592 million in 2027, with a significant growth rate of 87.6% in 2026 [7] - The earnings per share (EPS) is projected to increase from RMB 0.71 in 2023 to RMB 0.99 in 2027, reflecting a growth rate of 34.3% in 2026 [7] - The company maintains a price-to-earnings (P/E) ratio forecast of 38.8 for 2025, decreasing to 15.4 by 2027, indicating a potential for valuation improvement [5][10] Market Performance - The company's stock has shown an absolute return of 9.7% year-to-date and a relative return of 7.4% compared to the Shanghai Composite Index [2] - The average trading volume over the past three months is RMB 370.03 million, with a total market capitalization of approximately RMB 39,965.88 million [2]

Company and Industry Summary Company: 福斯特 (Foster) Key Points - **Innovative Solutions for Gallium Arsenide**: The company is focused on providing various innovative solutions for gallium arsenide, which traditionally has a high price of 10,000 to 15,000 RMB/kg. Solutions include: - Modified silicone to reduce costs [1] - Attempting to use POE as a substitute for silicone to lower expenses [1] - Flexible substrates and other innovative approaches [1] - **Market Position in Photovoltaic Materials**: The company holds over 50% market share in photovoltaic silicon packaging solutions. This positions the company as a key supplier for both silicon and perovskite companies expanding into space photovoltaic applications [1][2] - **Comprehensive Packaging Solutions**: The company offers a full range of packaging solutions, including: - Adhesive films - Silicone - Butyl rubber - CPI - PET - Metal foils This comprehensive approach allows the company to cover all technical solutions for gallium arsenide, silicon, and perovskite [2] - **Market Potential Calculation**: - For gallium arsenide, assuming 10,000 satellites are launched annually, with a silicone price of 8,000 RMB/kg and a usage of 600g per square meter (100 square meters per satellite), the market potential is estimated at 5 billion RMB. With a 30% market share, the corresponding revenue would be 1.5 billion RMB [3] - For silicon/perovskite, with the same satellite launch assumption, using CPI at 5,000 RMB per square meter and 100 square meters per satellite, the market potential is also 5 billion RMB. With a 50% market share, the revenue would be 2.5 billion RMB [3] - A net profit margin of 20% would yield a profit of 800 million RMB, leading to a market space valuation of 32 billion RMB at a 40x multiple [3] - **Growth Opportunities with Overseas Clients**: The company has established stable supply to key overseas clients, indicating a solid foundation for collaboration and potential for further market expansion in space applications [2] - **Overall Market Valuation Target**: The company aims for a target market valuation of 80 billion RMB, driven by growth in electronic materials and an increase in both volume and pricing [3]

Group 1 - Foster's stock price increased by 5.16% on January 20, reaching 16.11 CNY per share, with a trading volume of 243 million CNY and a turnover rate of 0.59%, resulting in a total market capitalization of 42.027 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 9.59% during this period [1] - Foster's main business includes the research, production, and sales of solar cell encapsulants, polyamide mesh hot melt adhesives, and solar cell backsheets, with revenue composition: photovoltaic encapsulants 90.65%, photosensitive dry film 4.08%, photovoltaic backsheets 2.20%, and others [1] Group 2 - According to data, one of the top ten circulating shareholders of Foster is a fund under GF Fund, which reduced its holdings by 1.9399 million shares in the third quarter, holding a total of 18.6697 million shares, accounting for 0.72% of circulating shares [2] - The fund, GF High-end Manufacturing Stock A (004997), has a current scale of 4.424 billion CNY and has achieved a year-to-date return of 2.82% [2] - The fund manager, Zheng Chengran, has been in position for 5 years and 247 days, with the best fund return during his tenure being 76.26% [2]

Core Insights - The photovoltaic equipment sector experienced a 0.55% increase on January 19, with Yichin Optoelectronics leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - Yichin Optoelectronics (600537) closed at 3.07, up 10.04%, with a trading volume of 2.8972 million shares and a transaction value of 828 million [1] - Maiwei Co., Ltd. (300751) closed at 257.60, up 8.24%, with a trading volume of 180,900 shares and a transaction value of 4.604 billion [1] - Foster (603806) closed at 15.32, up 7.36%, with a trading volume of 910,500 shares and a transaction value of 1.374 billion [1] - Other notable performers include Airo Energy (688717) up 6.98%, Shuangliang Energy (600481) up 6.76%, and Bansheng Technology (300051) up 6.22% [1] Capital Flow - The photovoltaic equipment sector saw a net inflow of 904 million from main funds, while retail investors experienced a net outflow of 573 million [2] - The main funds' net inflow for Sunshine Power (300274) was 598 million, while retail investors had a net outflow of 347 million [3] - Maiwei Co., Ltd. (300751) had a main fund net inflow of 425 million, but retail investors saw a net outflow of 414 million [3] - Foster (603806) recorded a main fund net inflow of 234 million, with retail investors experiencing a net outflow of 186 million [3]

Group 1 - The core viewpoint of the article highlights that Foster has responded to investor inquiries regarding the unique requirements of encapsulation materials for perovskite batteries, emphasizing the suitability of their mass-produced products, POE film and butyl rubber, for the encapsulation and protection of these batteries [1] Group 2 - The company indicates that perovskite batteries have specific performance requirements for encapsulation materials, which are addressed by their products [1] - The mass production of POE film and butyl rubber is particularly relevant for the encapsulation and protection needs of perovskite batteries [1]

Group 1 - The company Foster focuses its business primarily on the new energy and electronics sectors [2] - In the new energy sector, lithium battery materials are utilized for solid-state battery packaging, which can provide energy for humanoid robots [2] - In the electronics sector, electronic materials are used in the production of AI computing hardware PCBs, supporting the intelligence of humanoid robots [2]

Group 1 - The company aims to become a platform-type materials enterprise, focusing on the electronic circuit field [1] - Current products in the electronic materials sector include photosensitive dry film, FCCL, and photosensitive cover film [1] - The company plans to increase R&D investment to expand its offerings in the electronic materials field [1]

Group 1 - The core point of the article is that Foster announced the repayment of idle raised funds amounting to RMB 465 million by January 14, 2026 [2]

| 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2026-004 | | --- | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 | 转债 | | 关于归还临时补充流动资金的募集资金的公告 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： 截至 2026 年 1 月 14 日，公司已累计归还临时补充流动资金的闲置募 集资金人民币 46,500 万元。 一、募集资金临时补充流动资金情况 杭州福斯特应用材料股份有限公司（以下简称"公司"）于2025年3月20日 召开第六届董事会第五次会议，审议通过了《关于归还募集资金及继续使用募集 资金临时补充流动资金的议案》，同意公司将"福22转债"暂时闲置募集资金中 的不超过人民币100,000万元临时用于补充公司流动资金，使用期限自董事会审 议通过之日起不超过12个月。监事会、保荐机构分别发表了明确同意的意见。具 体内容请详见公司于2025年3月21日在上海证券交易所网站披露的《福斯特：关 于归 ...

Core Viewpoint - The company has approved the temporary use of up to 1 billion yuan from the "F22 Convertible Bonds" for liquidity support, with a usage period until March 19, 2026 [1] Summary by Sections - The company has repaid 265 million yuan of the temporarily used funds back to the designated account ahead of schedule as of January 14, 2026 [1] - A total of 465 million yuan has been repaid to date, with 410 million yuan still outstanding [1] - The company plans to repay all remaining funds before the due date and will disclose relevant information [1]