Investment Rating - The investment rating for Fuyao Glass is "Buy" and is maintained [5]. Core Views - Fuyao Glass has achieved significant revenue growth, with a year-on-year increase of 25.3% in Q1 2024, reaching 8.84 billion yuan, and a net profit growth of 51.8%, amounting to 1.39 billion yuan [4][5]. - The company continues to enhance its penetration of high-value-added products and increase its global market share, leading to revenue growth that outpaces the domestic downstream market [4][5]. - The decline in raw material costs, such as soda ash and natural gas, has positively impacted the company's gross margin, which improved by 3.6 percentage points year-on-year to 36.8% in Q1 [4][5]. - Fuyao Glass is positioned as a leading player in the global automotive glass market, with a widening competitive moat and significant long-term investment value [4][5]. Summary by Relevant Sections Financial Performance - In Q1 2024, Fuyao Glass reported a total revenue of 8.84 billion yuan, a 25.3% increase year-on-year, and a net profit of 1.39 billion yuan, reflecting a 51.8% growth [4]. - The gross margin for Q1 was 36.8%, up 3.6 percentage points from the previous year, driven by lower costs of key raw materials [4][5]. - The total profit for Q1 reached 1.69 billion yuan, a 52.2% increase year-on-year, despite some impacts from foreign exchange losses and a terminated equity transfer agreement [4][5]. Market Outlook - The global automotive market is expected to expand rapidly, benefiting Fuyao Glass as it capitalizes on the increasing penetration of advanced glass products [5]. - The company’s high-value-added products, including smart panoramic roofs and adjustable glass, have seen a revenue share increase of 9.54 percentage points year-on-year [5]. - Fuyao Glass is anticipated to maintain a strong growth trajectory, with projected net profits of 6.46 billion, 7.24 billion, and 8.56 billion yuan for 2024, 2025, and 2026, respectively [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 派 付2023年度末期股利 本公司將向於2024年5月31日（星 期 五）名 列 本 公 司 股 東 名 冊 的H股股東 派付截至2023年12月31日止年度末期股利每股派發現金股利人民幣1.30 元（含 稅）。H股 股 利 以 港 幣 支 付，每 股H股應派末期現金股利約為港幣 1.433363元（含 稅）。末 期 股 利 將 由 收 款 代 理 人 於2024年6月20日（星 期 四） 支 付。為 釐 訂 有 權 獲 派 截 至2023年12月31日止年度的末期股利的H股 股 東 名 單，本 公 司 將 於2024年5月25日（星 期 六）至2024年5月31日（星 期 五） （包 括 首 尾 兩 天）暫 停 辦 理H股 股 份 過 戶 登 記 手 續。 滬 股 通 ...

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。 证券代码：600660 证券简称：福耀玻璃 公告编号：2024-022 重要内容提示： 福耀玻璃工业集团股份有限公司 2023 年度 A 股权益分派实施公告 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/5/16 | － | 2024/5/17 | 2024/5/17 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经福耀玻璃工业集团股份有限公司（以下简称"本公司"、"公司"）于 2024 年 4 月 25 日召开的 2023 年度股东大会审议通过。 二、 分配方案 每股分配比例 A 股每股现金红利人民币 1.30 元（含税）。 1. 发放年度：2023 年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司 ...

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [2] Core Insights - In Q1 2024, the company achieved a revenue of 8.84 billion yuan, representing a year-on-year increase of 25.3%, outperforming the domestic automotive sales growth rate by approximately 14.7 percentage points [3][6] - The company's net profit attributable to the parent company, excluding non-recurring items, reached 1.52 billion yuan, a year-on-year increase of 72.9% [3][6] - The gross margin improved to 36.8%, with a net profit margin of 17.2%, driven by lower costs of raw materials, natural gas, and transportation [7] - The company is focusing on high-value-added products such as panoramic glass and HUD glass, which are expected to enhance profitability [9] - Capital expenditures for 2024 are projected to be 8.12 billion yuan, aimed at expanding production capacity [9] - The company is expected to maintain a strong market position and increase its global market share, with projected EPS for 2024-2026 at 2.66, 3.14, and 3.69 yuan per share respectively [10] Summary by Sections Financial Performance - Q1 2024 revenue was 8.84 billion yuan, up 25.3% year-on-year, with net profit attributable to the parent company at 1.52 billion yuan, up 72.9% [3][6] - Gross margin for Q1 2024 was 36.8%, with a net profit margin of 17.2% [7] Product and Market Strategy - The company is enhancing its product offerings with high-value products, benefiting from trends in automotive electrification and intelligence [9] - Significant capital investments are planned to expand production capacity, with a total of 8.12 billion yuan expected in 2024 [9] Earnings Forecast - EPS projections for 2024, 2025, and 2026 are 2.66, 3.14, and 3.69 yuan per share, respectively [10] - The company maintains a "Buy" rating with a target price of 58.53 yuan per share for A-shares and 60.34 HKD for H-shares [10]

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass, expecting a price increase of over 15% relative to the industry index in the next six months [11]. Core Views - Fuyao Glass has demonstrated strong revenue growth and profitability in Q1 2024, with revenue reaching 8.836 billion and a year-on-year increase of 25.3%. The net profit attributable to shareholders was 1.388 billion, up 51.8% year-on-year [1]. - The company benefits from rising sales volume and prices in the automotive glass segment, with a 20.04% increase in sales volume and a 7.48% increase in unit price in Q1 2024 [1]. - The report highlights the company's capacity expansion plans and product upgrades as key drivers for future growth, with a capital expenditure plan of 8.123 billion for 2024 [1]. Financial Performance Summary - **Revenue and Profitability**: - 2022A revenue was 28.099 billion, with a projected increase to 40.503 billion in 2024E, reflecting a year-on-year growth rate of 22.1% [1]. - Net profit attributable to shareholders was 4.756 billion in 2022A, expected to rise to 6.896 billion in 2024E, with a growth rate of 22.5% [1]. - **Key Financial Ratios**: - Return on Equity (ROE) is projected to increase from 17.9% in 2023A to 19.7% in 2024E [1]. - The Price-to-Earnings (P/E) ratio is expected to decrease from 23.4 in 2023A to 19.1 in 2024E, indicating improved valuation [1]. Market Position and Strategy - Fuyao Glass is expected to enhance its market share through accelerated capacity expansion and product upgrades, focusing on high-value products such as smart panoramic glass and adjustable light glass [1]. - The company aims to increase its production capacity significantly, with investments planned for new automotive safety glass projects in Fujian and Anhui [1].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2024年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported strong performance in Q1 2024, with revenue of 8.836 billion yuan, a year-on-year increase of 25.29%, and a net profit attributable to shareholders of 1.388 billion yuan, up 51.76% year-on-year [4][5] - The growth in revenue is attributed to an increase in the proportion of high value-added products, leading to higher average prices and a continuous increase in market share due to strong competitiveness [3][5] - The company's gross margin improved to 36.82%, up 3.62 percentage points year-on-year, while the net profit margin was 15.71%, an increase of 2.74 percentage points year-on-year [5][6] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 88.36 billion yuan, a year-on-year increase of 25.29% [4] - The net profit attributable to shareholders was 13.88 billion yuan, reflecting a year-on-year growth of 51.76% [4] - The net profit after excluding non-recurring gains and losses was 15.18 billion yuan, up 72.89% year-on-year [4] Profitability Metrics - The gross margin for Q1 2024 was 36.82%, an increase of 3.62 percentage points year-on-year [5] - The net profit margin stood at 15.71%, up 2.74 percentage points year-on-year [5] - The company has effectively reduced costs and improved efficiency, contributing to the enhanced profitability [5] Future Earnings Forecast - The company is expected to achieve revenues of 38.069 billion yuan, 45.481 billion yuan, and 53.021 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15%, 19%, and 17% [6][7] - The forecasted net profit attributable to shareholders for the same years is 6.291 billion yuan, 7.506 billion yuan, and 8.934 billion yuan, with growth rates of 12%, 19%, and 19% [6][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 2.41 yuan, 2.88 yuan, and 3.42 yuan, respectively [6][7]

研究报告Research Report 29 Apr 2024 福耀玻璃 Fuyao Glass Industry Group (600660 CH) 2024 年一季报点评：收入规模和盈利能力同比快增，1Q24 业绩超预期 1Q24 Result: Revenue & Profit Grew Rapidly, Q1 Result Beat Expectations [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 收入规模和盈利能力同比快增，1Q24业绩超预期。公司发布2024 评级 优于大市OUTPERFORM 年一季报，1Q24 实现 88.36 亿元，同比+25.3%，环比-5.4%；毛利 现价 Rmb49.23 率 36.8%，同比+3.62pcts，环比+0.27pcts；归母净利润 13.88 亿 目标价 Rmb56.33 元，同比+51.8%，环比-7.7%，净利率 15.7%；扣非归母净利润 HTI ES ...

Investment Rating - A-shares: Buy (maintained) with a current price/target price of CNY 49.23/63.01 [1] - H-shares: Buy (maintained) with a current price/target price of HKD 47.25/55.45 [1] Core Views - Strong 1Q24 performance: Revenue increased by 25.3% YoY to CNY 8.84 billion, and net profit attributable to shareholders increased by 51.8% YoY to CNY 1.39 billion [1] - Gross margin improved both YoY and QoQ, reaching 36.8% in 1Q24, driven by lower natural gas prices, internal efficiency improvements, and economies of scale [1] - Overseas growth prospects are promising, with overseas automotive glass revenue increasing by 31.1% YoY [1] - The company is expected to maintain its leading position in volume, price, and profitability, driven by capacity advantages and high-value-added products [2] Financial Performance - 1Q24 automotive glass sales volume increased by 20.0% YoY, with ASP rising by 7.5% YoY [1] - Domestic and overseas automotive glass revenues increased by 27.3% and 31.1% YoY, respectively [1] - The company's 2024E/2025E/2026E net profit attributable to shareholders is forecasted to be CNY 6.57 billion, CNY 7.58 billion, and CNY 8.50 billion, respectively [2] Market and Industry Analysis - The company is expanding its presence in both the OEM and aftermarket segments, with a CNY 5.75 billion investment in a new automotive safety glass project in Hefei, Anhui [2] - The company is expected to benefit from the increasing penetration of high-value-added products such as sunroofs, HUDs, and ADAS-equipped windshields [2] - The company's global market share is expected to rise steadily due to competitors' production pressures and its own capacity advantages [2] Valuation and Forecast - The company's 2024E/2025E/2026E revenue is forecasted to be CNY 40.41 billion, CNY 46.50 billion, and CNY 51.86 billion, respectively [3] - The 2024E/2025E/2026E EPS is forecasted to be CNY 2.52, CNY 2.90, and CNY 3.26, respectively [3] - The 2024E/2025E/2026E ROE is expected to be 18.97%, 19.99%, and 20.49%, respectively [3] Operational Efficiency - The company's 1Q24 SG&A expense ratio decreased by 0.1 ppts YoY and 0.3 ppts QoQ to 16.7% [1] - The company's 2024E/2025E/2026E gross margin is forecasted to be 36.0%, 36.4%, and 36.7%, respectively [7] - The company's 2024E/2025E/2026E EBITDA margin is forecasted to be 25.7%, 25.5%, and 25.8%, respectively [7]

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1][3] Core Views - The Q1 performance exceeded market expectations with revenue of 8.836 billion yuan, a year-on-year increase of 25.3%, and a net profit of 1.388 billion yuan, up 51.8% year-on-year [2] - The company continues to outperform the industry with a gross margin of 36.8%, which has increased for five consecutive quarters [2] - The proportion of high-value-added products is rising, contributing to an increase in average selling price (ASP) [2] - The company plans to expand production capacity with a capital expenditure of 8.123 billion yuan in 2024 [2] Summary by Sections Financial Performance - Q1 2024 revenue was 88.36 billion yuan, up 25.3% year-on-year, while net profit reached 13.88 billion yuan, up 51.8% year-on-year [2] - Gross margin improved to 36.8%, a year-on-year increase of 3.6 percentage points [2] - Net profit margin was 15.7%, up 2.7 percentage points year-on-year [2] Product and Market Dynamics - The ASP for automotive glass in 2023 was 213.24 yuan/square meter, a year-on-year increase of 5.94% [2] - The penetration of high-value-added products like panoramic and HUD glass is increasing, driving ASP growth [2] - The company’s automotive glass sales volume in 2023 was 140.16 million square meters, a year-on-year increase of 10.24% [2] Capacity Expansion and Market Share - The company is expanding its production capacity with a planned capital expenditure of 81.23 billion yuan in 2024 [2] - Fuyao Glass is expected to continue increasing its market share due to its stable supply chain and cost advantages [2] Earnings Forecast - EPS for 2024-2026 is projected to be 2.33, 2.80, and 3.42 yuan, respectively, with a corresponding PE of 19, 16, and 13 times [3] - The compound annual growth rate (CAGR) for net profit is estimated at 16.58% [3]