证券研究报告 | 公司深度 | 塑料 功能性涂布复合材料龙头，电子皮肤打开成长空间 ——福莱新材深度报告 投资要点 投资评级: 增持(首次) 分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 分析师：王华君 执业证书号：S1230520080005 wanghuajun@stocke.com.cn 分析师：陈姝姝 福莱新材(605488) 报告日期：2025 年 09 月 25 日 执业证书号：S1230524080004 chenshushu@stocke.com.cn 研究助理：张筱晗 zhangxiaohan@stocke.com.cn 基本数据 | 收盘价 | ￥39.14 | | --- | --- | | 总市值(百万元) | 10,967.40 | | 总股本(百万股) | 280.21 | 股票走势图 0% 88% 177% 265% 354% 442% 24/09 24/10 24/11 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 福莱新材 上证指数 相关报告 | | ...

9月23日，福莱新材跌5.1%，截至发稿，报38.34元/股，成交7.61亿元，换手率6.85%，总市值107.43亿 元。 达诚价值先锋灵活配置A（011030）基金经理为吴昊阳、陈染。 资料显示，浙江福莱新材料股份有限公司位于浙江省嘉兴市嘉善县姚庄镇利群路269号，成立日期2009 年6月8日，上市日期2021年5月13日，公司主营业务涉及功能性涂布复合材料的研发、生产和销售。主 营业务收入构成为：广告喷墨打印材料46.65%，标签标识印刷材料31.42%，其他9.17%，功能基膜材料 6.94%，电子级功能材料3.95%，其他(补充)1.86%。 截至发稿，吴昊阳累计任职时间1年13天，现任基金资产总规模1.6亿元，任职期间最佳基金回报 48.06%， 任职期间最差基金回报11.02%。 从基金十大重仓股角度 陈染累计任职时间275天，现任基金资产总规模3.97亿元，任职期间最佳基金回报46.56%， 任职期间最 差基金回报2.85%。 数据显示，达诚基金旗下1只基金重仓福莱新材。达诚价值先锋灵活配置A（011030）二季度持有股数 2.91万股，占基金净值比例为3.84%，位居第五大重仓股。根据测算， ...

Group 1 - The core viewpoint of the news is that Fulei New Materials has seen a significant increase in stock price, rising by 5.12% to reach 35.95 yuan per share, with a trading volume of 502 million yuan and a turnover rate of 5.15%, resulting in a total market capitalization of 10.074 billion yuan [1] - Fulei New Materials, established on June 8, 2009, and listed on May 13, 2021, specializes in the research, production, and sales of functional coating composite materials [1] - The company's main business revenue composition includes: advertising inkjet printing materials (46.65%), label printing materials (31.42%), other materials (9.17%), functional base film materials (6.94%), electronic-grade functional materials (3.95%), and other supplementary materials (1.86%) [1] Group 2 - Qianhai Kaiyuan Jiaxin Mixed A Fund (001765) has entered the top ten circulating shareholders of Fulei New Materials, holding 1.3279 million shares, which accounts for 0.48% of the circulating shares, with an estimated floating profit of approximately 2.3238 million yuan [2] - The Qianhai Kaiyuan Jiaxin Mixed A Fund was established on December 26, 2016, with a latest scale of 300 million yuan, achieving a year-to-date return of 82.09% and a one-year return of 91.63% [2] - The fund manager, Wu Guoqing, has a tenure of 9 years and 360 days, with a total fund asset scale of 5.333 billion yuan, achieving the best fund return of 395.09% during his tenure [3]

数据显示，同泰基金旗下1只基金重仓福莱新材。同泰竞争优势混合A（008997）二季度持有股数8.65万 股，占基金净值比例为4.07%，位居第九大重仓股。根据测算，今日浮盈赚取约14.01万元。 9月12日，福莱新材涨5.2%，截至发稿，报32.80元/股，成交2.84亿元，换手率3.21%，总市值91.91亿 元。 资料显示，浙江福莱新材料股份有限公司位于浙江省嘉兴市嘉善县姚庄镇利群路269号，成立日期2009 年6月8日，上市日期2021年5月13日，公司主营业务涉及功能性涂布复合材料的研发、生产和销售。主 营业务收入构成为：广告喷墨打印材料46.65%，标签标识印刷材料31.42%，其他9.17%，功能基膜材料 6.94%，电子级功能材料3.95%，其他(补充)1.86%。 从基金十大重仓股角度 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。 同泰竞争优势混合A（008997）成立日期2020年4月27日，最新规模1400.91万。今年以来收益49.44%， 同类排 ...

Core Viewpoint - The company, Fule New Materials (605488.SH), is initiating its third financing round to raise 710 million yuan for expansion and liquidity support, amidst concerns over its previous fundraising efforts and declining profitability [1][2]. Financing and Investment - Fule New Materials plans to issue up to 84,062,775 shares to raise no more than 710 million yuan for projects including label printing material expansion, electronic-grade functional material upgrades, R&D center upgrades, and working capital [2]. - This marks the company's third financing since its IPO in May 2021, which raised 613 million yuan, and a convertible bond issuance in December 2022 that raised 429 million yuan [2][4]. - The company has faced challenges with its IPO projects, achieving only 2.4273 million yuan in cumulative benefits against promised returns, primarily due to slower construction progress and intense market competition [2][4]. Financial Performance - The company has experienced a continuous decline in net profit for three and a half years, with a significant drop in its non-recurring net profit from 112 million yuan in its IPO year to 46 million yuan in 2024 [8]. - In the first half of 2025, the company reported a revenue of 1.334 billion yuan, a year-on-year increase of 15.4%, but a net profit decline of 19.58% to 51 million yuan, indicating a situation of increasing revenue without corresponding profit growth [8]. - The company's liquidity remains under pressure, with cash and cash equivalents of 280 million yuan and short-term borrowings of 491 million yuan as of mid-2025 [4]. Corporate Strategy and Challenges - Fule New Materials is transitioning from a single coating material provider to an integrated solution provider, including flexible sensors and robotic electronic skin applications [6]. - The company has introduced a new equity incentive plan for 103 core members, with performance targets set at 60 million, 80 million, and 100 million yuan for the next three years, which is significantly lower than previous targets [5][8]. - The company has had to repurchase and cancel 1,808,506 restricted shares due to underperformance against its previous incentive plan targets [8][9].

Core Viewpoint - The company, Fule New Materials, plans to raise up to 710 million yuan through a private placement of A-shares to fund expansion projects in label printing materials, electronic-grade functional materials, R&D center upgrades, and to supplement working capital [2]. Group 1: Fundraising and Project Allocation - The total investment for the projects is approximately 840.84 million yuan, with the raised funds allocated as follows: 243.2 million yuan for label printing materials expansion, 220.5 million yuan for electronic-grade functional materials upgrade, 36.3 million yuan for R&D center upgrades, and 210 million yuan for working capital [3]. - The electronic-grade functional materials project will be implemented in Jiaxing, Zhejiang, with an expected annual production capacity of about 37 million square meters upon completion [3][4]. Group 2: Project Details and Market Position - The electronic-grade functional materials market is dominated by international giants like 3M and Nitto Denko. The company aims to produce high-value materials such as OLED support films and folding protective films, leveraging its proprietary technologies to capture the domestic replacement market [4]. - The label printing materials expansion project is expected to add an annual production capacity of approximately 773 million square meters, including the purchase of coating machines and smart upgrades to existing production lines [4]. Group 3: R&D and Financial Performance - The R&D center upgrade will involve the establishment of a high-cleanliness laboratory and the acquisition of precision R&D equipment to enhance the development of high-end materials for OLED displays and flexible sensors [5]. - In the first half of 2025, the company reported a revenue of 1.334 billion yuan, a year-on-year increase of 15.4%, while the net profit attributable to shareholders decreased by 19.58% to 50.93 million yuan [5].

Group 1 - The core viewpoint of the news is that Fulei New Materials experienced a decline in stock price, dropping by 5.06% to 31.71 yuan per share, with a trading volume of 251 million yuan and a turnover rate of 2.79%, resulting in a total market capitalization of 8.885 billion yuan [1] - Fulei New Materials, established on June 8, 2009, and listed on May 13, 2021, specializes in the research, production, and sales of functional coating composite materials [1] - The main revenue composition of Fulei New Materials includes: 46.65% from advertising inkjet printing materials, 31.42% from label printing materials, 9.17% from other sources, 6.94% from functional base films, 3.95% from electronic-grade functional materials, and 1.86% from other supplementary materials [1] Group 2 - Among the top circulating shareholders of Fulei New Materials, Qianhai Kaiyuan Fund has a fund that entered the top ten shareholders, specifically Qianhai Kaiyuan Jiaxin Mixed A (001765), which holds 1.3279 million shares, accounting for 0.48% of the circulating shares [2] - The estimated floating loss for Qianhai Kaiyuan Jiaxin Mixed A today is approximately 2.2441 million yuan [2] - Qianhai Kaiyuan Jiaxin Mixed A was established on December 26, 2016, with a latest scale of 300 million yuan, achieving a year-to-date return of 73.01%, ranking 183 out of 8180 in its category, and a one-year return of 80.86%, ranking 754 out of 7967 [2]

福莱新材（605488）9月2日晚间公告，公司拟向特定对象发行股票募集资金总额不超过7.1亿元(含本 数)，扣除相关发行费用后的募集资金净额拟用于标签标识印刷材料扩产项目、电子级功能材料扩产升 级项目、研发中心升级项目及补充流动资金。 据福莱新材介绍，功能性涂布复合材料行业近年来受到多项政策鼓励，产业规模不断扩大，核心技术不 断突破，未来市场潜力巨大。随着电商的蓬勃发展和消费者购物习惯的转变，快递业务量持续攀升，具 有独特的防水、防潮、耐油等优势的薄膜类标签需求增长。在消费电子、汽车电子行业日益走向轻薄 化、柔性化的趋势下，电子级胶粘材料需满足优异的粘性、耐候性和绝缘性等要求，电子级保护材料需 具备卓越的抗划伤、抗冲击及耐化学腐蚀等性能，而部分高端产品仍被国外供应商垄断，国产化替代进 程亟待加快。 福莱新材通过深化与下游客户合作，挖掘客户需求，并积极开拓海外市场，实现了相关业务收入的持续 高速增长。同时，公司积极布局电子级功能材料领域，紧抓消费电子与汽车电子行业快速发展、电子级 功能材料国产替代加快的重要机遇，持续提升在该赛道中的竞争力。本次发行将有助于公司充分发挥产 业链协同与多元化应用优势，为公司把握行业 ...

Group 1 - The company plans to raise up to RMB 710 million through a private placement, with net proceeds intended for expansion projects in label printing materials, electronic-grade functional materials, R&D center upgrades, and working capital [1] - The company is the first in the domestic inkjet printing composite materials industry to achieve integration of base film, adhesive, and coating [1] - In the first half of 2025, the company reported revenue of RMB 1.334 billion, a year-on-year increase of 15.40%, while net profit attributable to shareholders decreased by 19.58% to RMB 50.93 million [1] Group 2 - The functional coating composite materials industry has been encouraged by multiple government policies, leading to an expanding market and breakthroughs in core technologies [2] - The growth of e-commerce and changing consumer shopping habits have driven an increase in express delivery volumes, enhancing the demand for film labels with unique properties [2] - The company is focusing on the increasing penetration of film labels and expanding market demand by deepening cooperation with downstream customers and actively exploring overseas markets [2] Group 3 - The company is strategically focusing on electronic-grade functional materials, leveraging self-developed core technologies and precision coating processes [3] - The company is increasing R&D investment to transition product lines from traditional tapes and release films to higher value-added areas such as optical protective films [3] - The fundraising will support the upgrade of the R&D center, improving research conditions and enhancing the company's technological development capabilities [3]

Core Insights - The company achieved a revenue of 1.334 billion yuan in the first half of 2025, representing a year-on-year increase of 15.40%, while the net profit attributable to shareholders decreased by 19.58% to 51 million yuan, resulting in an EPS of 0.18 yuan [1] - The company is a leader in domestic inkjet printing composite materials, being the first to integrate base films, adhesives, and coating [1] - The traditional business faces transformation pressure, with significant net profit decline despite revenue growth, primarily due to intensified market competition [1] Financial Performance - In Q2 2025, the company reported a revenue of 731 million yuan, a year-on-year increase of 22.4%, but the net profit attributable to shareholders fell by 52.5% to 16 million yuan [1] - The advertising inkjet printing materials segment generated 623 million yuan (+3.27%) with a gross margin of 14.23% (-2.14 percentage points), while the label printing materials segment saw revenue of 419 million yuan (+28.42%) with a gross margin of 20.58% (+1.32 percentage points) [1] - The electronic-grade functional materials segment achieved revenue of 53 million yuan (+28.02%) but faced a gross margin decline to 14.57% (-2.57 percentage points) [1] Business Segments - The company’s revenue from functional base film materials reached 93 million yuan (+19.87%) with a gross margin of 5.49% (+2.79 percentage points) [1] - Other business segments experienced rapid growth, attributed to increased internal transactions [1] - Overall, while the business scale remains stable, the comprehensive gross margin has declined compared to the same period last year due to market competition [1] Strategic Developments - The company is actively investing in the robotics skin and tactile sensor market, with successful progress in developing flexible tactile sensors [1] - A new round of equity incentive plans was launched, involving 103 core team members, aimed at binding talent and enhancing future growth prospects [1] - The company is building a multi-layered barrier in the electronic skin technology sector, focusing on material formulation, structural design, and algorithm perception [1] Future Outlook - The company is expected to achieve revenues of 2.921 billion yuan, 3.304 billion yuan, and 3.740 billion yuan from 2025 to 2027, with respective year-on-year growth rates of 14.96%, 13.12%, and 13.19% [1] - The net profit attributable to shareholders is projected to be 121 million yuan, 161 million yuan, and 195 million yuan for the same period, with growth rates of -13.34%, 33.76%, and 20.91% [1] - The company is positioned to benefit from the maturation of the robotics industry, potentially creating a second growth curve [1]