Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Fuyao Glass [4][6]. Core Views - Fuyao Glass's 1H25 performance exceeded expectations, with total revenue increasing by 16.9% year-on-year to RMB 21.45 billion, and net profit attributable to shareholders rising by 37.3% to RMB 4.81 billion [1]. - The company is expected to benefit from the acceleration of industry intelligence, leading to an upward revision of net profit forecasts for 2025E, 2026E, and 2027E by 15%, 13%, and 14% respectively [4]. Summary by Sections Financial Performance - In 1H25, Fuyao's automotive glass sales grew by 9.3%, with average selling price (ASP) increasing by 6.2%, resulting in automotive glass revenue of RMB 19.5 billion, a year-on-year increase of 16.2% [2]. - The gross margin for 1H25 was 37.1%, with a notable improvement in 2Q25, where the gross margin reached 38.5% [2]. Capacity Expansion and Business Synergy - The company invested RMB 2.86 billion in capital expenditures in 1H25, focusing on the second phase of the U.S. factory and new plants in Anhui and Fujian [3]. - Fuyao has established synergy between its automotive glass and aluminum trim businesses, enhancing its market position [3]. Profitability and Valuation - The report projects a steady increase in gross margin due to cost control and operational efficiency, with expectations for continued growth in 2H25 as the U.S. factory ramps up production [2]. - The target prices for A-shares and H-shares have been adjusted to RMB 77.58 and HKD 84.97 respectively, corresponding to a PE ratio of approximately 20x for 2025E [4].

风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、 指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。基金投资有风险，基金的过往业绩并不代表其未来表现， 基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 来源：金融界 8月21日，两市持续走强。截至10时46分，中证红利质量ETF(159209)放量涨0.82%，盘中创年内第29次新高；吉比特、福耀玻璃持续拉升，资金热度不 减，据Wind Level2实时行情结合均价预估，盘中净流入约800万，截至发稿，该基金获资金连续9日净流入。 分析指出，中证红利质量指数作为传统红利策略的升级版，凭借"高ROE+稳定现金流+合理股息"的独特选股逻辑，正在成为价值投资者关注的新焦点。 该指数从沪深市场中筛选盈利能力强、分红可持续的优质企业，最新数据显示其成分股平均滚动ROE高达22%，一季度净利润增速接近50%，远超主流 宽基指数，而4%的股息率不仅跑赢十年期国债收益率两倍有余，也显著高于沪深300等大盘指数。低费率与月度分红机制的设计 ...

（文章来源：证券时报网） 两融数据显示，该股最新（8月20日）两融余额为22.95亿元，其中，融资余额为22.82亿元，近10日增加 2.20亿元，环比增长10.69%。 机构评级来看，近10日共有4家机构对该股进行评级，预计目标价最高的是华泰证券，8月20日华泰证券 发布的研报给予公司目标价为76.08元。 公司发布的半年报数据显示，上半年公司共实现营业收入214.47亿元，同比增长16.94%，实现净利润 48.05亿元，同比增长37.33%，基本每股收益为1.8400元，加权平均净资产收益率13.18%。（数据宝） 福耀玻璃股价创出历史新高，截至9:35，该股上涨3.67%，股价报63.60元，成交量1466.93万股，成交金 额9.28亿元，换手率0.73%，该股最新A股总市值达1273.90亿元，该股A股流通市值1273.90亿元。 证券时报·数据宝统计显示，福耀玻璃所属的汽车行业，目前整体涨幅为0.24%，行业内，目前股价上涨 的有112只，涨幅居前的有成飞集成、南方精工、秦安股份等，涨幅分别为10.00%、5.79%、4.55%。股 价下跌的有169只，跌幅居前的有潍柴重机、全柴动力、腾龙股份等 ...

Group 1 - Fuyao Glass has seen a stock price increase of 3.8%, reaching 63.7 yuan per share, marking a new all-time high [1] - The company's total market capitalization has surpassed 166 billion yuan [1]

Core Viewpoint - Fuyao Glass has seen a stock price increase of 2.05%, reaching a new high of 62.61 CNY per share, with a total market capitalization surpassing 163.396 billion CNY and a trading volume of 111 million CNY [1] Company Summary - Fuyao Glass's stock price has achieved a new record high of 62.61 CNY per share [1] - The company's total market capitalization has exceeded 163.396 billion CNY [1] - The trading volume for the day reached 111 million CNY [1]

Group 1 - The core viewpoint highlights the strong performance of the market, particularly the China Securities Dividend Quality ETF (159209), which has seen continuous net inflows for eight days, totaling approximately 20 million, indicating investor preference for high-quality dividend indices [1] - Fuyao Glass, a leading global automotive glass company, reported better-than-expected financial results for the first half of 2025, with revenue of 21.447 billion, a year-on-year increase of 16.94%, and net profit attributable to shareholders of 4.805 billion, up 37.33% [1] - Among 41 A-share automotive parts companies that have disclosed financial reports, Fuyao Glass ranks second in net profit for the first half of the year, with a growth rate significantly higher than the median growth rate of 18% for the disclosed companies [1] Group 2 - The China Securities Dividend Quality ETF (159209) tracks the CSI All Share Dividend Quality Index, which selects 50 companies with stable dividends, high dividend yields, and strong earnings sustainability, reflecting the overall performance of companies with strong dividend and profitability characteristics [2] - The ETF employs a "dividend + quality" dual-factor screening mechanism to identify high-quality enterprises with both "undervalued" and "high-quality" characteristics, aligning with Warren Buffett's value investment philosophy of investing in excellent companies at reasonable prices [2] - The product design features a cost structure of "0.15% + 0.05%", which is the lowest in the market, providing a significant cost advantage for long-term holders, and a monthly assessment dividend mechanism to better meet investors' cash flow needs [2]

据证券之星公开数据整理，近期福耀玻璃（600660）发布2025年中报。截至本报告期末，公司营业总收 入214.47亿元，同比上升16.95%，归母净利润48.05亿元，同比上升37.33%。按单季度数据看，第二季 度营业总收入115.37亿元，同比上升21.39%，第二季度归母净利润27.75亿元，同比上升31.47%。本报 告期福耀玻璃公司应收账款体量较大，当期应收账款占最新年报归母净利润比达110.54%。 本次业绩公布的各项数据指标表现尚佳。其中，毛利率37.06%，同比增3.4%，净利率22.42%，同比增 17.4%，销售费用、管理费用、财务费用总计12.83亿元，三费占营收比5.98%，同比减28.38%，每股净 资产13.66元，同比增12.72%，每股经营性现金流2.05元，同比增61.02%，每股收益1.84元，同比增 37.31% 财务报表中对有大幅变动的财务项目的原因说明如下： 短期借款变动幅度为55.56%,原因:经营规模扩大融资需求增加以及融资结构变动。 长期借款变动幅度为-41.27%,原因:一年内将要到期偿还的长期借款增加，并转入"一年内到期的非流动 负债"列报。 应收票据变动 ...

Core Insights - Fuyao Glass reported a total revenue of 21.447 billion yuan for the first half of 2025, representing a year-on-year increase of 16.95% and a net profit attributable to shareholders of 4.805 billion yuan, up 37.33% year-on-year [1] - The company's gross margin improved to 37.06%, an increase of 3.4% compared to the previous year, while the net profit margin rose to 22.42%, up 17.4% [1] - The company has a significant amount of accounts receivable, with accounts receivable accounting for 110.54% of the latest annual net profit [1] Financial Performance - Total revenue for 2025 H1: 21.447 billion yuan, up 16.95% from 2024 H1 [1] - Net profit for 2025 H1: 4.805 billion yuan, up 37.33% from 2024 H1 [1] - Gross margin: 37.06%, up 3.4% year-on-year [1] - Net profit margin: 22.42%, up 17.4% year-on-year [1] - Total expenses (selling, administrative, financial): 1.283 billion yuan, accounting for 5.98% of revenue, down 28.38% [1] - Earnings per share: 1.84 yuan, up 37.31% year-on-year [1] Cash Flow and Debt - Operating cash flow per share: 2.05 yuan, up 61.02% year-on-year [1] - Significant changes in financial items include a 55.56% increase in short-term borrowings due to expanded financing needs [4] - The company’s cash flow from operating activities increased by 61.02% due to revenue and profit growth [4] Investment and Market Position - The company has a historical average ROIC of 12.23%, with a 2024 ROIC of 14.1%, indicating strong capital returns [2] - Analysts expect the company's performance in 2025 to reach 9.405 billion yuan, with an average earnings per share forecast of 3.6 yuan [2] - The company is held by prominent fund managers, including Xiao Nan from E Fund, who has a strong track record in selecting value and growth stocks [2][6]

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Date**: August 20, 2025 Key Points Financial Performance - **Revenue Growth**: Fuyao Glass reported a revenue of 21.447 billion yuan for the first half of 2025, a year-on-year increase of 16.94% [3] - **Net Profit**: The net profit attributable to shareholders was 4.805 billion yuan, up 37.33% year-on-year [3] - **Operating Cash Flow**: The net cash flow from operating activities was 5.354 billion yuan, an increase of 61.02% year-on-year [2][3] - **Earnings Per Share**: Basic earnings per share reached 1.84 yuan, a growth of 37.31% [3] - **Gross Margin**: The operating gross margin improved to 37.06%, up 1.22 percentage points year-on-year [3] Business Segments - **Automotive Glass**: The main business revenue from automotive glass was 19.538 billion yuan, with a growth of 16.16% [2][4] - **Domestic Growth**: Domestic automotive glass revenue increased by 14.05% [2] - **International Growth**: Overseas automotive glass revenue grew by 18.63% [2] - **Aluminum Business**: Revenue from the German aluminum segment decreased, but losses narrowed significantly, with expectations to limit annual losses to under 10 million euros [2][17] - **Chinese Aluminum Growth**: Chinese aluminum business revenue increased by 33.1%, with an operating profit margin of 14.4% [2][17] Product Development - **High-Value Products**: The proportion of high-value products reached 50.73%, an increase of 4.81 percentage points year-on-year [2][6] - **R&D Investment**: R&D expenditure remains around 4.3% of revenue, contributing to profitability and margin improvements [2][9] Market Dynamics - **U.S. Market Performance**: The U.S. market operations exceeded expectations, with an operating profit margin of 15.35%, the highest in history, and revenue growth of approximately 18% [2][10][11] - **Impact of Currency Fluctuations**: The appreciation of the euro had a positive impact on sales in Europe, but overall, the currency fluctuations did not significantly affect the gross margin [8][10] Shareholder Returns - **Dividend Policy**: The mid-term cash dividend proposal is 0.9 yuan per share, accounting for nearly 50% of the mid-term earnings per share [2][7] - **Historical Dividends**: Since its listing in 1993, Fuyao Glass has distributed a total of 34.7 billion yuan in dividends, representing 65% of cumulative net profit [7][30] Strategic Outlook - **Capacity Utilization**: The overall capacity utilization is expected to remain between 80-85% for 2025, with capital expenditure guidance maintained at 8.12 billion yuan [4][13] - **Future Growth**: The company anticipates continued growth in high-value product demand, particularly in the context of automotive electrification and smart technology [9][23] Competitive Position - **Market Share**: Fuyao Glass has seen an increase in market share in Europe, supported by strong customer relationships and product quality [14][22] - **Synergies**: There are significant synergies between the automotive glass and aluminum businesses, enhancing overall competitiveness [18] Challenges and Risks - **Global Market Conditions**: Despite a decline in global automotive production, Fuyao Glass has managed to double its revenue, indicating strong market positioning [15][16] - **Price Wars**: The company has maintained good relationships with OEMs and has not been adversely affected by price wars, as evidenced by improved profit margins [33] Conclusion Fuyao Glass demonstrates robust financial health, strategic growth in high-value products, and a strong competitive position in both domestic and international markets. The company is well-positioned to continue delivering shareholder value through dividends and operational efficiency.

Investment Rating - The investment rating for Fuyao Glass is "Buy" (maintained) [1] Core Views - The company reported a record high quarterly revenue, with a 37% year-on-year profit growth in the first half of 2025 [4] - The revenue for H1 2025 reached 21.447 billion yuan, up 16.95% year-on-year, while the net profit attributable to shareholders was 4.805 billion yuan, reflecting a 37.33% increase [4] - The company achieved a net profit margin of 24.05% in Q2 2025, with core profit margin improving to 22.12%, driven by operational efficiency enhancements [6] - High-value-added glass products accounted for 50.73% of revenue in H1 2025, up 4.81% year-on-year, contributing to a 6.24% increase in average selling price [6] - The company’s U.S. operations generated revenue of 3.852 billion yuan with a net profit margin of 11.24%, showcasing strong global management capabilities [6] - The company has a strong growth trajectory, with a projected revenue increase from 39.252 billion yuan in 2024 to 62.771 billion yuan by 2027, reflecting a compound annual growth rate of 18.5% [6][7] - The forecast for net profit attributable to shareholders is set to rise from 7.498 billion yuan in 2024 to 12.972 billion yuan by 2027 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 47.077 billion yuan, with a year-on-year growth rate of 19.9% [5] - The projected net profit for 2025 is 9.949 billion yuan, with a growth rate of 32.7% [5] - Earnings per share are expected to increase from 1.84 yuan in H1 2025 to 3.81 yuan for the full year [5] - The gross margin is anticipated to remain stable around 37.2% for 2025 [5]