福斯特：龙头本色，强者恒强

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company achieved a revenue of 22.589 billion yuan in 2023, representing a year-on-year growth of 19.66%. The net profit attributable to shareholders was 1.850 billion yuan, up 17.20% year-on-year [5]. - The company's photovoltaic materials business demonstrates strong competitive advantages, with significant growth in sales volume and stable profitability. In 2023, the sales volume of photovoltaic films reached 2.249 billion square meters, a year-on-year increase of 70.22%, generating revenue of 20.481 billion yuan, up 21.53% [5]. - The company is expanding its overseas production capacity for photovoltaic backsheets, which ranked second globally in sales volume in 2023, with a sales volume of 151 million square meters, a year-on-year increase of 22.7% [5]. - The electronic materials business is steadily developing, with a sales volume of 11.5 million square meters of photosensitive dry film, a year-on-year increase of 4.52%, despite a decline in revenue [5]. - The company’s functional film products are entering a rapid growth phase, with aluminum-plastic film sales increasing by 67.82% year-on-year [6]. - The company is expected to achieve net profits of 2.646 billion yuan, 3.141 billion yuan, and 3.665 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19X, 16X, and 14X [5]. Financial Summary - In 2023, the company reported total revenue of 22.589 billion yuan and a net profit of 1.850 billion yuan [8]. - The projected revenue for 2024 is 27.019 billion yuan, with a net profit forecast of 2.646 billion yuan [8]. - The company’s gross margin is expected to be around 15.5% in 2024, with a net profit margin of 9.8% [8].