A：Company Basic Information
Full Name: Flat Glass Group Co., Ltd.
Stock Code: 601865.SH
Stock Abbreviation: 福莱特
Industry: Photovoltaic Glass Manufacturing
Establishment Date: June 24, 1998
Issue Price: 2.00 yuan
Founder: 阮洪良
Company Website: http://www.flatgroup.com.cn
Registered Address: No. 1999, Yunhe Road, Xiuzhou District, Jiaxing City, Zhejiang Province
Total Share Capital: 4,314,945,604 shares (as of October 22, 2024)
Total Market Value: 123.989 billion yuan (as of October 22, 2024)
Business Scope: Research, development, production, and sales of photovoltaic glass, float glass, engineering glass, home glass, and other products, as well as the construction of solar photovoltaic power stations and quartz rock mining.
Company Profile: Flat Glass Group Co., Ltd. was established in 1998 and officially entered the photovoltaic glass industry in 2006, being one of the earliest companies in China to enter the photovoltaic glass industry. The company went public on the Hong Kong stock market in 2015 and was listed on the Shanghai Stock Exchange A-shares in 2019. The company's photovoltaic glass market share is about 30%, making it one of the world's leading manufacturers of photovoltaic glass. The company actively layouts its production bases in Jiaxing, Zhejiang, Chuzhou, Anhui, Nantong, Jiangsu, and Vietnam, with a global perspective, and is committed to becoming a world-class clean energy operator and a world-class safe food supplier.
B：Value Investment Analysis
Key Financial Indicators:
Operating Income: In the first half of 2024, the company achieved a revenue of 10.7 billion yuan, a year-on-year increase of 10.51%.
Net Profit: In the first half of 2024, the net profit attributable to the parent company was 1.499 billion yuan, a year-on-year increase of 38.14%.
R&D Investment: The company's annual R&D expenditure in 2023 exceeded 398.2 million yuan, with 4,157 R&D personnel.
Gross Margin: In the first half of 2024, the gross margin was 23.78%, a year-on-year increase of 4.7 percentage points.
Company Investment Value:
As a leading enterprise in the photovoltaic glass industry, Flat Glass Group Co., Ltd. has significant advantages in scale and cost control. The company's market share in the photovoltaic glass field continues to expand, competing with international companies and successfully becoming one of the main suppliers in the global photovoltaic glass market. The company's vertical integration layout in the photovoltaic industry chain helps enhance overall competitiveness and profitability.
Company Growth Potential:
The growth potential of Flat Glass Group Co., Ltd. mainly comes from the continuous growth of the photovoltaic industry and the company's leading position in this field. With the increasing global demand for renewable energy, the company's high-purity crystalline silicon and solar cell businesses are expected to achieve rapid growth. At the same time, the company's innovation and R&D investment in the agricultural field are also expected to drive continuous growth in this business segment.
Industry Support Policies:
Flat Glass Group Co., Ltd. benefits from the national support for the new energy industry, especially in the photovoltaic industry. The state has introduced a series of policies, including tax incentives, financial support, R&D subsidies, etc., to promote the development of the photovoltaic industry. These policies provide a favorable development environment and opportunities for companies like Flat Glass Group Co., Ltd.
International Policy Risks:
The current international situation is complex and changeable. Trade frictions and technology blockades may have certain impacts on the company's supply chain and market expansion. However, Flat Glass Group Co., Ltd. actively responds to international policy risks by strengthening independent research and development and cooperation, striving to ensure the stable development of the company.
A.Top's Investment Review:
As a leading enterprise in the photovoltaic industry, Flat Glass Group Co., Ltd. demonstrates good investment value and growth potential with its technological advantages and scale effects in high-purity crystalline silicon and solar cells. With the increasing global demand for renewable energy, the company is expected to achieve sustained growth in the photovoltaic industry. Meanwhile, the company's steady development in the agricultural field provides additional growth momentum and risk hedging capabilities.