First(SH:603806) Mei Ri Jing Ji Xin Wen·2025-04-30 16:04Core Viewpoint - Foster, a leading photovoltaic film manufacturer, held its 2024 annual shareholder meeting, discussing the current state and future prospects of the photovoltaic industry, highlighting both opportunities and challenges in the market [1][4]. Group 1: Financial Performance - In 2023, Foster reported a revenue of 19.147 billion yuan, a year-on-year decrease of 15.23%, and a net profit of 1.308 billion yuan, down 29.33% [8]. - The decline in revenue was attributed to a significant increase in sales volume of photovoltaic films, but a decrease in sales prices due to market conditions led to lower overall revenue [8]. - For 2024, the sales volume of photovoltaic films reached 2.811 billion square meters, an increase of 24.98%, while revenue from this segment was 17.504 billion yuan, a decrease of 14.54% [8]. Group 2: Market Dynamics - The photovoltaic industry is experiencing a wave of installation driven by the marketization of electricity prices, although the impact on Foster is limited due to the company's strong order sustainability [9]. - The company holds a domestic market share of approximately 50% and an overseas market share of 50%, indicating a balanced exposure to both markets [9]. - The "reciprocal tariff" imposed by the U.S. is expected to have limited impact on the domestic photovoltaic industry, as it may create opportunities for the company to capture a larger market share [9]. Group 3: Product Segmentation and Growth - Foster's electronic materials business, which includes photosensitive dry film, FCCL, and photosensitive cover film, is seen as a second growth curve for the company [10][14]. - The sales volume of photosensitive dry film reached 159 million square meters in 2024, a year-on-year increase of 37.97%, with revenue of 593 million yuan, up 30.72% [11]. - The company aims to increase its market share of photosensitive dry film from 10% to 20%-30%, with a total market potential exceeding 20 billion yuan for its electronic materials segment [14].