法拉电子（600563）：公司信息更新报告：薄膜电容龙头业绩稳增，特高压有望打开新增长空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a revenue of 5.327 billion yuan in 2025, representing a year-on-year increase of 11.64%. The net profit attributable to shareholders was 1.192 billion yuan, up 14.72% year-on-year. The gross profit margin was 32.12%, a decrease of 1.26 percentage points [3][4] - The company is positioned as a leader in the global film capacitor market, with a comprehensive product supply capability and a focus on emerging application markets such as new energy vehicles and data centers [4][5] - The company has successfully developed dry-type DC capacitors, addressing key technical challenges and achieving significant milestones in domestic projects [5] Financial Summary - In 2026, the company is expected to achieve a net profit of 1.303 billion yuan, with a corresponding P/E ratio of 22.9 times. The projected net profits for 2027 and 2028 are 1.616 billion yuan and 1.822 billion yuan, respectively, with P/E ratios of 18.4 and 16.4 times [6][8] - The revenue forecast for 2026 is 6.204 billion yuan, with a year-on-year growth of 30%. The gross margin is expected to be 31.7% [6][9] - The company maintains a strong return on equity (ROE) of 21.1% in 2026, with a projected decline to 20.9% by 2028 [8][9]