资料显示，福莱特玻璃集团股份有限公司位于浙江省嘉兴市秀洲区运河路1999号，成立日期1998年6月 24日，上市日期2019年2月15日，公司主营业务涉及光伏玻璃、浮法玻璃、工程玻璃和家居玻璃的研 发、生产和销售,以及玻璃用石英矿的开采和销售和EPC光伏电站工程建设。主营业务收入构成为：光 伏玻璃89.76%，发电收入3.16%，工程玻璃3.14%，其他(补充)1.98%，家居玻璃1.58%，浮法玻璃 0.36%，采矿产品0.01%。 从基金十大重仓股角度 9月18日，福莱特跌5.03%，截至发稿，报17.92元/股，成交5.36亿元，换手率1.54%，总市值419.85亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 大成盛世精选灵活配置混合A（002945）基金经理为赵蓬。 截至发稿，赵蓬累计任职时间2年47天，现任基金资产总规模12.83亿元，任职期间最佳基金回报 40.53%， 任职期间最差基金回报11.82%。 数据显示，大成基金旗下 ...

Core Viewpoint - The company, Nanbo A, has confirmed its overseas business primarily involves engineering glass, photovoltaic glass, and float glass [1] Group 1 - The company is actively engaged in international markets with a focus on engineering glass [1] - The photovoltaic glass segment is a significant part of the company's overseas operations [1] - Float glass is also a key product in the company's export portfolio [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook despite current challenges [3]. Core Views - The company's revenue and profitability in the photovoltaic glass segment are under pressure, with a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year [1][2]. - The company has adjusted its strategic deployment to reduce production capacity in response to supply-demand imbalances and declining prices, maintaining a leading cost control capability in the industry [3]. - Despite the short-term challenges, the company is expected to continue expanding its production capacity, ensuring sustained shipment growth and maintaining its leading profitability in the industry [3]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 77.37 billion yuan, a year-on-year decrease of 27.66%, and a net profit attributable to shareholders of 2.61 billion yuan, down 82.58% [1]. - The photovoltaic glass business saw a revenue decline of 28.10% to 69.45 billion yuan, with a gross margin decrease of 12.39 percentage points to 12.31% [2]. - Other business segments showed mixed results, with engineering glass revenue increasing by 2.13% to 243 million yuan, while home glass revenue decreased by 15.89% to 122 million yuan [2]. Capacity and Cost Control - As of August 2025, the company has reduced its operational capacity to 16,400 tons per day by cold repairing three photovoltaic glass furnaces [3]. - The company’s large furnaces, which have a higher proportion in its existing capacity, are expected to further lower unit costs and enhance product yield [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 647 million yuan, 1.22 billion yuan, and 1.61 billion yuan respectively, reflecting a significant reduction in previous estimates [3][4]. - The report provides a detailed financial outlook, including revenue and profit projections, indicating a challenging environment ahead but with potential for recovery in the medium term [4][10].

Overview of Trading Situation - The company and its subsidiaries aim to utilize futures and derivatives for hedging to mitigate risks from raw material price fluctuations and enhance financial stability [2][3] - The maximum contract amount for futures and derivatives hedging is set at RMB 2 billion, with a maximum expected margin and premium of RMB 300 million [2][3] - The funding for these transactions will come from the company's own funds, without involving raised capital [2] Trading Methods - The company will limit its hedging activities to raw materials and foreign exchange rates relevant to its operations, using tools such as futures, options, forwards, and swaps [3] - Trading will occur on recognized exchanges, including the Zhengzhou Commodity Exchange and the Shanghai Futures Exchange, to manage risks associated with international market fluctuations [3] Approval Process - The company held board and supervisory meetings on August 27, 2025, to approve the hedging proposal, which does not constitute a related party transaction [4][5] Risk Analysis and Control Measures - The company acknowledges potential risks, including market volatility, credit risk, liquidity risk, and operational risk, but emphasizes that the hedging activities are not for speculative purposes [5][6] - Control measures include adherence to relevant laws and regulations, regular risk assessments, and training for personnel involved in trading [6][7][8] Impact on the Company - As a leading glass manufacturer, the company faces significant uncertainty from raw material and energy price fluctuations, as well as foreign exchange risks due to international transactions [9] - The hedging strategy is designed to stabilize operational performance and enhance financial resilience, thereby improving capital management efficiency [9] Accounting Treatment - The company will follow relevant accounting standards for financial instruments and hedge accounting to manage the financial implications of these transactions [11]

Core Insights - The company Fulete (601865) reported a significant decline in net profit for the first half of 2025, with a net profit of approximately 261 million yuan, representing a year-on-year decrease of over 80% [1] - The company's revenue for the same period was approximately 7.737 billion yuan, reflecting a year-on-year decline of 27.66% [1] Company Overview - Fulete's main business includes the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass, as well as the mining and sales of quartz ore for glass [1]

Core Viewpoint - 福莱特玻璃 (06865) reported a significant decline in its mid-year performance for 2025, with a notable drop in both revenue and net profit, primarily driven by challenges in the photovoltaic glass segment [1] Financial Performance - The company's operating revenue for the first half of 2025 was approximately 77.37 billion, representing a year-on-year decrease of 27.66% [1] - The net profit attributable to the parent company was around 2.61 billion, reflecting a substantial year-on-year decline of 82.58% [1] - Basic earnings per share were reported at 0.11 yuan [1] Profitability Metrics - The gross profit margin stood at 14.05%, down 9.73 percentage points from the previous year's margin of 23.78% [1] - The decline in gross margin was primarily attributed to reduced profitability in the photovoltaic glass business, influenced by a temporary imbalance in industry supply and demand, along with increased trade barriers [1] Cost Management and Strategic Adjustments - Despite some raw material and energy cost reductions providing a partial offset, they were insufficient to fully counteract the impact of declining prices on profit margins [1] - The company has implemented measures such as process upgrades and production efficiency optimizations to enhance cost competitiveness, which have somewhat alleviated profit pressure [1] Segment Performance - The engineering glass segment benefited from strategic optimization of product structure, leading to a significant improvement in gross profit during the first half of 2025 [1] - This improvement in the engineering glass segment has provided substantial support to the overall profitability of the company, helping to mitigate the pressure from the declining margins in the photovoltaic glass segment [1]

Group 1 - The core viewpoint of the article highlights that Fuyao Glass (06865) reported a significant decline in its mid-year performance for 2025, with revenue of approximately 7.737 billion yuan, a year-on-year decrease of 27.66% [1] - The net profit attributable to the parent company was about 261 million yuan, reflecting a substantial year-on-year drop of 82.58%, with basic earnings per share at 0.11 yuan [1] - The gross profit margin decreased to 14.05%, down 9.73 percentage points from the previous year's margin of 23.78%, primarily due to the narrowing gross margin in the photovoltaic glass business [1] Group 2 - The decline in gross margin was driven by a temporary imbalance in the supply-demand landscape and escalating trade barriers, leading to a significant drop in the average selling price of photovoltaic glass [1] - Although some raw material and energy costs decreased, they did not fully offset the impact of price declines, resulting in compressed profit margins [1] - The company implemented measures such as process upgrades and production efficiency optimizations to enhance cost competitiveness, which partially alleviated profit pressure [1] Group 3 - On the other hand, the engineering glass business achieved a significant improvement in gross profit through strategic optimization of product structure, which helped mitigate the pressure from the narrowing margins in the photovoltaic glass segment [1] - This improvement in the engineering glass segment provided strong support for the overall profitability resilience of the group [1]

Group 1 - The recent "anti-involution" movement in various industries is being promoted from both policy and market perspectives, leading to positive changes in the supply chain [1] - Fuyao Glass (601865) has announced its commitment to reduce photovoltaic glass production capacity in response to the Ministry of Industry and Information Technology's call for anti-involution, aiming to enhance operational efficiency [1] - The company's main products include photovoltaic glass, float glass, engineering glass, and household glass, with photovoltaic glass being a core product [1] Group 2 - Fuyao Glass reported a significant decline in profitability due to falling glass prices, with a 13.2% year-on-year decrease in revenue to 18.683 billion yuan and a 63.52% drop in net profit to 1.006 billion yuan in 2024 [1] - The global photovoltaic installation demand is expected to grow steadily in 2024, driven by policy support, technological advancements, and emerging markets [2] - According to the China Photovoltaic Industry Association, global photovoltaic installations are projected to increase by approximately 35.9% year-on-year, reaching around 530 GW in 2024, with China, the US, and Europe continuing to play significant roles [2] Group 3 - Fuyao Glass noted that irrational expansion in the photovoltaic industry has led to an oversupply, causing a significant drop in prices and profit margins for many companies, resulting in severe challenges for the industry [2] - To address the "involution" competition, leading domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand imbalance [3] - In the first quarter of this year, several photovoltaic glass companies, including Fuyao Glass, reported a turnaround in profitability or reduced losses compared to previous periods [3]

Group 1 - The recent "anti-involution" movement in various industries is being promoted from both policy and market perspectives, leading to positive changes in the supply chain [1] - Fuyao Glass (601865) has announced its commitment to reduce photovoltaic glass production capacity in response to the Ministry of Industry and Information Technology's call for anti-involution, aiming to enhance operational efficiency [1] - The company's main products include photovoltaic glass, float glass, engineering glass, and household glass, with photovoltaic glass being a core product [1] Group 2 - Fuyao Glass reported a significant decline in profitability due to falling glass prices, with a 13.2% year-on-year decrease in revenue to 18.683 billion yuan and a 63.52% drop in net profit to 1.006 billion yuan in 2024 [1] - The global photovoltaic installation demand is expected to grow steadily in 2024, driven by policy support, technological advancements, and emerging markets [2] - According to the China Photovoltaic Industry Association, global photovoltaic installations are projected to increase by approximately 35.9% year-on-year, reaching around 530 GW in 2024 [2] Group 3 - Fuyao Glass noted that irrational expansion in the photovoltaic industry has led to an oversupply, causing a significant drop in prices and profit margins for many companies, resulting in severe challenges for the industry [2] - To address the "involution" competition, leading domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand imbalance [3] - In the first quarter of this year, several photovoltaic glass companies, including Fuyao Glass, reported a turnaround in performance, with net profits improving compared to previous periods [3]

报告摘要 事件： 公司发布 2024 年年报，2024 年实现营业收入 186.83 亿元，同比减少 13.20%，实现归母净利润 10.07 亿 元，同比减少 63.52%；2024Q4 实现营业收 入 40.79 亿元，同比减少 27.67%，实现归母净利润-2.89 亿 元，同比减少 136.54%，环比亏损幅度扩大。 光伏玻璃销量企稳，价格持续探底致盈利能力阶段性承压 光伏玻璃板块：行业竞争加剧背景下公司仍保持光伏玻璃出货量的稳健提升， 2024 年公司光伏玻璃销量 同比提升 3.70%至 12.65 亿平；售价方面，2024 年光 伏玻璃（2.0mm）均价从年初的 17 元/平大幅下滑至 年底的 11.5 元/平，公司 2024 年 ASP（不含税）为 13.30 元/平（同比减少 17.59%）。综合来看，2024 年 公司光伏玻璃营业收入同比减少 14.54%至 168.16 亿元，毛利率同比减少 6.81 个 pct 至 15.64%，盈利能 力阶段性承压。近期光伏玻璃价格有所回暖，叠加新 产能陆续投运后对综合成本的进一步优化，2025 年 公司盈利能力有望得到修复。 特别申明： 本订阅号中所 ...