2025 年 08 月 27 日 标签材料拉动营收增长，柔性传感器多维突破 —福莱新材（605488.SH）公司事件点评报告 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-08-26 | | --- | --- | | 当前股价（元） | 33.84 | | 总市值（亿元） | 95 | | 总股本（百万股） | 280 | | 流通股本（百万股） | 278 | | 52 周价格范围（元） | 10.8-62.5 | | 日均成交额（百万元） | 309.92 | 市场表现 -100 0 100 200 300 400 500 (%) 福莱新材 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《福莱新材（605488）：二代产 品携手兆威，股权激励绑定核心研 发团队》2025-07-17 2、《福莱新材（605488）：产业一 体化充实业绩，真柔性构筑成 ...

Group 1 - The core viewpoint of the news is that Zhejiang Fulai New Materials Co., Ltd. reported a mixed performance in its 2025 semi-annual report, with revenue growth but a decline in net profit [1] - The company achieved operating revenue of 1.334 billion yuan, a year-on-year increase of 15.40%, while net profit attributable to shareholders was 50.9348 million yuan, a year-on-year decrease of 19.58% [1] - The main revenue source, advertising inkjet printing materials, generated 623 million yuan, up 3.27% year-on-year, while label printing materials saw the fastest growth with revenue of 419 million yuan, a 28.42% increase [1] Group 2 - The company made significant technological advancements in the flexible sensor field, establishing its first pilot production line and launching the first and second generation of flexible tactile sensor products [1] - Fulai New Materials is collaborating with Zhejiang Tsinghua Flexible Electronics Technology Research Institute to build a joint laboratory focused on flexible electronic skin and ultra-wide pressure sensors [2] - The company accelerated its international expansion, achieving overseas revenue of 221 million yuan, a year-on-year increase of 17.11%, with a gross margin improvement of 2.25 percentage points to 31.32% [2]

主要产品广告喷墨打印材料毛利率下降 福莱新材的产品主要分为广告喷墨打印材料、标签标识印刷材料、电子级功能材料、功能基膜材料、胶 粘材料等工业消费品及高端智能装备。 分产品来看，公司各项业务发展呈现分化态势。半年报显示，上半年广告喷墨打印材料作为公司的主要 业务，实现收入6.23亿元，同比增长3.27%，但由于市场竞争激烈，毛利率下降了2.14个百分点。 标签标识印刷材料业务表现亮眼，实现收入4.19亿元，同比大幅增长28.42%。这主要得益于公司积极开 拓海外市场并优化产品结构，该业务毛利率也因此增加了1.32个百分点。 每经记者｜王佳飞 每经编辑｜张海妮 8月22日晚间，福莱新材（605488.SH，股价34.64元，市值97.06亿元）公布了2025年半年度报告：上半 年公司"增收不增利"，营业收入为13.34亿元，同比增长15.40%；归母净利润为5093.48万元，同比下降 19.58%。 值得关注的是，福莱新材表示，2025年上半年公司在柔性传感器领域实现了多项技术突破与商业化进 展，首条柔性传感器中试产线建成投产，具备批量供货能力。 电子级功能材料业务收入增长显著，实现收入5270万元，同比增长2 ...

Group 1 - The issuer, Zhejiang Fulai New Material Co., Ltd., has been approved by the China Securities Regulatory Commission to publicly issue convertible bonds totaling 429,018,000 yuan with a term of 6 years [2][4] - The bond, referred to as "Fuxin Convertible Bond" (code: 111012), has an interest rate structure that increases over the years, starting from 0.60% in the second year to 3.00% in the sixth year [2][4] - The report indicates that the bond trustee, CITIC Securities, has been actively monitoring the issuer's financial health, compliance with information disclosure, and the use of raised funds [3][4] Group 2 - The issuer's main business revenue for 2024 reached 254,057.17 million yuan, representing a 19.23% increase from 213,083.88 million yuan in 2023 [6] - The net profit attributable to shareholders for 2024 was 13,918.68 million yuan, a significant increase of 98.42% compared to 7,014.62 million yuan in 2023 [6] - The total assets of the issuer increased by 21.20% to 350,374.38 million yuan in 2024 from 289,097.78 million yuan in 2023 [6][7] Group 3 - The issuer has utilized the raised funds for specific projects, with a total planned investment of 51,923.52 million yuan, of which 42,901.80 million yuan was to be funded by the bond proceeds [8][9] - As of the report date, the issuer had a remaining balance of 14,519.82 million yuan in the special account for raised funds, confirming that the funds were used according to the agreed purposes [11][12] - The issuer's debt service capability remains stable, with an asset-liability ratio of 57.31% and an EBITDA interest coverage ratio of 14.10 times as of the end of 2024 [15][16] Group 4 - The credit rating agency maintained the issuer's credit rating at A+ with a stable outlook, indicating confidence in the issuer's financial stability [16] - The bond trustee has confirmed that the issuer has fulfilled its information disclosure obligations and has not encountered any significant adverse events affecting bond repayment [13][14] - The issuer's major shareholder, Xia Houjun, continues to provide guarantees for the bonds, ensuring the repayment of principal and interest [15][16]

Core Viewpoint - The company, Fulei New Materials, is focusing on providing materials and functional components for humanoid robots, particularly in the area of tactile sensing solutions, which is a significant demand in the robotics industry [2][6]. Company Performance - Fulei New Materials reported a total revenue of 2.541 billion yuan, representing a year-on-year growth of 19.23% [5][6]. - The net profit attributable to shareholders reached 139 million yuan, showing a substantial increase of 98.42% year-on-year [5][6]. - The company plans to distribute profits with a proposal of 10 shares for 4 and a cash dividend of 1.5 yuan per share (before tax) [5]. Market Trends - The consumer electronics industry is experiencing a recovery in 2024, leading to increased orders across the supply chain [6][7]. - Fulei New Materials is focusing on two main areas: OLED display materials and the development of composite films using ultra-thin adhesive tapes, which are expected to enhance production efficiency for downstream clients [7]. Product Development - The company is developing high-performance flexible sensor materials for applications in humanoid robots, industrial detection, wearable devices, and medical health [8][9]. - Fulei New Materials aims to create a second-generation electronic skin with higher integration, addressing the challenges of tactile feedback in robotic hands [11]. Competitive Advantage - The company's core competencies in the flexible sensor field include systematic integration design capabilities and a strong understanding of coating processes and polymer materials [9][11]. - Fulei New Materials is one of the few domestic companies capable of iterating electronic skin products, focusing on high-end application scenarios for advanced technical solutions [11].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company is transitioning from a single coating material provider to an integrated solution provider, covering upstream base films, adhesives, and downstream coating processes, which enhances its overall business performance [5] - The traditional business segments, including inkjet printing materials, labels, and base films, continue to provide stable cash flow, with revenue growth rates of 7.79%, 28.07%, and 111.33% respectively [5] - The new business segment of electronic-grade functional materials is also growing steadily, with a revenue increase of 61.91% year-on-year [5] - The company has made significant progress in the production of flexible sensors, with successful installation and commissioning of pilot production lines, indicating accelerated industrialization [6] - The company is a leader in the domestic BOPP segment, with a high level of technology maturity and market recognition, and is actively promoting domestic substitution in various fields [7][8] - The company's profit forecast for 2025-2027 indicates a net profit of 1.23 billion, 1.56 billion, and 2.19 billion yuan respectively, with corresponding PE ratios of 59.0, 46.6, and 33.3 times [9] Summary by Sections Market Performance - The company achieved total operating revenue of 2.541 billion yuan in 2024, a year-on-year increase of 19.23%, and a net profit of 139 million yuan, up 98.42% year-on-year [4] Investment Highlights - The company is enhancing its integrated industrial layout, with traditional and emerging businesses growing in tandem [5] - The flexible sensor production is progressing well, with pilot production lines operational and small batch orders completed [6] - The company is focusing on R&D, with new standards and patents being developed to address industry challenges [6] Profit Forecast - The company is expected to see a decline in net profit in 2025, followed by growth in subsequent years, indicating a potential recovery trajectory [11]