FSPG Hi-Tech Co. Ltd.
000973.SZ · SHZ
Company research
FSPG Hi-Tech Co., Ltd. (000973.SZ) is a China-based high-tech enterprise founded in 1988 and headquartered in Foshan, Guangdong Province, primarily engaged in the manufacture and sale of advanced polymer functional films and composite materials. The company's broad product portfolio spans packaging materials (including BOPA, BOPP, and BOPE films), electrical and optical materials (such as BOPP capacitor films, metallized films, and polarizer films), construction materials, personal healthcare and apparel films, as well as PP master batches, serving end markets that include liquid crystal displays, new energy vehicles, medical protection, and building materials. As China's sole dedicated BOPA film manufacturing base, FSPG holds leading market positions across multiple plastic film categories and exports to the Americas, Europe, and other international markets. Listed on the Shenzhen Stock Exchange since May 2000, the company currently employs approximately 2,512 staff and reported a market capitalization of approximately CNY 12.8 billion, with trailing twelve-month revenues of around CNY 1.93 billion.
Research reports
Dong吴证券对佛塑科技2026年一季报进行点评，指出并表金力后营收和归母净利润大幅同比提升、毛利率显著改善，单平净利受湿法隔膜涨价及5μm高端产品占比提升而上行，维持“买入”评级并上调未来三年归母净利预测，同时提示5μm产品放量不及预期、涨价不及预期及行业竞争加剧等风险。
东吴证券研究所 · March 4, 2026佛塑科技（000973）收购金力进军湿法隔膜，高端产品放量未来可期Dong吴证券首次覆盖佛塑科技，详细分析其以50.8亿元收购河北金力切入锂电湿法隔膜、在5μm超薄高强隔膜领域凭借与宁德时代等头部客户的绑定和领先技术形成龙二地位，并测算26–27年隔膜供需紧平衡将带来显著价格和盈利弹性，给予2026年30倍PE、目标价18.3元的“买入”评级，同时强调5μm放量节奏、涨价幅度及行业竞争格局恶化为主要风险。