福斯特：市占率+毛利率双提升，彰显胶膜龙头实力

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]