Compa n y U pda te Ch in a Re sea rch Dep t . m 2 024年3月19日 福耀玻璃 (600660.SH/03606.HK) Buy 买进 沈嘉婕 H70455@capital.com.tw 2023年业绩稳健增长，产能扩张加速，建议“买进” 目标价(元) RMB 55.8 结论与建议： 公司基本资讯 公司发布2023年年报，实现营业收入331.6亿元，YOY+18%,录得净利润 产业别 汽车 A股价(2024/3/19) 42.35 56.3亿，YOY+18.4%（扣非后净利润55.3亿，YOY+18.5%），折合EPS为2.16 上证指数(2024/3/19) 3062.76 元，业绩符合预期。 股价12个月高/低 46.48/31.71 总发行股数(百万) 2609.74 随着汽车行业向着电动化和智能化演变，公司加快开发智能化玻璃产品， A股数(百万) 2002.99 产品附加值增长空间大；公司积极扩张产能，随着中国车企加速出海，公司 A市值(亿元) 848.26 全球市占率有望稳步提升。我们预计公司2024/2025/2026年的净利润将分别达 主要股东 ...

Investment Rating - The report maintains a rating of "Accumulate" for Fuyao Glass [4] Core Views - Fuyao Glass achieved a revenue of 33.16 billion RMB in 2023, representing an 18.0% year-on-year growth, with a net profit of 5.63 billion RMB, up 18.4% year-on-year [1][2] - The company plans to increase capital expenditure significantly in 2024 to 8.12 billion RMB, reflecting confidence in future growth [3][8] Revenue Summary - In 2023, the company sold automotive glass with a sales area increase of 10.24%, aligning with the industry growth of 12% in domestic automobile sales [2] - The average price of automotive glass increased by 5.9% year-on-year, driven by product upgrades with high-value glass products accounting for a 9.54 percentage point increase [2] Profit Summary - The gross margin for 2023 was 35.4%, an increase of 1.4 percentage points year-on-year, with the highest margin of 36.5% achieved in Q4 2023 [2] - The net profit margin for 2023 was 17.0%, reflecting a 0.1 percentage point increase year-on-year, primarily supported by improved gross margins [2] Capacity Expansion and Product Upgrade - The company plans to invest 8.12 billion RMB in capital expenditures in 2024, with significant investments in new production lines for automotive safety glass [3] - The proportion of high-value products such as smart panoramic glass and adjustable light glass is continuously increasing, contributing to long-term growth potential [3] Financial Projections - The report forecasts revenues of 40.42 billion RMB, 45.63 billion RMB, and 51.88 billion RMB for 2024, 2025, and 2026, respectively, with corresponding net profits of 6.66 billion RMB, 7.82 billion RMB, and 9.12 billion RMB [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved record high revenue and strong profitability in Q4, with a revenue of 93.4 billion yuan, representing a year-on-year growth of 21.9% [3][4]. - The growth in revenue is attributed to the increasing proportion of high-value-added products, which has improved the average selling price (ASP) [4]. - The company is expanding its production capacity significantly, with planned investments of 32.5 billion yuan and 57.5 billion yuan for new production lines, which will enhance its market share [4]. - The aluminum trim business is expected to enter a growth phase, driven by new orders and production ramp-up [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 33.16 billion yuan, up 18% year-on-year, and a net profit of 5.63 billion yuan, also up 18.4% year-on-year [3][4]. - The Q4 2023 net profit reached 1.5 billion yuan, a significant increase of 75.9% year-on-year [3]. Revenue and Profitability - The gross margin for Q4 2023 was 36.54%, an increase of 3.69 percentage points year-on-year, driven by improved production efficiency and cost reduction [4]. - The ASP for high-value products has increased, with the proportion of such products rising by 9.54 percentage points year-on-year [4]. Production Capacity and Expansion - The company plans to invest approximately 81.2 billion yuan in capital expenditures in 2024, the highest in five years, to expand its production capacity [4]. - The total new production capacity will add 46.6 million square meters of automotive glass, representing 32.5% of the company's production scale in 2023 [4]. Future Profitability Forecast - The forecast for net profit for 2024 and 2025 has been raised to 6.29 billion yuan and 7.21 billion yuan, respectively, with a new estimate for 2026 at 8.52 billion yuan [4].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a target price of 46.94 CNY and 48.11 HKD respectively [3]. Core Insights - In 2023, the company's automotive glass business saw a significant increase in both volume and price, leading to a robust revenue growth of 18.0% year-on-year, outperforming the domestic automotive sales growth by approximately 7.5 percentage points [2][7]. - The company's gross margin improved to 35.4% in 2023, benefiting from reduced material costs and increased capacity utilization [2][13]. - The revenue from high-value-added automotive glass products increased, contributing to an average selling price (ASP) rise to 213.2 CNY per square meter, up 5.9% year-on-year [2][17]. - The company plans to increase capital expenditures to 81.2 billion CNY in 2024, which is expected to support new project investments and capacity expansion, potentially enhancing market share [2][17]. - The forecasted earnings per share (EPS) for 2024-2026 are 2.49 CNY, 2.92 CNY, and 3.45 CNY respectively, indicating a positive growth trajectory [2][19]. Summary by Sections Revenue Performance - The company achieved a total revenue of 331.6 billion CNY in 2023, with automotive glass sales contributing 298.9 billion CNY, reflecting a year-on-year growth of 16.8% [2][7]. - Domestic and international revenues were 178.6 billion CNY and 147.9 billion CNY respectively, with year-on-year growth rates of 20.5% and 15.3% [7][10]. Profitability Metrics - The net profit attributable to the parent company was 56.3 billion CNY, marking an 18.4% increase year-on-year [2][19]. - The company reported a net profit margin of 17.0% for 2023, a slight increase from the previous year [2][13]. Cost Management - The report highlights a decrease in financial expenses due to reduced foreign exchange gains, with a financial expense ratio of -2.1% [2][13]. - The company’s cost management strategies have led to a decrease in sales, management, and R&D expense ratios [2][13]. Future Outlook - The company is positioned to benefit from the ongoing trends in electric and intelligent vehicle development, which are expected to drive demand for high-value products [2][17]. - The anticipated capital expenditures are aimed at expanding production capacity, which is expected to further enhance the company's competitive position in the market [2][17].

2024年3月17日 公司研究 2023 全年业绩表现稳健，持续扩大汽车玻璃业务规模 ——福耀玻璃（600660.SH、3606.HK）2023 年报业绩点评报告 要点 A 股：买入（维持） 当 前价/目标价：43.65/63.01元 2023年业绩披露：2023营业收入同比+18.0%至人民币331.6亿元（vs. 我们 预期约人民币325.7亿元），归母净利润同比+18.4%至人民币56.3亿元（vs. 我 H 股：买入（维持） 们预期约人民币56.4亿元），业绩表现符合预期，全年分红比例高达60.3%。 当前价/目标价：41.40/55.45港元 其中，4Q23营业收入同比+21.9%/环比+6.2%至93.4亿元，归母净利润同比 +75.9%/环比+16.6%至15.0亿元。 作者 高附加值产品占比持续提升，规模效应持续发力：2023年汽车玻璃销量同比增 分析师：倪昱婧 长10.2%，ASP同比增长5.9%（高附加值产品占比同比+9.5pcts），汽车玻璃 执业证书编号：S0930515090002 收入同比+16.8%至人民币298.9亿元。2023年毛利率同比+1.4pcts至35.4%， 021 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨福耀玻璃（ ） 600660.SH [福Ta耀b玻le_璃T年itle报] 点评：高附加值产品加速渗透，盈 利水平稳健提升 报告要点 [公Ta司bl高e_附Su加m值m产ar品y]渗透率持续增长加之全球市占率持续提升，公司全年收入增速持续超国内下 游市场表现。受益于产能利用率提升及纯碱等原材料成本下降，公司盈利水平表现优异。展望 未来，福耀作为最专注的全球汽车玻璃龙头，护城河将不断变宽，公司中长期投资价值凸显。 ...

Investment Rating - The report assigns an "Accumulate" rating for Fuyao Glass [1][8] Core Views - Fuyao Glass achieved record high revenue and profit in 2023, with a revenue of 33.161 billion yuan, up 18.02% year-on-year, and a net profit of 5.629 billion yuan, up 18.37% year-on-year [3][4] - The company focuses on enhancing product quality and operational efficiency, with plans to invest 9 billion yuan in new projects to meet market demand [6][8] - The report anticipates steady growth in revenue and profit for the company, driven by the electric and intelligent transformation of the automotive industry [6][8] Financial Performance Summary - In Q4 2023, Fuyao Glass reported revenue of 9.335 billion yuan, a year-on-year increase of 21.89%, and a net profit of 1.503 billion yuan, up 75.88% year-on-year [4][5] - The company's gross margin for 2023 was 35.39%, an increase of 1.36 percentage points year-on-year, with a net profit margin of 16.98% [5][8] - The average selling price of automotive glass reached 213 yuan per square meter, up 5.94% year-on-year, benefiting from a higher proportion of high-value-added products [4][5] Future Projections - Revenue projections for 2024-2026 are 38.069 billion yuan, 45.481 billion yuan, and 53.021 billion yuan, with year-on-year growth rates of 15%, 19%, and 17% respectively [7][8] - Net profit projections for the same period are 6.291 billion yuan, 7.541 billion yuan, and 9.098 billion yuan, with growth rates of 12%, 20%, and 21% respectively [7][8] - The report estimates earnings per share (EPS) of 2.41 yuan, 2.89 yuan, and 3.49 yuan for 2024, 2025, and 2026 respectively [7][8]

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 车身附件及饰件 ＃investSuggestion＃ ＃ ＃d福yCo耀mpa玻ny＃璃 （ 600660 ） investSug 买入 ( 维ges持tionC）h 600660 ＃title＃ 2023Q4 业绩符合预期，看好公司份额扩张与产品升级 ange＃ ＃createTime1＃ 2024年 03月 17日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃2023年全年公司营收为 331.6亿元，同比+18.0%；归母净利润为 56.3亿 元，同比+18.4%；每股收益为 2.2元，同比+18.68%。其中 2023Q4营收为 93.4亿 市场数据日期 2024-03-15 元，同环比分别+21.9%/+6.1%；归母净利润为 15.0 亿元，同环比分别 收盘价（元） 43.65 +75.9%/+16.5%；扣非归母净利润为 14.7亿元，同环比分别+72.2%/+15.5%。 总股本（百万股） 2609.74  2023Q4业绩符合预期，实现同比高增长。2023年中国汽车产量为 3016.1万辆，同 比+11 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1] Core Views - The company reported strong Q4 performance with a revenue of 93.35 billion yuan, up 21.89% year-on-year, and a net profit of 15 billion yuan, up 75.9% year-on-year [2] - The gross margin for 2023 was 35.39%, an increase of 1.36 percentage points year-on-year, indicating continuous improvement in profitability [2] - The company is benefiting from the growing penetration of high-value-added products, with the average selling price (ASP) of automotive glass reaching 213.24 yuan per square meter, up 5.94% year-on-year [2] - Fuyao Glass is expanding its production capacity with a planned capital expenditure of 81.23 billion yuan in 2024, aiming to increase its market share in a highly concentrated industry [2] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 331.61 billion yuan, a year-on-year increase of 18%, and a net profit of 56.29 billion yuan, up 18.37% year-on-year [2][4] - The company’s automotive glass sales volume reached 140.16 million square meters, an increase of 10.24% year-on-year [2] Growth Projections - The forecast for EPS from 2024 to 2026 is 2.33, 2.80, and 3.41 yuan, respectively, with a compound annual growth rate (CAGR) for net profit of 16.54% [3][4] - Revenue growth rates are projected at 17.22%, 16.46%, and 16.16% for the years 2024 to 2026 [4] Market Position - Fuyao Glass continues to outperform the industry, with the domestic automotive production and sales growing by 11.6% and 12% respectively in 2023 [2] - The company is expected to maintain its competitive edge through cost control, research and development investment, and a focus on high-value products [2]

Investment Rating - The investment rating for Fuyao Glass is not explicitly stated in the provided documents, but it suggests continuous attention to the company due to its strong performance and growth potential [4]. Core Insights - Fuyao Glass reported a revenue of 33.16 billion yuan in 2023, representing an 18.02% year-on-year increase, with a net profit of 5.63 billion yuan, up 18.37% year-on-year [1][2]. - The company experienced significant growth in Q4 2023, with revenue reaching 9.33 billion yuan, a 21.89% increase year-on-year, and a net profit of 1.50 billion yuan, up 75.88% year-on-year [2]. - The company has a high dividend payout ratio, proposing a cash dividend of 1.3 yuan per share, totaling 3.39 billion yuan, which is approximately 60.27% of the net profit attributable to shareholders [3]. Financial Performance Summary - In 2023, Fuyao Glass achieved sales of 140 million square meters of automotive glass and 183,000 tons of float glass, with respective year-on-year growth rates of 10.24% and 13.04% [2]. - The average selling price for automotive glass increased by 58.27% to 213 yuan per square meter, while the gross margin improved to 30.59% [2]. - The projected revenues for 2024, 2025, and 2026 are estimated at 40.14 billion yuan, 48.19 billion yuan, and 57.87 billion yuan, respectively, with year-on-year growth rates of 21.1%, 20.1%, and 20.1% [4][5]. Valuation Metrics - The earnings per share (EPS) for 2023 was 2.16 yuan, with projections of 2.41 yuan, 3.01 yuan, and 3.68 yuan for 2024, 2025, and 2026, respectively [5]. - The price-to-earnings (P/E) ratio for 2023 is 20.2, with expected declines to 18.1 in 2024 and further to 14.5 in 2025 [5]. - The company maintains a strong balance sheet with an asset-liability ratio of 44.53% [6].