Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company faces short-term performance pressure due to declining photovoltaic glass prices, with a 13.20% year-on-year decrease in revenue to 18.683 billion yuan and a 63.52% drop in net profit to 1.007 billion yuan in 2024 [5] - Despite the challenges, the company's leading position in the photovoltaic glass industry remains solid, with a market share exceeding 50% when combined with a competitor [6] - The company is expected to see gradual improvement in profitability starting in 2025, with projected revenues of 21.067 billion yuan and earnings per share (EPS) of 0.74 yuan [7] Summary by Sections Financial Performance - In 2024, the company's core product revenue from photovoltaic glass was 16.816 billion yuan, down 14.54% year-on-year, leading to a gross margin of 15.50%, a decrease of 6.30 percentage points [5] - The company sold approximately 1.265 billion square meters of photovoltaic glass in 2024, a 3.70% increase year-on-year [5] Market Position - The company has a total production capacity of 19,400 tons per day as of the end of 2024, with plans to expand operations in Indonesia [6] - Revenue from the North American market reached 1.114 billion yuan in 2024, a significant increase of 231.64% year-on-year, indicating enhanced international influence [6] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 21.067 billion yuan, 23.854 billion yuan, and 26.479 billion yuan, respectively, with corresponding EPS of 0.74 yuan, 1.08 yuan, and 1.31 yuan [7][9]

2025 年 03 月 30 日 业绩短期承压，光伏玻璃龙头地位稳固 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | 买入(维持) 事件 | 基本数据 | 2025-03-28 | | --- | --- | | 当前股价（元） | 18.58 | | 总市值（亿元） | 435 | | 总股本（百万股） | 2343 | | 流通股本（百万股） | 1900 | | 52 周价格范围（元） | 14.82-29.99 | | 日均成交额（百万元） | 439.61 | 福莱特发布 2024 年年度报告，2024 年公司实现营业收入 186.83 亿元，同比下降 13.20%；实现归母净利润 10.07 亿 元，同比下降 63.52%。 投资要点 ▌光伏玻璃价格下降，带来短期业绩压力 2024 年公司实现营业收入 186.83 亿元，同比下降 13.20%； 实现归母净利润 10.07 亿元，同比下降 63.52% ...