证券研究报告 | 2024年04月15日 福斯特（603806.SH） 增持 胶膜龙头地位稳固，单平净利有望企稳 核心观点 公司研究·财报点评 公司2023年实现归母净利润18.5亿元，同比增长17%。2023年公司实现营 电力设备·光伏设备 业收入225.9亿元，同比增长20%；归母净利润18.5亿元，同比增长17%。 证券分析师：王蔚祺 证券分析师：陈抒扬 对应23Q4实现营业收入59.4亿元，同比增长11%，环比下滑2%；归母净利 010-88005313 0755-81982965 wangweiqi2@guosen.com.cnchenshuyang@guosen.com.cn 润4.2亿元，同比增长828%，环比下滑23%。 S0980520080003 S0980523010001 2023年胶膜价格同比下滑，单平净利走低。2023年公司光伏胶膜单平不含 基础数据 税售价9.1元，同比下滑3.7元；单平成本7.8元，同比下滑3元；单平毛 投资评级 增持(维持) 合理估值 利1.3元，同比下滑0.7元；单平净利0.8元，同比下滑0.4元。对应23Q4 收盘价 25.62元 单平净利0.6元，同比增 ...

证券研究报告：电力设备 | 公司点评报告 2024年4月14日 股票投资评级 福斯特(603806) 增持|维持 胶膜龙头地位稳固，积极拓展电子材料业务 个股表现 ⚫ 投资要点 事件：福斯特发布2023年年报，实现营收225.89亿元（+20%）、 福斯特 电力设备 1% 归母净利18.50亿元（+17%），毛利率、净利率分别为14.64%、8.19%， -4% 同比下降0.98、0.18pcts，盈利能力总体保持稳定。其中Q4单季度 -9% -14% 实现营收 59.39 亿、归母净利 4.19 亿，营收基本同环比持平，业绩 -19% 同比高增，环比由于费用、减值集中计提等原因有所回落，但从经营 -24% -29% 端角度看，23Q4毛利率相较23Q3提升3.15pcts，实现修复。 -34% 胶膜板块：2023年实现营收204.81亿元（+22%），发货量同比增 -39% -44% 长70%至22.5亿平，毛利率同比下降0.98pcts至14.60%。公司持续 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 巩固胶膜龙头地位，实现市占率的进一步提升，同时相较 ...

华福证券 光伏辅材 2024年04月12日 公 司 福斯特（ ） 603806.SH 买入（维持评级） 研 究 Q4 业绩符合预期，胶膜龙头地位稳固 当前价格： 25.62元 目标价格： 34.75元 投资要点： 基本数据  业绩点评 总股本/流通股本(百万股) 1,864.17/1,864.17 流通A股市值(百万元) 47,759.91 公司发布23年年报，全年实现营收225.9亿元，同比+19.7%；归 每股净资产(元) 8.08 资产负债率(%) 27.65 母净利润18.5亿元，同比+17.2%；扣非归母净利润17.1亿元，同比 一年内最高/最低价(元) 54.00/20.03 +18.6%；其中Q4实现营收59.4亿元，同比+11.4%；归母净利4.2亿 一年内股价相对走势 元，同比+827.9%；扣非归母净利3.7亿元。剔除减值损失和合伙人专 公 项资金计提影响，公司23Q4业绩符合预期。 司  胶膜业务保持绝对优势，龙头地位继续巩固 财 报 公司23年胶膜出货22.49亿平（同比+70.2%），其中Q4出货约 点 6.5亿平（环比+4.2%），我们测算单平净利约6毛+（若剔除Q4研发 评 ...

2024年4月14日 公司研究 胶膜龙头地位稳固&背板业务持续突破，海外制造产能稳步扩张 ——福斯特（603806.SH）2023 年年报点评 要点 买入（维持） 事件：公司发布 2023 年年报，2023 年实现营业收入 225.89 亿元，同比增长 当 前价：25.62元 19.66%，实现归母净利润18.50亿，同比增长17.20%；2023Q4实现营业收入 59.39亿元，同比增长11.40%，实现归母净利润4.19亿元，同比增长827.92%， 作者 环比减少23.26%。拟每股派发现金红利0.26元（含税）并转增0.4股。 分析师：殷中枢 2023年各项业务出货量稳中有升，胶膜盈利阶段性承压。2023年公司各项业务 执业证书编号：S0930518040004 出货量稳中有增：（1）光伏胶膜出货同比高增70.22%至22.49亿平，ASP（含 010-58452071 yinzs@ebscn.com 税）同比下降 28.60%至 10.29 元/平米，毛利率同比小幅减少 0.98 个 pct 至 14.60%。（2）光伏背板出货同比增长22.70%至1.51亿平，ASP（含税）同比 分析师：郝骞 下 ...

福斯特（603806.SH）2023年年报点评 胶膜龙头业绩稳健，竞争优势明显 2024年04月12日 ➢ 事件：2024年4月11日，公司发布2023年年度报告。2023年公司实现 推荐 维持评级 收入225.89亿元，同比+19.66%；实现归母净利18.50亿元，同比+17.20%； 当前价格： 25.90元 实现扣非净利17.13亿元，同比+18.64%。 23Q4 公司实现收入 59.39 亿元，同比+11.40%，环比-1.57%；实现归母净利 4.19 亿元，同比+827.92%，环比-23.26%；实现扣非净利 3.75 亿元，同比 [Table_Author] +2289206.27%，环比-27.25%。 ➢ 胶膜龙头业绩稳健，海外扩产增强竞争力。2023 年公司实现光伏胶膜销售 22.49 亿平米，同比增长 70.22%，实现营业收入 204.81 亿元，同比增长 21.53%。2023 年胶膜业务毛利率 14.60%，同比减少 0.98pct。2023 年胶膜 价格整体处于低位，且原材料 EVA 粒子价格波动导致部分月份库存成本和胶膜 价格错配影响盈利水平，但公司作为光伏胶膜龙头，连续 ...

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 ...