First(603806) 21世纪经济报道·2025-04-11 11:24Core Viewpoint - Foster, a leading photovoltaic materials company, experienced its first decline in both revenue and net profit in nearly a decade in 2024, primarily due to challenges in its photovoltaic materials business [2][3]. Financial Performance - In 2024, Foster reported a revenue of 19.147 billion yuan, a year-on-year decrease of 15.23% [2]. - The net profit attributable to shareholders was 1.308 billion yuan, down 29.33% compared to the previous year [2]. - The photovoltaic materials segment remains the core revenue source, contributing 18.111 billion yuan, accounting for 94.59% of total revenue [2]. Product Performance - The sales volume of photovoltaic encapsulant reached 2.811 billion m² in 2024, generating revenue of 17.504 billion yuan, which represented 91.42% of the company's total revenue [2]. - The average selling price of photovoltaic encapsulant dropped from approximately 9.11 yuan/m² in 2023 to 6.23 yuan/m² in 2024, indicating a "volume increase but price decrease" scenario [3]. - Revenue from photovoltaic backsheet halved in 2024, with average selling prices falling from 8.79 yuan/m² in 2023 to 6.01 yuan/m² in 2024 [3]. Business Segments - The electronic materials segment saw a revenue increase of 38.16% year-on-year, reaching 719 million yuan, indicating a shift in revenue contribution [2]. - The output of photosensitive dry film increased significantly, reaching 159 million m² in 2024, a growth of 37.97% [4]. - The gross margin for photosensitive dry film was reported at 23.90%, an increase of 0.61 percentage points [4]. Future Outlook - Foster aims to expand its production capacity for both photovoltaic and electronic materials in 2025, with several projects planned for capacity expansion and technological upgrades [5]. - The company is focusing on high-end products targeting major clients in the IC substrate and packaging substrate sectors, driven by emerging industries like AI and robotics [5]. - The decline in market valuation from over 150 billion yuan in 2021 to 32.3 billion yuan currently highlights the importance of successfully scaling new business lines for future growth [5].