光伏背板

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福斯特跌2.06%,成交额1.31亿元,主力资金净流出695.63万元
Xin Lang Cai Jing· 2025-09-23 02:35
Group 1 - The core business of Foster includes the research, production, and sales of solar cell encapsulants, copolyamide mesh hot melt adhesives, and solar cell backsheets, with the main revenue sources being photovoltaic encapsulants (90.65%), photosensitive dry films (4.08%), and photovoltaic backsheets (2.20%) [2] - As of June 30, 2025, Foster reported a revenue of 7.959 billion yuan, a year-on-year decrease of 26.06%, and a net profit attributable to shareholders of 496 million yuan, down 46.60% year-on-year [2] - Since its A-share listing, Foster has distributed a total of 3.669 billion yuan in dividends, with 1.361 billion yuan distributed over the past three years [3] Group 2 - As of June 30, 2025, the number of shareholders in Foster was 71,700, a decrease of 0.28% from the previous period, with an average of 36,370 circulating shares per person, an increase of 0.28% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 95.8434 million shares, an increase of 21.0567 million shares from the previous period [3] - The stock price of Foster has increased by 4.54% year-to-date, but has decreased by 6.81% over the last five trading days [1]
福斯特(603806):Q2胶膜业务底部企稳,电子材料表现亮眼
Changjiang Securities· 2025-09-14 14:43
Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 7.959 billion yuan for the first half of 2025, a year-on-year decrease of 26.06%, with a net profit attributable to shareholders of 496 million yuan, down 46.6% year-on-year. In Q2 2025, revenue was 4.334 billion yuan, a year-on-year decrease of 20.36%, but a quarter-on-quarter increase of 19.58%. The net profit for Q2 was 95 million yuan, down 76.75% year-on-year and down 76.41% quarter-on-quarter. The net profit for the first half of the year was better than the performance forecast [2][5] Summary by Sections Business Performance - In the first half of 2025, the sales volume of film products was nearly 1.4 billion square meters, remaining stable year-on-year, with a gross margin of 11%, down 5 percentage points year-on-year due to a decline in film prices compared to last year. In Q2, both sales volume and gross margin are expected to increase quarter-on-quarter, although the gross margin is expected to decline due to a drop in film prices after the domestic rush to install [11] - The sales volume of photosensitive dry film in the first half of 2025 was nearly 90 million square meters, a year-on-year increase of 22%, with corresponding revenue growth of 18% and a gross margin of 25%, remaining stable year-on-year. In Q2, both sales volume and profitability are expected to grow [11] - The sales volume of aluminum-plastic film in the first half of 2025 was 6.66 million square meters, a year-on-year increase of 19%. The company is focusing on the aluminum-plastic film business as part of its functional film materials division. The sales volume of photovoltaic backsheet was 33.7 million square meters, down about 50% year-on-year due to an increase in the proportion of double-glass components, leading to a decrease in demand for backsheets [11] Financial Indicators - As of the end of Q2, the company's asset-liability ratio was 21%, maintaining an excellent level in the industry. The cash and cash equivalents plus trading financial assets were nearly 6 billion yuan, indicating ample cash reserves. The net cash flow from operating activities for the first half of the year was approximately -900 million yuan, mainly due to a timing difference between sales revenue and actual cash receipts [11] - The company expects an increase in film shipments in the second half of the year, with overseas production capacity gradually contributing to revenue. The profitability of film products is expected to recover, and the photosensitive dry film business is anticipated to benefit from the acceleration of AI applications [11] Future Outlook - The company forecasts a net profit attributable to shareholders of 2.3 billion yuan for 2026, corresponding to a price-to-earnings ratio of 18 times, maintaining the "Buy" rating [11]
套现4.69亿元!福斯特股东同德实业清仓离场,上半年净利同比"腰斩"
Shen Zhen Shang Bao· 2025-09-11 04:39
截至11日发稿时间,福斯特涨5.40%报16.59元/股,总市值432.8亿元。 今年上半年,福斯特净利同比"腰斩",是公司自2021年以来较差半年度业绩。上半年,公司实现营收 75.59亿元,同比降26.06%;归母净利润4.96亿元,同比降46.60%。 福斯特解释称,营收下降系本期光伏胶膜销售量基本持平,但销售价格因市场影响而下降,导致光伏胶 膜本期营业收入较上年同期下降;本期光伏背板销售量下降,叠加销售价格下降,营收有较大幅度下 降;感光干膜和铝塑膜产品本期销售量和营收均有不同程度增长。归母净利润和归母扣非净利润同比下 降主要系本期光伏产品销售规模下降盈利减少所致。 8月5日,福斯特披露《股东减持股份计划》公告称,同德实业自减持计划公告之日起三个交易日后的3 个月内通过集中竞价交易或者大宗交易方式减持不超过32523614股公司股份,约占公司总股本的 1.25%。减持价格按照市场价格,若减持期间内公司有资本公积转增股本、增发、配股等除权事项,减 持股份数将相应进行调整。上述减持公告发布次日(8月6日),福斯特股价开盘跌超5%。 资料显示,福斯特是国产感光干膜龙头企业,已覆盖深南电路、鹏鼎控股、TTM迅 ...
民生证券:给予福斯特买入评级
Zheng Quan Zhi Xing· 2025-08-30 15:09
Core Viewpoint - Foster's profitability in the photovoltaic film segment is under pressure, but its competitive advantages may help it navigate through the cycle smoothly [1][2]. Financial Performance - In H1 2025, the company reported revenue of 7.959 billion yuan, a year-on-year decrease of 26.06%, and a net profit of 496 million yuan, down 46.60% year-on-year [1]. - In Q2 2025, revenue was 4.334 billion yuan, a decrease of 20.36% year-on-year but an increase of 19.58% quarter-on-quarter; net profit was 95 million yuan, down 76.75% year-on-year and 76.41% quarter-on-quarter [1]. Photovoltaic Film Segment - In H1 2025, the company sold 1.386 billion square meters of photovoltaic film, maintaining sales volume year-on-year, but revenue fell to 7.215 billion yuan, a decrease of 26.97% [2]. - The sales volume of photovoltaic backsheet was 33.6994 million square meters, down 50.28% year-on-year, with revenue of 175 million yuan, a decline of 57.78% [2]. - The company aims to enhance R&D investment and expand overseas production capacity to meet high demand in emerging markets [2]. Electronic Materials Segment - The electronic materials division saw significant growth, with sales of photosensitive dry film reaching 89.5948 million square meters, up 21.62% year-on-year, generating revenue of 325 million yuan, an increase of 17.93% [3]. - The aluminum-plastic film sales volume was 6.6584 million square meters, up 18.77% year-on-year, with revenue of 64.4174 million yuan, a growth of 9.37% [3]. Investment Outlook - Revenue projections for 2025-2027 are 17.585 billion yuan, 20.152 billion yuan, and 23.163 billion yuan, with corresponding growth rates of -8.2%, 14.6%, and 14.9% [4]. - Net profit forecasts for the same period are 1.323 billion yuan, 1.836 billion yuan, and 2.339 billion yuan, with growth rates of 1.2%, 38.8%, and 27.4% [4]. - The company is positioned as a leading player in the photovoltaic film market, expected to navigate the industry cycle effectively [4].
福斯特2025年中报简析:净利润同比下降46.6%,公司应收账款体量较大
Zheng Quan Zhi Xing· 2025-08-27 22:56
Core Viewpoint - Foster (603806) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in its operational performance and market conditions [1] Financial Performance Summary - Total revenue for the first half of 2025 was 7.959 billion yuan, a decrease of 26.06% year-on-year [1] - Net profit attributable to shareholders was 496 million yuan, down 46.6% compared to the previous year [1] - In Q2 2025, total revenue was 4.334 billion yuan, reflecting a year-on-year decline of 20.36% [1] - Q2 net profit attributable to shareholders was 94.628 million yuan, a significant drop of 76.75% year-on-year [1] - Gross margin decreased to 12.15%, down 27.15% year-on-year, while net margin fell to 6.08%, a decline of 29.49% [1] - Total operating expenses (selling, administrative, and financial) amounted to 182 million yuan, representing 2.28% of revenue, an increase of 47.85% year-on-year [1] Balance Sheet Highlights - Accounts receivable reached 4.471 billion yuan, a decrease of 12.30% year-on-year, but accounted for 341.91% of the latest annual net profit [1][12] - Cash and cash equivalents decreased by 29.02%, primarily due to net cash outflows from operating activities [3] - Interest-bearing debt was 3.091 billion yuan, down 20.07% year-on-year [1] Cash Flow Analysis - Operating cash flow per share was -0.34 yuan, a drastic decline of 198.23% year-on-year, indicating cash collection issues [1][7] - Investment activities generated a net cash inflow that increased by 72.31%, attributed to higher redemptions of investment products [8] - Financing activities saw a net cash outflow decrease of 92.08%, due to reduced borrowing [9] Market and Operational Insights - The decline in revenue was attributed to lower sales prices in the photovoltaic film market and a decrease in sales volume of photovoltaic backplanes [4] - The company experienced a 22.04% reduction in operating costs, mainly due to lower procurement prices for key raw materials [4] - The company's return on invested capital (ROIC) was reported at 6.33%, indicating average capital returns [10] Fund Holdings Overview - The largest fund holding Foster is the GF High-end Manufacturing Stock A, with a current scale of 4.464 billion yuan [13] - The fund's latest net value decreased by 2.36% as of August 27, with a year-on-year increase of 10.68% [13]
中来股份2025半年报:营收增长稳健,亏损大幅收窄超40%
Xin Lang Cai Jing· 2025-08-23 03:04
Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards quality and efficiency, with companies like Zhonglai Co., Ltd. focusing on reducing losses and enhancing technological capabilities amidst a complex external environment [1] Financial Performance - Zhonglai Co., Ltd. reported a revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the previous year [1] - The company's net profit after deducting non-recurring items was approximately -190 million yuan, reflecting a 43.45% reduction in losses year-on-year [1] Technological Advancements - Zhonglai Co., Ltd. is one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company achieved a laboratory research conversion efficiency of 26.99% for its 210-size TOPCon cells, with an average mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of its modules is 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6%, placing it among the industry's leaders [3] Product Development - Zhonglai Co., Ltd. has launched differentiated products in its backplane business, including FFC backplanes and transparent grid backplanes, enhancing insulation performance and reliability in extreme environments [2] - The company introduced a new N-type all-glass encapsulation solution that significantly improves module performance and production efficiency, achieving certifications for its robust characteristics [3] Market Position and Projects - The company successfully supported the integration of a 370,000 kW photovoltaic project in Xinjiang, showcasing its N-type high-efficiency modules and system design capabilities [4] - Zhonglai Co., Ltd. signed a contract for a 100 MW ecological solar energy demonstration project in Chongqing, further validating its components' adaptability in large ground power stations [4] Business Growth - The photovoltaic application business of Zhonglai Co., Ltd. saw a remarkable revenue growth of 56.86% year-on-year, primarily driven by its household distributed business [5] - The company has developed a complete business model for household distributed solar power, covering over 28 provinces and managing more than 230,000 household solar power stations [5] Industry Outlook - The photovoltaic industry is expected to enter a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development favoring leading companies with technological barriers [6] - Zhonglai Co., Ltd.'s technological accumulation and market expansion advantages are anticipated to become more pronounced, supported by collaboration with its major shareholder, Zhejiang Energy [6]
中来股份股价微涨0.80% 半年报减亏成效显现
Jin Rong Jie· 2025-08-22 16:46
Core Viewpoint - Zhonglai Co., Ltd. has shown resilience in the photovoltaic sector, with a notable increase in revenue and a significant reduction in net loss, indicating potential for recovery and growth in a competitive market [1] Financial Performance - For the first half of 2025, Zhonglai Co., Ltd. reported operating revenue of 3.304 billion yuan, representing a year-on-year growth of 7.25% [1] - The company recorded a net loss attributable to shareholders of 169 million yuan, which is a 44.83% reduction in loss compared to the previous year [1] Business Development - Zhonglai Co., Ltd. has achieved significant advancements in technology, with TOPCon battery laboratory efficiency reaching 26.99% and mass production efficiency exceeding 27% [1] - The company recently won a 280 million yuan bid for a household photovoltaic operation and maintenance project and is involved in the construction of the Shage Desert Photovoltaic Power Station in Xinjiang, indicating steady business expansion [1] Market Activity - As of August 22, 2025, Zhonglai Co., Ltd.'s stock price was 6.30 yuan, up 0.80% from the previous trading day, with a trading volume of 1.23 billion yuan [1] - On the same day, the net inflow of main funds was 4.0007 million yuan, while there was a net outflow of 6.3137 million yuan over the past five days [1]
锚定“质量效益” 中来股份半年报减亏增效成果显著
Zheng Quan Shi Bao Wang· 2025-08-22 14:29
Core Viewpoint - The photovoltaic industry is undergoing a significant adjustment towards quality and efficiency, with companies like Zhonglai Co., Ltd. focusing on reducing losses and enhancing technological capabilities amidst a complex external environment [1] Group 1: Financial Performance - Zhonglai Co., Ltd. reported a revenue of approximately 3.3 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was approximately -169 million yuan, a reduction in losses by 44.83% compared to the previous year [1] - The company's non-recurring net profit was approximately -190 million yuan, reflecting a 43.45% reduction in losses year-on-year [1] Group 2: Technological Advancements - Zhonglai Co., Ltd. is one of the earliest companies in China to achieve GW-level mass production of N-type TOPCon technology, continuously enhancing its "technology + market" dual-drive strategy [1] - The company achieved a laboratory research conversion efficiency of 26.99% for its 210-size TOPCon cells, with an average mass production testing efficiency exceeding 27% [3] - The average conversion efficiency of its modules reached 23.14%, with first-year degradation not exceeding 1% and 25-year degradation not exceeding 10.6%, placing it among the industry's leaders [3] Group 3: Market Position and Product Development - Zhonglai Co., Ltd. has maintained its leading position in the photovoltaic backsheet business, with cumulative shipments exceeding 290 GW [2] - The company has introduced differentiated products such as FFC backsheets and transparent grid backsheets, enhancing reliability in extreme environments and achieving cost reductions through material optimization [2] - The N-type components have strengthened the company's market competitiveness, successfully supporting the integration of a 370,000 kW photovoltaic project in Xinjiang, showcasing the components' performance in extreme weather conditions [4] Group 4: Business Growth and Expansion - The photovoltaic application business of Zhonglai Co., Ltd. saw a significant revenue increase of 56.86% year-on-year, primarily driven by distributed household projects [5] - The company has developed a complete business model for distributed household projects, covering over 28 provinces and managing more than 230,000 household photovoltaic stations [5] - Recent innovations include the "Zhonglai NIWA balcony photovoltaic series" and "homestay photovoltaic thermal 24h green electricity system," expanding application scenarios and creating an integrated business ecosystem [5] Group 5: Future Outlook - The photovoltaic industry is expected to face a critical period of capacity clearing and technological iteration in the second half of 2025, with policies promoting high-quality development favoring leading companies with technological barriers [6] - Zhonglai Co., Ltd.'s technological accumulation and market expansion advantages are anticipated to become more pronounced, supported by collaboration with its major shareholder, Zhejiang Energy [6]
赛伍技术上半年增亏 2020年上市两募资共11.2亿
Zhong Guo Jing Ji Wang· 2025-07-25 07:59
Core Viewpoint - Saiwu Technology (603212.SH) is expected to report a net loss of between 82 million to 70 million yuan for the first half of 2025, primarily due to overcapacity in the photovoltaic industry and intensified competition, leading to a decline in product prices and sales [1] Financial Performance - The projected net profit for the first half of 2025 is between -82 million to -70 million yuan, with a non-GAAP net profit forecast of -85 million to -75 million yuan [1] - In the same period last year, the company reported a net profit of -15.49 million yuan and a non-GAAP net profit of -17.39 million yuan [1] - For 2024, the company achieved an operating income of 3.004 billion yuan, a year-on-year decrease of 27.89%, and a net profit attributable to shareholders of -285 million yuan, compared to a profit of 104 million yuan in the previous year [4] Business Segments - Despite challenges in the photovoltaic sector, Saiwu Technology's emerging business segments, including lithium battery and new energy vehicle materials, as well as semiconductor materials, have shown improvement in revenue and gross margin [2] - The company aims to optimize its business structure and product mix to better respond to cyclical risks and create value for investors [2] Capital Raising Activities - Saiwu Technology raised a total of 418.50 million yuan through its initial public offering (IPO) in April 2020, with a net amount of 366.55 million yuan after expenses [2][3] - The company also issued 7 million convertible bonds in 2021, raising a total of 700 million yuan, with a net amount of approximately 694.50 million yuan after deducting underwriting fees [3]
赛伍技术: 2025年半年度业绩预告
Zheng Quan Zhi Xing· 2025-07-14 16:28
Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -82 million yuan and -70 million yuan, indicating a loss [1] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -85 million yuan and -75 million yuan [1] - The preliminary financial data is subject to change and will be finalized in the official half-year report [3] Group 2 - In the same period last year, the net profit attributable to shareholders of the parent company was -15.49 million yuan, and the net profit after deducting non-recurring gains and losses was -17.39 million yuan [2] - The company faced a decline in revenue due to oversupply in the photovoltaic industry and intensified competition, leading to a drop in prices for photovoltaic film products and a decrease in sales of photovoltaic backsheet products [2] - Despite challenges in the photovoltaic business, the company's emerging business segments, including lithium battery and new energy vehicle materials, showed improvement in revenue and gross margin [2]