民生证券：给予福斯特买入评级

Core Viewpoint - Foster's profitability in the photovoltaic film segment is under pressure, but its competitive advantages may help it navigate through the cycle smoothly [1][2]. Financial Performance - In H1 2025, the company reported revenue of 7.959 billion yuan, a year-on-year decrease of 26.06%, and a net profit of 496 million yuan, down 46.60% year-on-year [1]. - In Q2 2025, revenue was 4.334 billion yuan, a decrease of 20.36% year-on-year but an increase of 19.58% quarter-on-quarter; net profit was 95 million yuan, down 76.75% year-on-year and 76.41% quarter-on-quarter [1]. Photovoltaic Film Segment - In H1 2025, the company sold 1.386 billion square meters of photovoltaic film, maintaining sales volume year-on-year, but revenue fell to 7.215 billion yuan, a decrease of 26.97% [2]. - The sales volume of photovoltaic backsheet was 33.6994 million square meters, down 50.28% year-on-year, with revenue of 175 million yuan, a decline of 57.78% [2]. - The company aims to enhance R&D investment and expand overseas production capacity to meet high demand in emerging markets [2]. Electronic Materials Segment - The electronic materials division saw significant growth, with sales of photosensitive dry film reaching 89.5948 million square meters, up 21.62% year-on-year, generating revenue of 325 million yuan, an increase of 17.93% [3]. - The aluminum-plastic film sales volume was 6.6584 million square meters, up 18.77% year-on-year, with revenue of 64.4174 million yuan, a growth of 9.37% [3]. Investment Outlook - Revenue projections for 2025-2027 are 17.585 billion yuan, 20.152 billion yuan, and 23.163 billion yuan, with corresponding growth rates of -8.2%, 14.6%, and 14.9% [4]. - Net profit forecasts for the same period are 1.323 billion yuan, 1.836 billion yuan, and 2.339 billion yuan, with growth rates of 1.2%, 38.8%, and 27.4% [4]. - The company is positioned as a leading player in the photovoltaic film market, expected to navigate the industry cycle effectively [4].