Core Viewpoint - Foster, a leading photovoltaic film manufacturer, announced a significant decline in its expected net profit for the first half of 2025, attributing this to industry overcapacity and intensified market competition [1] Group 1: Financial Performance - The company expects a net profit of 473 million yuan for the first half of 2025, representing a year-on-year decrease of 49.05% [1] - The non-recurring net profit is projected to be 426 million yuan, down 52.65% year-on-year [1] - The overall revenue and gross margin have declined, with gross profit decreasing by 46.72% compared to the previous year [1] Group 2: Business Strategy and Development - The company is committed to its strategy of focusing on the photovoltaic main business while actively developing other new material industries [1] - Despite achieving profitability in its new electronic materials business, losses were incurred in other new ventures such as specialty films and investments in upstream POE resin [1] - The company has been developing its electronic materials business for nearly a decade, establishing significant competitive barriers [2] Group 3: Market Position and Future Outlook - Foster is a leading domestic photosensitive dry film manufacturer, with a market share of approximately 10% in this segment, aiming to increase it to 20%-30% [2] - The market potential for photosensitive dry films, FCCL, and photosensitive cover films is expected to exceed 20 billion yuan, with the photosensitive dry film market alone nearing 10 billion yuan [2] - The company is expanding its product offerings to meet high-end demands in the packaging substrate field, particularly for AI server applications [2]

可乐丽 ： 今年3月宣布停止生产 Vecstar™ FCCL柔性覆铜板 。6月3日宣布停止旗下制造子公司Kuraray Saijo Co., Ltd.的 聚酯树脂及聚酯长丝 的生 产。 三井化学： 2023年3月宣布计划在2025年7月将日本大牟田的 甲苯二异氰酸酯（TDI） 工厂产能 从12万吨/年缩减至5万吨/年。2024年4月决定在 2026财年 关闭其位于日本市原市的苯酚工厂 。2024年6月出售了从事 聚氨酯副产品回收 等业务的子公司Katsuzai Chemical。今年5月26日，宣布决 定退出其全资子公司下关三井化学生产的 三氟化氮业务 ， 5月30日宣布将其 基础与绿色材料事业部 （B&GM）进行分拆。 然而，近期多见日本企业退出、拆分，日本化工巨头开始大"撤退"： 旭化成： 今年5月27日宣布将退出 MMA单体、CHMA、丙烯酸树脂及SB乳胶业务 ，重建乙腈供应链，并关 闭川崎精制工厂 。 三菱化学： 今年 3月31日决定在2027年3月底前分阶段 停止三菱化学小名浜工厂和新菱磐城工厂的生产 。 4月24日，宣布旗下子公司Tohsen将于 2026年3月全面退出 纤维染色加工业务 。 此外 ...

证 券 研 究 报 告 福斯特（603806）2025 年一季报点评 推荐（维持） 胶膜盈利能力保持领先，电子材料业务发展 可期 事项： 评论： 公司发布 2025 年一季报。2025Q1 公司实现营收 36.24 亿元，同比-31.89%， 环比-8.78%；归母净利润 4.01 亿元，同比-23.08%，环比+709.79%；毛利率 13.10%，同比-2.18pct，环比+1.48pct；归母净利率 11.07%，同比+1.27pct，环 比+9.82pct。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 19,147 | 21,297 | 24,474 | 29,081 | | 同比增速(%) | -15.2% | 11.2% | 14.9% | 18.8% | | 归母净利润(百万) | 1,308 | 1,680 | 2,171 | 2,717 | | 同比增速(%) | -29.3% | 28.5% | 29.2% | ...