Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported strong resilience in performance, with a revenue of 33.3 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.62%, and a net profit attributable to shareholders of 7.06 billion yuan, up 28.93% year-on-year [5][7] - The ASP (Average Selling Price) of automotive glass is expected to continue rising due to the increasing proportion of high-value-added products, which accounted for 52.22% of revenue in the first three quarters of 2025, up 4.92% year-on-year [7] - The company's core profit margin improved by 1.62% year-on-year, driven by quality enhancement and operational efficiency [7] Financial Data and Earnings Forecast - For 2025, the company is projected to achieve total revenue of 47.08 billion yuan, with a year-on-year growth rate of 19.9% [6] - The net profit attributable to shareholders is forecasted to be 9.42 billion yuan in 2025, reflecting a year-on-year growth of 25.6% [6] - The company maintains a stable ROE (Return on Equity) of 23.2% for 2025, with a PE (Price to Earnings) ratio of 18 [6][7]

Core Viewpoint - Fuyao Glass achieved a net profit attributable to shareholders of 7.064 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 28.93% [1] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 2.259 billion yuan, which is a year-on-year increase of 14.09% but a quarter-on-quarter decrease of 18.59% [1] - For Q3 2025, the company achieved operating revenue of 11.855 billion yuan, reflecting a year-on-year growth of 18.86% and a quarter-on-quarter increase of 2.75% [1] Market Position and Growth Drivers - The company continues to be a leader in the global automotive glass industry, with market share growth and an increase in average selling price (ASP) driven by the upgrade of automotive glass [1] - The ongoing development of automotive intelligence is enhancing the functionality of automotive glass, with higher penetration rates of high-value-added products such as HUD windshields, panoramic roofs, and double-layer side windows, contributing to the growth in the value of automotive glass [1] Investment Rating - The company maintains a "Buy" rating based on its performance and market position [1]

（文章来源：证券时报网） 大和将福耀玻璃的目标价从70港元上调至80港元，维持"买入"评级。上调目标价是基于公司第三季度产 品组合变化带来的盈利能力超出预期，因此大和上调了2024年至2027年的每股盈利预测4%至7%，并提 高了毛利率预测。报告指出，福耀玻璃今年以来在全球汽车玻璃市场的市占率稳步提升，并同步扩大产 能。在铝饰条业务方面，公司已于今年7月在上海投资新产能，并计划在重庆新建工厂。 ...

该行指，福耀玻璃今年以来在全球汽车玻璃市场市占率稳步增加，并相应扩大产能。铝饰条方面，公司 今年7月在上海投资新产能，并计划在重庆再建一间工厂，目标2028年铝饰条收入达55亿至60亿元。 大和发表报告指，将福耀玻璃的目标价由70港元上调至80港元，评级"买入"。基于公司第三季产品组合 变化带动的盈利能力超出预期，该行上调今年至2027年每股盈测介乎4%至7%，同时提高毛利率预测。 ...

大和发表报告指，将福耀玻璃的目标价由70港元上调至80港元，评级"买入"。基于公司第三季产品组合 变化带动的盈利能力超出预期，该行上调今年至2027年每股盈测介乎4%至7%，同时提高毛利率预测。 该行指，福耀玻璃今年以来在全球汽车玻璃市场市占率稳步增加，并相应扩大产能。铝饰条方面，公司 今年7月在上海投资新产能，并计划在重庆再建一间工厂，目标2028年铝饰条收入达55亿至60亿元。 ...

"曹晖，我的儿子，论水平论资历他都不如你们，但是他有一个比你们强，他是我曹德旺的儿子，"这是 多年前曹德旺在一档节目中提起自己儿子时亲口说的话。曹德旺把1700亿的福耀玻璃交给儿子曹晖，理 由很直接："他是我儿子"。 ...

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Date**: October 20, 2025 Key Points Industry and Market Performance - **Gross Margin**: In Q3 2025, Fuyao Glass reported a gross margin of 36%, a decrease of 0.59 percentage points quarter-over-quarter, influenced by increased rebates, fluctuations in U.S. project profitability, and reduced shipping costs. Negative factors are expected to gradually diminish in Q4 and next year [2][3] - **Domestic Revenue Growth**: For the first three quarters of 2025, domestic revenue grew approximately 15%, outpacing the domestic passenger car production growth rate of about 13% [8] - **ICT Market**: The domestic ICT market is experiencing stable growth, driven by product upgrades and the penetration of functional products [2] U.S. Market Insights - **U.S. Plant Profitability**: The target profit margin for the first phase of the U.S. plant is around 30%, with an ideal state in the second half of the year reaching 40%-50%. Currently, the plant is only breaking even. The second phase's profitability is significantly impacted by electricity price fluctuations [4][5] - **Future Profitability**: The second phase is expected to show profit elasticity gradually starting next year, but specific utilization rates for the two phases will not be disclosed separately [5] Competitive Landscape - **Domestic Competition**: The domestic market is highly competitive, with rebates primarily focused on domestic clients, including independent brands, joint ventures, and new entrants. The company may adopt a more aggressive business strategy to mitigate potential industry volatility risks [7] - **Rebate Strategy**: The expected additional rebate discount for next year is estimated to be around 1 percentage point [2][7] Production Capacity and Expansion - **New Capacity**: New production capacity in Anhui and Fujian, totaling 1 million sets each, is expected to begin stabilizing in Q4 2025. However, additional capacity will not significantly impact operational performance due to the short cycle and limited investment [16] - **Future Capacity Plans**: The company plans to complete the remaining 4-5 million sets of equipment installation by the end of next year, depending on market conditions [21] Financial Outlook - **Capital Expenditure**: The initial capital expenditure plan was over 8 billion RMB, with actual spending around 5 billion RMB by Q3 2025. The total expenditure for the year is expected to be between 6.5 billion and 7 billion RMB [14][15] - **Profitability Projections**: New capacity is expected to incur losses initially, with utilization rates projected at 30% for overseas and 40% for domestic capacity in the first year. Profitability is anticipated to improve gradually thereafter [13][18] Product and Market Trends - **Aluminum Trim Business**: Estimated revenue for the aluminum trim business in 2025 is around 2.3 to 2.4 billion RMB, with significant growth expected in the coming years driven by new production lines [24][25] - **Market Dynamics**: The domestic market for aluminum trims is expected to grow significantly, particularly due to the increasing demand from electric vehicles [26] Strategic Direction - **Management Changes**: The company’s operational style is expected to remain stable despite changes in management. The new management may explore new technologies but will not deviate from existing business areas [6] - **Robotics Business**: Currently, there are no plans to expand into the robotics sector, as the company prefers to evaluate market trends thoroughly before making strategic shifts [19] Conclusion Fuyao Glass is navigating a competitive landscape with a focus on maintaining profitability through strategic rebates and capacity management. The company is poised for gradual growth in both domestic and international markets, with a strong emphasis on managing costs and enhancing operational efficiency.

Investment Rating - The investment rating for Fuyao Glass is "Buy" (maintained) [1][10] Core Views - Fuyao Glass is a global leader in the automotive glass industry, with an increasing market share and rising average selling price (ASP) per vehicle driving its sustained growth [3] - The company is in its third round of capital expenditure, with expansion projects in the U.S. and other locations expected to enhance its global market share [3] - The penetration of high-value-added products, such as HUD windshields and panoramic roofs, is contributing to the growth in ASP and overall revenue [3] Financial Performance Summary - For the first three quarters of 2025, Fuyao Glass achieved total revenue of 33,302 million yuan, a year-on-year increase of 17.62%, and a net profit attributable to shareholders of 7,064 million yuan, up 28.93% year-on-year [9] - In Q3 2025, the company reported revenue of 11,855 million yuan, a year-on-year increase of 18.86% and a quarter-on-quarter increase of 2.75% [9] - The gross margin for Q3 2025 was 37.90%, slightly down by 0.59 percentage points from the previous quarter [9] - The net profit margin for Q3 2025 was 19.06%, down 4.99 percentage points from the previous quarter [9] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 9,710 million yuan, 11,111 million yuan, and 13,174 million yuan, respectively [10] - Corresponding EPS for these years are projected to be 3.72 yuan, 4.26 yuan, and 5.05 yuan, with P/E ratios of 17.62, 15.40, and 12.99, respectively [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 11.85 billion yuan in Q3 2025, representing a year-on-year increase of 18.9% and a quarter-on-quarter increase of 2.7%. The net profit attributable to the parent company was 2.26 billion yuan, up 14.1% year-on-year [2][5]. - The company is positioned as a leading global automotive glass manufacturer, with a widening competitive moat and significant long-term investment value [2][9]. - The company’s high-value-added product penetration rate continues to grow, and its global market share is on the rise, leading to revenue growth that outpaces the overall downstream market performance [9]. Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported a gross margin of 37.9%, a year-on-year increase of 0.6 percentage points, but a quarter-on-quarter decrease of 0.6 percentage points. The total profit for the period was 2.78 billion yuan, a year-on-year increase of 19.0% but a quarter-on-quarter decrease of 15.9% [9]. - The net profit margin for Q3 2025 was 19.1%, down 0.8 percentage points year-on-year and down 5.0 percentage points quarter-on-quarter [9]. Market Outlook - The company is expected to benefit from the increasing penetration of panoramic roofs and HUD technologies, with the global automotive glass market projected to expand rapidly over the next decade [9]. - The company’s high-value-added products accounted for an increased revenue share, reflecting a 4.81 percentage point year-on-year rise [9]. Management Transition - The company has successfully transitioned its management, with the founder stepping down as chairman and his son taking over the role, which is expected to enhance the company's leadership position [9]. Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 9.75 billion yuan, 11.26 billion yuan, and 13.07 billion yuan, respectively, with corresponding price-to-earnings ratios of 17.0X, 14.7X, and 12.7X [9].

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 918.87% and Ningde Times (03750) at -17.09% [1][2] Summary by Category Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 918.87% with a deviation value of 109.61% [2] - Hongye Futures (03678) follows with a premium rate of 246.28% and a deviation value of 16.95% [2] - Zhejiang Shibao (01057) ranks third with a premium rate of 241.04% and a deviation value of 19.03% [2] Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -17.09% with a deviation value of -2.80% [2] - Heng Rui Pharmaceutical (01276) has a premium rate of -1.38% and a deviation value of 1.69% [2] - China Merchants Bank (03968) has a premium rate of 0.51% with a deviation value of -4.32% [2] Top AH Share Deviation Values - Northeast Electric (00042) leads with a deviation value of 109.61% [2] - Changfei Optical Fiber (06869) has a deviation value of 31.51% [2] - Shandong Molong (00568) follows with a deviation value of 26.68% [2] Bottom AH Share Deviation Values - Shanghai Electric (02727) has the lowest deviation value at -25.42% [3] - China National Foreign Trade Transportation Group (00598) has a deviation value of -16.00% [3] - COSCO Shipping Energy Transportation (01138) has a deviation value of -14.18% [3]