电子材料业务

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福斯特(603806):公司调研更新报告:光伏胶膜业务短期承压,电子材料业务加速布局
GUOTAI HAITONG SECURITIES· 2025-08-07 08:37
Investment Rating - The investment rating for the company is "Buy" [6][19]. Core Views - The company is currently facing short-term performance pressure due to a downturn in the photovoltaic industry, but its electronic materials and functional film businesses are growing rapidly, creating a second growth curve with clear long-term growth momentum [2]. Financial Summary - Total revenue for 2023 is projected at 22,589 million, with a year-on-year growth of 19.7%. However, a decline of 15.2% is expected in 2024, followed by a recovery with growth rates of 10.1%, 10.6%, and 12.9% in the subsequent years [4]. - Net profit attributable to the parent company is forecasted to be 1,850 million in 2023, with a decrease of 29.3% expected in 2024, before rebounding to 1,691 million in 2025, and reaching 2,890 million by 2027 [4]. - Earnings per share (EPS) is estimated to be 0.71 in 2023, dropping to 0.50 in 2024, and then increasing to 1.11 by 2027 [4]. - The return on equity (ROE) is projected to decline to 8.0% in 2024, before recovering to 14.7% by 2027 [4]. Target Price - The target price for the company is set at 17.00 yuan, based on a price-to-earnings (PE) ratio of 25 times the estimated EPS for 2025 [12]. Business Growth Drivers - The company has established itself as a leader in the domestic photosensitive dry film market, with significant sales growth expected in 2024, projected to reach 15,933.90 million square meters, a year-on-year increase of 37.97% [12]. - The functional film materials business, including aluminum-plastic films and RO support films, is also expected to accelerate growth, driven by increasing demand in the new energy vehicle and water resource treatment markets [12].
福斯特:胶膜盈利优势稳固,新材料持续放量-20250427
SINOLINK SECURITIES· 2025-04-27 01:23
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported Q1 2025 revenue of 3.62 billion yuan, a year-on-year decrease of 32% and a quarter-on-quarter decrease of 9%, with a net profit attributable to shareholders of 401 million yuan, down 23% year-on-year but up 710% quarter-on-quarter, exceeding expectations [2]. - The increase in film prices has led to a recovery in profitability, showcasing the company's leading position in the industry despite challenges. The company shipped 630 million square meters of photovoltaic film in Q1, a 9% year-on-year decline, primarily due to weaker component production. However, price increases in December 2024 and March 2025 have improved the gross margin to 13.10%, a 1.48 percentage point increase quarter-on-quarter [3]. - The company's overseas production capacity is set to expand significantly, with the second phase in Thailand expected to add 250 million square meters, bringing total overseas capacity to 600 million square meters. This expansion is anticipated to enhance profitability and solidify the company's leading position as competitors face losses [3]. - The electronic materials business is experiencing rapid growth, with the introduction of photosensitive dry film products to major global electronic circuit companies. The recovery and transformation of the electronic circuit industry are expected to drive significant growth in this segment [4]. - The company has prudently accounted for credit impairment provisions, which positively impacted net profit by 108 million yuan in Q1 due to a combination of reversals and provisions [4]. Financial Projections - The company's net profit forecasts for 2025-2027 have been adjusted to 1.74 billion, 2.02 billion, and 2.36 billion yuan, respectively. The current stock price corresponds to price-to-earnings ratios of 18, 16, and 13 times for these years, reflecting a strong competitive position and growth potential in the electronic materials sector [5][9].