证券代码：600660 证券简称：福耀玻璃 公告编号：2024-030 福耀玻璃工业集团股份有限公司 2024 年第二次临时股东大会 召开的日期时间：2024 年 8 月 29 日 14 点 00 分 召开地点：中国福建省福清市融侨经济技术开发区福耀工业村本公司会议室 股东大会召开日期：2024年8月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：福耀玻璃工业集团股份有限公司（以下简称"公司"、 "本公司"）董事局 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票（A 股股东适用）的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 8 月 29 日 关于召开 2024 年第二次临时股东大会的通知 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (一) 股东大会类型和届次 重要内容提示： 一、 召开会议的基本情况 至 202 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [1] Core Views - Fuyao Glass has steadily increased its global market share in the automotive glass sector, with its market share reaching approximately 33% in 2023 [2] - The company's revenue from automotive glass in 2023 was RMB 29.9 billion, significantly higher than its closest competitor, Asahi Glass, which reported RMB 25.2 billion [2] - Fuyao's U.S. operations have shown strong growth, with revenue increasing by 32% YoY in H1 2024, and net profit margin reaching 11.5%, a historical high [2] - The company is expanding its production capacity in the U.S. and overseas, with new facilities under construction to meet growing demand [2] Market Expansion and High-Value Products - The automotive glass market is expanding, driven by the adoption of high-value-added products such as panoramic sunroofs, smart glass, and HUD display glass [3] - Fuyao's average selling price (ASP) for automotive glass increased from RMB 201 per square meter in 2022 to RMB 208 per square meter in 2023, reflecting the growing contribution of high-value products [3] - The company is also expanding into the aluminum trim business, with a fully integrated supply chain and global production layout [3] Financial Projections - The report forecasts Fuyao's net profit to reach RMB 7.1 billion, RMB 8.4 billion, and RMB 9.8 billion in 2024, 2025, and 2026, respectively [4] - Earnings per share (EPS) are projected to be RMB 2.71, RMB 3.22, and RMB 3.77 for the same years [4] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of around 16-20% from 2024 to 2026 [4] Global Market Position - Fuyao has become the global leader in automotive glass, with a market share of 33% in 2023, surpassing competitors like Asahi Glass, Nippon Sheet Glass, and Saint-Gobain [11] - The company's overseas revenue has grown significantly, accounting for 44.6% of total revenue in 2023, up from 31.9% in 2013 [15] - Fuyao's U.S. operations have been a key driver of its global expansion, with revenue from the U.S. factory increasing steadily since 2017 [23] Cost Control and Profitability - Fuyao's strong cost control measures have resulted in a gross margin of over 35%, significantly higher than its competitors [27] - The company has integrated its supply chain, from raw materials to production, to reduce costs and improve efficiency [28] - Fuyao's management efficiency has also improved, with operating expenses as a percentage of revenue declining to around 15% in recent years [31] High-Value Glass Products - Fuyao is focusing on high-value glass products such as panoramic sunroofs, smart glass, and HUD display glass, which offer higher ASPs and margins [32] - The company's high-value products accounted for a significant portion of its revenue in 2023, with further growth expected as these products gain wider adoption [32] - Fuyao is also investing in advanced technologies like smart glass antennas and solar glass, which are expected to drive future growth [56]

2024年8月7日 | 3:45PM CST 2131d4eaf4cb4d50b1d51c8af07b64b4 福耀玻璃 (600660.SS/3606.HK) 2Q24业绩分析：领先的销量增长、均价改善以 及利润率上升推动业绩大幅好于预期；买入 福耀玻璃公布的2024年二季度业绩大幅超出我们和市场的预测（请参见我们基于业绩 快报的简要分析）。福耀玻璃表示，显著超预期的业绩表现主要得益于销量增速领 先、均价提升和利润率提高，我们认为这些因素在未来的经营中都具有可持续性。我 们在本文中具体分析了管理层在业绩说明会上阐述的四大利好因素，我们认为它们也 为持续的业务扩张奠定了基础：1）美国工厂最新情况：管理层重申调查对象是第三方 劳务公司，而非福耀美国，管理层认为福耀在美国运营合规，遵守当地法律法规；因 此，其扩大美国生产的业务战略保持不变；2）销量增长领先，福耀玻璃2024年上半 年汽车玻璃销量同比增长16%，而全球汽车销量同比增速不到1%；管理层预计日后将 延续类似的增长势头；3）销售均价提升符合预期，福耀玻璃销售均价同比上涨 8.3%，管理层表示有清晰的可预见性显示未来5年均价有望同比上涨7%-8%；4）国内 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - Strong Q2 2024 performance with record-high revenue and profit [2] - Revenue growth driven by increased market share, higher ASP, and larger vehicle glass area [5] - Profit growth expected to outpace revenue growth due to low raw material costs and new capacity [5] Financial Performance Revenue - H1 2024 revenue: RMB 18.34 billion, +22.01% YoY [2] - Q2 2024 revenue: RMB 9.504 billion, +19.1% YoY, +7.6% QoQ, a historical high [3] - High-value-added products accounted for +4.82 pct YoY in H1 2024 [3] Profit - H1 2024 net profit: RMB 3.499 billion, +23.35% YoY [2] - Q2 2024 net profit: RMB 2.111 billion, +9.8% YoY, +52.1% QoQ [4] - Q2 2024 gross margin: 37.73%, +2.76 pct YoY, +0.91 pct QoQ [4] - Q2 2024 net margin: 22.24%, -1.85 pct YoY, +6.53 pct QoQ [4] US Factory Performance - H1 2024 US factory revenue: RMB 3.211 billion, +26% YoY [4] - H1 2024 US factory net profit: RMB 387 million, +104% YoY [4] - H1 2024 US factory net margin: 12.05%, +4.58 pct YoY [4] Forecasts Revenue - 2024E revenue: RMB 39.825 billion, +20% YoY [5] - 2025E revenue: RMB 47.221 billion, +19% YoY [5] - 2026E revenue: RMB 55.754 billion, +18% YoY [5] Net Profit - 2024E net profit: RMB 7.473 billion, +33% YoY [5] - 2025E net profit: RMB 8.548 billion, +14% YoY [5] - 2026E net profit: RMB 9.706 billion, +14% YoY [5] Valuation - 2024E P/E: 15.76x [5] - 2025E P/E: 13.78x [5] - 2026E P/E: 12.14x [5] Key Drivers - Increased market share globally [5] - Higher ASP and larger vehicle glass area [5] - Low raw material costs (soda ash and natural gas) [5] - New capacity expected to come online post-2025 [5]

证券研究报告·公司点评报告·汽车零部件 福耀玻璃（600660） 2024 年半年度报告点评：2024Q2 业绩亮眼， 汽玻龙头强者恒强 2024 年 08 月 08 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 28099 | 33161 | 39597 | 46091 | 53892 | | 同比（%） | 19.05 | 18.02 | 19.41 | 16.40 | 16.92 | | 归母净利润（百万元） | 4756 | 5629 | 7004 | 8245 | 9586 | | 同比（%） | 51.16 | 18.37 | 24.43 | 17.71 | 16.27 | | EPS-最新摊薄（元/股） | 1.82 | 2.16 | 2.68 | 3. ...

福耀玻璃(600660.SH)/汽车 证券研究报告/公司点评 2024 年 8 月 7 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：42.87 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|---------| | 总股本(百万股) | 2,610 | | 流通股本(百万股) | 2,003 | | 市价(元) | 42.87 | | 市值(百万元) | 111,880 | | 流通市值(百万元) | 85,869 | [Table_QuotePic] 股价与行业-市场走势对比 -30% -20% -10% 0% 10% 20% 30% 40% 50% 福耀玻璃 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-06 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1][5][6] Core Views - In the first half of 2024, the company achieved revenue of 18.34 billion yuan, a year-on-year increase of 22.01%, with net profit attributable to shareholders reaching 3.499 billion yuan, up 23.35% year-on-year [1][3] - The second quarter of 2024 saw revenue of 9.504 billion yuan, with a quarter-on-quarter increase of 19.12% and a year-on-year increase of 7.56% [1][3] - The company's performance growth significantly outpaced the automotive industry's production growth, attributed to an increase in global market share and a higher proportion of high-value-added products [4][5] Financial Summary - Revenue (in million yuan) for 2023, 2024E, 2025E, and 2026E is projected at 33,161, 39,087, 44,810, and 50,768 respectively, with year-on-year growth rates of 18.0%, 17.9%, 14.6%, and 13.3% [1][12] - Net profit attributable to shareholders (in million yuan) is expected to be 5,629, 7,530, 8,834, and 10,142 for the same years, with growth rates of 18.4%, 33.8%, 17.3%, and 14.8% [1][12] - The overall gross margin for the first half of 2024 was 36.7%, with a gross margin of 37.7% in Q2 2024, reflecting improvements in product mix and cost reductions [4][5] Market Performance - Fuyao Glass's U.S. subsidiary reported a revenue of 3.36 billion yuan in the first half of 2024, a year-on-year increase of 32.1%, with net profit doubling to 390 million yuan [4][5] - The company is expected to continue benefiting from product structure upgrades, market share expansion, and stable or declining costs, leading to improved profitability [5][6]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Fuyao Glass [1][2] Core Views - The company demonstrated strong performance in 2Q24, with a year-on-year revenue increase of 22.0% to RMB 18.34 billion and a net profit increase of 23.4% to RMB 3.50 billion, indicating a robust growth trajectory [1] - The report highlights the continuous improvement in gross margin, which reached 37.7% in 2Q24, benefiting from internal efficiency improvements and economies of scale [1][2] - The company is expected to maintain a positive outlook for volume and price growth due to ongoing investments in new factories and projects, alongside an increase in high-value-added products [2] Summary by Sections Financial Performance - In 1H24, automotive glass sales increased by 16.2%, with an average selling price (ASP) growth of 8.3%, leading to a 25.8% increase in automotive glass revenue to RMB 16.8 billion [1] - The report projects net profits for 2024E, 2025E, and 2026E to be approximately RMB 6.93 billion, RMB 8.04 billion, and RMB 9.24 billion, respectively, reflecting an upward revision of 6% for 2024E and 2025E, and 9% for 2026E [2][3] Market Position and Strategy - The company is focusing on expanding its market share globally, supported by competitors facing production challenges and its own capacity advantages [2] - The report anticipates continued ASP improvement driven by the increasing penetration of high-value products such as panoramic roofs and advanced driver-assistance systems (ADAS) [2] Valuation Metrics - The target prices have been adjusted to RMB 58.40 for A-shares and HKD 52.19 for H-shares, corresponding to approximately 22x and 18x 2024E PE [2] - The expected dividend yields for 2024E are approximately 4.0% for A-shares and 4.9% for H-shares [2][3]

Investment Rating - The report maintains an "Outperform" rating for the company [2][5]. Core Insights - The company is positioned as a global leader in automotive glass, with revenue growth consistently surpassing industry averages. The report highlights a projected increase in the average value of automotive glass per vehicle, driven by trends in smart technology and enhanced product offerings [1][42]. - The company has adjusted its profit forecasts upward, expecting net profits of 7.3 billion, 8.8 billion, and 10.1 billion yuan for 2024, 2025, and 2026 respectively, reflecting a strong growth trajectory [1][3]. Financial Performance Summary - For Q2 2024, the company achieved revenue of 9.504 billion yuan, a year-on-year increase of 19.12%, and a net profit of 2.111 billion yuan, up 9.84% year-on-year [6][13]. - The gross margin for Q2 2024 was reported at 37.73%, an increase of 2.76 percentage points year-on-year, while the net margin was 22.24% [4][13]. - The company’s operating profit margin in North America improved to 15.68%, reflecting operational efficiencies and cost reductions [16]. Market Position and Growth Potential - The company’s automotive glass sales reached 140.16 million square meters in 2023, translating to a market share of over 36% globally [23][24]. - The report indicates that the automotive glass market is expected to see a compound annual growth rate (CAGR) of over 7% from 2024 to 2026, driven by the increasing integration of high-value products [34][42]. - The company is expanding its production capacity in various locations, including North America and China, to meet growing demand and enhance its market share [25][30]. Product Innovation and R&D - The company has significantly increased its R&D investment, reaching 1.403 billion yuan in 2023, with a focus on high-value products such as smart panoramic roofs and adjustable glass [33][34]. - The report notes that the proportion of high-value products in the company’s offerings has increased by 4.82 percentage points year-on-year, indicating a shift towards more advanced automotive glass solutions [34][42]. Strategic Outlook - The company is expected to benefit from the ongoing trends in automotive electrification and smart technology, positioning itself to capture a larger share of the market as the average value of automotive glass per vehicle increases [42]. - The report emphasizes the potential for the company to leverage its competitive advantages in cost control and product innovation to sustain its leadership position in the global automotive glass market [42].

汽车 2024 年 08 月 07 日 2024-05-01 推荐（維持） 事项： 主要救据 行业汽车 公司网址www.f uyaogroup.com 大股东/持股HKSCC NOMINEES LIMITED/22.83% 实际控制人营 达旺 总股本(百万股)2,610 流通 A 股(百万股)_________2,003 流通 B/H 酸(百万酸)_______607 总市值（亿元）1119 流通 A 殷市值(亿元) . 每殷净资产(元)_______12.12 资产负债率(%)47.4 行情走势图 证券分析师 2022A2023A2024E2025E2026E 营业收入(百万元)2809933161401454783157629 YOY(%)19.018.021.119.120.5 56298401净利润(百万元)4756706510063 YOY(%)51.218.425.518.919.8 毛利率(%)34.035.437.437.237.2 净利率(%)16.917.017.617.617.5 ROE(%)16.417.920.822.824.9 EPS( 摊薄/元 )1.822.162.713.22 ...