专题：新浪财经上市公司研究院 作者：昊 日前，福莱特发布公告称，因个人资金需要，公司特定股东陶宏珠女士拟在3个月内，通过集中竞价交易方式，减持合计不超过250万股公司股份，减持价格 按市场价格确定。 而就在几天前，福莱特刚发布的年报显示，2024年公司营收同比减少13.20%，首次出现下滑，净利润更是大降63.52%，创下了历史最大降幅。 行业产能过剩，光伏玻璃价格持续下跌是福莱特业绩不佳的主要因素，但与此同时，公司出货量也并未增长。2020年至今，福莱特毛利率持续下行，同时， 公司海外销售占比在2024年重新上升，也令市场感到担忧。 事实上，自2019年上市以来，福莱特不断对外募资，除IPO外，还通过定增和发行可转债，直接融资金额达125亿，即便如此，公司负债率仍显著高于信义 光能。 值得注意的是，除募资扩产外，为降低生产成本，福莱特还斥资33亿收购了两家原料矿山，不过仍未能扭转盈利能力持续大幅下滑的趋势。 量平价跌业绩创历史最差表现 毛利率连降4年海外销售占比重新上升 受全球光伏新增需求放缓，光伏玻璃产能过剩影响，福莱特2024年营业总收入和净利润出现明显下滑。 出品：新浪财经上市公司研究院 上市后三次直 ...

Core Viewpoint - The company Fulaite (601865.SH) announced a share reduction plan by a specific shareholder, Tao Hongzhu, due to personal financial needs, intending to sell up to 2,500,000 shares, representing 0.1067% of the total share capital, within three months after the announcement [1][2][3] Shareholder Reduction Plan - Shareholder Tao Hongzhu plans to reduce holdings by up to 2,500,000 shares through centralized bidding, with the reduction period starting 15 trading days after the announcement and lasting for three months [1][2] - As of the announcement date, Tao holds 12,840,000 shares, accounting for 0.5480% of the total share capital, with shares acquired before the company's IPO [2][3] Company Background - Fulaite was listed on the Shanghai Stock Exchange on February 15, 2019, with an initial issuance of 150 million shares at a price of 2.00 yuan per share, raising a total of 30 million yuan [3] - The net proceeds from the IPO amounted to approximately 25.44 million yuan, which were allocated to projects including the production of photovoltaic component glass and online Low-E coated glass [3] Fundraising Activities - In June 2020, Fulaite issued convertible bonds totaling 1.45 billion yuan, with a net amount received of approximately 1.44 billion yuan after deducting issuance costs [4] - In January 2021, the company conducted a non-public offering of A-shares, raising nearly 2.48 billion yuan after expenses [5] - In May 2022, Fulaite issued additional convertible bonds, raising approximately 3.98 billion yuan net [6] - In July 2023, the company raised about 5.97 billion yuan through a targeted issuance of A-shares, bringing the total fundraising since its listing to approximately 14.25 billion yuan [7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company's performance is under pressure, with a revenue decline of 13.2% year-on-year to CNY 18.683 billion in 2024, and a significant drop in net profit by 63.52% to CNY 1.007 billion [1][4]. - The gross margin decreased to 15.50%, down 6.31 percentage points year-on-year, while the net profit margin fell to 5.39%, down 7.43 percentage points year-on-year [1]. - In Q4 2024, the company reported a revenue of CNY 4.079 billion, a year-on-year decline of 27.67%, and a net loss of CNY 289 million [1]. Financial Performance Summary - The company achieved total revenue of CNY 186.83 billion in 2024, with a year-on-year decrease of 13.2% [4]. - The net profit attributable to the parent company was CNY 10.07 billion, reflecting a 63.52% decline compared to the previous year [4]. - The gross margin for 2024 was 15.50%, down from the previous year, while the net profit margin was 5.39%, also showing a decline [1][4]. - The company expects a recovery in profitability driven by a rebound in solar glass prices, with inventory levels decreasing significantly [8]. Future Projections - Revenue projections for 2025, 2026, and 2027 are CNY 19.116 billion, CNY 23.330 billion, and CNY 27.249 billion, respectively, indicating a recovery trend [4]. - The net profit forecasts for the same years are CNY 1.139 billion, CNY 1.980 billion, and CNY 2.685 billion, showing a significant rebound in profitability [4]. - The report anticipates a price recovery in solar glass, which is expected to improve the company's profitability in the coming years [8]. Market Position and Strategy - The company maintains a leading position in the photovoltaic glass industry, with a nominal capacity of 23,000 tons per day and an operational capacity of 19,400 tons per day as of the end of 2024 [8]. - The company is expanding its overseas presence, with profitable operations in Vietnam and ongoing projects in Indonesia to mitigate trade barrier risks [8]. - The report highlights the company's cost advantages and solid market position as key factors for future growth [8].

Summary of Key Points Core Viewpoint - The announcement details a share reduction plan by a specific shareholder, Tao Hongzhu, who intends to sell up to 2,500,000 shares of Fuyao Glass Group Co., Ltd. due to personal financial needs, which represents approximately 0.1067% of the company's total share capital [1][2]. Group 1: Shareholder Information - Tao Hongzhu holds 12,840,000 shares, accounting for 0.5480% of the total share capital of the company [1][2]. - The shares were acquired prior to the company's IPO [1][3]. Group 2: Reduction Plan Details - The planned reduction will not exceed 2,500,000 shares and will be executed at market price [1][2]. - The reduction period starts from the announcement date and may be adjusted if the company's stock is suspended [2][3]. Group 3: Compliance and Commitments - Tao Hongzhu made a commitment not to transfer or manage the shares acquired before the IPO for 36 months post-listing, with limited conditions for future reductions [3][4]. - The current reduction plan is consistent with previously disclosed commitments [4]. Group 4: Regulatory Compliance - The reduction plan complies with relevant laws and regulations, and the shareholder will adhere to disclosure obligations during the process [4][5].

福莱特玻璃集团股份有限公司 特定股东集中竞价减持股份计划公告 | 证券代码：601865 | 证券简称：福莱特 公告编号：2025-027 | | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 特定股东的基本情况 截至本公告披露之日，福莱特玻璃集团股份有限公司（以下简称"公司"）特 定股东陶宏珠女士持有公司股份 12,840,000 股，占公司当前总股本的比例为 0.5480%（四舍五入后），股份来源于公司首次公开发行（"IPO"）前持有的股份。 集中竞价减持计划的主要内容 因个人资金需要，公司特定股东陶宏珠女士本次拟自本减持计划公告之日起 15 个交易日后的 3 个月内，通过集中竞价交易方式，减持本公司无限售条件流 通股数量合计不超过 2,500,000 股，不超过公司总股本的 0.1067%（四舍五入后）； 减持价格按市场价格确定。若计划减持期间公司有送股、资本公积金转增股本、 配股等股份变动事项，上述拟减持数量不变 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 585,730,034.75 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 呈交日期: 2025年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06865 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Views - The company reported a revenue of 18.683 billion yuan in 2024, a decrease of 13.20% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [1]. - The photovoltaic glass segment showed a stable increase in sales volume, with a 3.70% year-on-year rise to 1.265 billion square meters, although the average selling price (ASP) dropped significantly by 17.59% to 13.30 yuan per square meter [2]. - The company is expected to recover its profitability in 2025 due to recent price recoveries in photovoltaic glass and the optimization of comprehensive costs from new production capacities [2]. Summary by Sections Financial Performance - In Q4 2024, the company experienced a revenue decline of 27.67% year-on-year, resulting in a net loss of 289 million yuan, a decrease of 136.54% compared to the previous year [1]. - The overall gross margin for 2024 decreased by 6.31 percentage points to 15.50%, with an increase in the expense ratio by 0.47 percentage points to 7.45% [3]. Business Segments - The engineering glass segment saw a revenue drop of 13.83% to 502 million yuan, while the home glass segment's revenue decreased by 6.10% to 308 million yuan [3]. - The float glass segment's revenue fell by 17.35% to 283 million yuan, with a slight increase in gross margin to -3.59% [3]. Future Outlook - The company plans to gradually start operations at its Anhui and Nantong projects based on market conditions, aiming to maintain its production capacity advantage [4]. - The company is also expanding its overseas production capacity, with plans to build photovoltaic glass furnaces in Indonesia to meet regional demand [4]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.504 billion yuan, 2.148 billion yuan, and 2.720 billion yuan respectively, reflecting a significant downward revision of 66% and 56% for 2025 and 2026 [4][5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's performance is under short-term pressure due to the continued low prices of photovoltaic glass, with expectations for a rebound in prices [6] - In 2024, the company achieved operating revenue of 18.683 billion yuan, a year-on-year decline of 13.20%, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [4][6] - The company has a competitive advantage as an industry leader, with over 90% of its production lines utilizing large furnaces, which provide lower costs and higher yield rates [6] - The company is expected to improve its profitability in 2025 as photovoltaic glass prices are anticipated to stabilize and recover [6] Summary by Relevant Sections Financial Performance - In Q4 2024, the company reported operating revenue of 4.079 billion yuan, a year-on-year decline of 27.67%, but a quarter-on-quarter increase of 4.37% [6] - The net profit for Q4 2024 was -289 million yuan, a year-on-year decline of 136.54% and a quarter-on-quarter decline of 42.40% [6] - The company’s total production capacity for photovoltaic glass as of December 31, 2024, was 19,400 tons per day [6] Revenue and Profit Forecast - The forecast for operating revenue from 2025 to 2027 is 19.687 billion yuan (2025), 22.151 billion yuan (2026), and 24.936 billion yuan (2027), with growth rates of 5.38%, 12.51%, and 12.57% respectively [8] - The net profit forecast for the same period is 1.153 billion yuan (2025), 1.822 billion yuan (2026), and 2.361 billion yuan (2027), with growth rates of 14.50%, 58.08%, and 29.60% respectively [8] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 36.2, 22.9, and 17.7 respectively [8] - The average P/E ratio for comparable companies in 2025 is 27.3, indicating that the company is valued favorably given its industry-leading cost advantages [6][9]

证券研究报告 电力设备 报告日期：2025 年 04 月 01 日 公司业绩短期承压，光伏玻璃价格有望筑底回升 ——福莱特（601865.SH）2024 年年报点评报告 观点： 请认真阅读文后免责条款 华龙证券研究所 最近一年走势 | 当前价格（元） | 17.80 | | --- | --- | | 周价格区间（元） 52 | 14.80-31.00 | | 总市值（百万元） | 41,703.98 | | 流通市值（百万元） | 33,821.16 | | 总股本（万股） | 234,292.01 | | 流通股（万股） | 190,006.51 | | 近一月换手（%） | 20.12 | 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 2024 年三季报点评报告》2024.11.01 事件： 投资评级：增持（维持） 2025 年 3 月 28 日，福莱特发布 2024 年年报：2024 年公司实现 营业收入 186.83 亿元，同比下滑 13.20%；实现归属上市公司股东的 净利润 10.07 亿元，同比下滑 63.52 %。 市场数据 2025 年 03 ...

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Fuyao Glass Group Co., Ltd., highlighting the low conversion rate and the remaining unconverted bonds. Group 1: Convertible Bond Issuance Overview - Fuyao Glass Group Co., Ltd. issued 40 million convertible bonds with a total value of RMB 4 billion on May 20, 2022, with a maturity of six years and a tiered interest rate starting from 0.3% in the first year to 2.0% in the sixth year [1][2]. - The initial conversion price was set at RMB 43.94 per share, with the conversion period from November 28, 2022, to May 19, 2028 [2]. Group 2: Conversion Status - As of March 31, 2025, a total of RMB 112,000 worth of convertible bonds have been converted into 2,584 shares, representing 0.0001% of the total shares issued prior to conversion [1][3]. - The amount of unconverted convertible bonds as of the same date stands at RMB 3,999,888,000, which accounts for 99.9972% of the total issuance [1][3]. Group 3: Share Changes - The total number of shares increased from 2,342,919,565 to 2,342,920,139 due to the conversion of bonds, with a minor increase in the number of unrestricted shares [4].