福耀玻璃工业集团股份有限公司 2024 年度股东大会 会 议 资 料 二○二五年四月十七日 1 目录 | 一、2024 3 | 年度董事局工作报告 | | | --- | --- | --- | | 二、2024 年度监事会工作报告 14 | | | | 三、2024 年度财务决算报告 16 | | | | 四、2024 年度利润分配方案 19 | | | | 五、2024 年年度报告及年度报告摘要 21 | | | | 六、关于续聘安永华明会计师事务所（特殊普通合伙）作为公司 年度境内 | | 2025 | | 审计机构与内部控制审计机构的议案 22 | | | | 七、关于续聘安永会计师事务所作为公司 2025 年度境外审计机构的议案 25 | | | | 八、独立董事 2024 年度述职报告 26 | | | | 九、关于发行中期票据的议案 35 | | | | 十、关于发行超短期融资券的议案 37 | | | 2 福耀玻璃股东大会会议资料一： 福耀玻璃工业集团股份有限公司 2024 年度董事局工作报告 福耀玻璃工业集团股份有限公司董事长 曹德旺 尊敬的各位股东及股东代理人： 现在，我向各位作福耀玻璃工 ...

证券代码：600660 证券简称：福耀玻璃 公告编号：2025-010 福耀玻璃工业集团股份有限公司 关于召开 2024 年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年度股东大会 召开的日期时间：2025 年 4 月 17 日 14 点 30 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 (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 2025 年 4 月 17 日 至 2025 年 4 月 17 日 公司 A 股股东采用上海证券交易所股东大会网络投票系统，通过交易系统投 票平台的投票时间为股东大会召 ...

March 20, 2025 11:04 PM GMT Fuyao Glass Industry Group | Asia Pacific 4Q24 NDR Takeaways Fuyao expects overall capacity UT rate to stay at 80% in 1Q25 (vs. 85% in 2H24) amid the low season, while benefit from falling input costs should also kick in during the quarter. Steady US operating margin at 13% in 2025: Management expects improving profitability in US plant phase 1 capacity to fully offset the loss associated with the ramp of phase 2 capacity in the initial stage, where UT rate will only reach 30-50% ...

| 福耀玻璃系列 车中旭霞 | | --- | | 公司深度 | | 《福耀玻璃-600660-深度报告：全球汽车玻璃龙头的复盘与展望》——2024-09-26 | | 《福耀玻璃-600660-深度报告：海外扩张进入收获，玻璃产品价量齐升》——2017-05-22 | | 行业深度 | | 《汽车玻璃行业专题之一：量变与质变，汽车玻璃添灵魂》——2020-07-10 | | 行业专题 | | 《汽车玻璃行业跟踪专题之五：调光玻璃接棒天幕，前景可期》——2021-12-25 | | 《汽车玻璃行业跟踪点评之四：广汽埃安光感浩瀚天幕首发，电致变色调光玻璃尽显风采 | | 》——2021-06-14 | | 《汽车玻璃行业跟踪专题之三：兼顾美学和实用，测算玻璃车顶2021渗透率有望超5%》——2021- 03-25 | | 《汽车玻璃行业跟踪点评之二：岚图FREE重磅发布，智能调光玻璃普及加速》——2020-12-22 | | 公司点评 | | 《福耀玻璃（600660.SH）- 单季度收入创新高，全年净利率同比提升2.14pct》-20250322 | | 《福耀玻璃（600660.SH）-规模效应持续体现，三 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 39.252 billion yuan in 2024, representing a year-on-year growth of 18.37%, and a net profit attributable to shareholders of 7.498 billion yuan, up 33.20% year-on-year [8] - In Q4 2024, the company reported a revenue of 10.938 billion yuan, with a year-on-year increase of 17.17% and a quarter-on-quarter increase of 9.67%. The net profit for the same quarter was 2.019 billion yuan, reflecting a year-on-year growth of 34.32% and a quarter-on-quarter growth of 1.97% [8] - The company continues to enhance its market share and ASP (Average Selling Price) due to the ongoing upgrade of automotive glass products and the increasing proportion of high-value-added products [8] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 33.161 billion yuan, with projections of 39.252 billion yuan for 2024, 46.168 billion yuan for 2025, 54.184 billion yuan for 2026, and 63.448 billion yuan for 2027, indicating a consistent growth trajectory [1] - The net profit attributable to shareholders for 2023 was 5.629 billion yuan, with forecasts of 7.498 billion yuan for 2024, 8.835 billion yuan for 2025, 10.388 billion yuan for 2026, and 12.177 billion yuan for 2027 [1] - The latest diluted EPS is projected to be 2.87 yuan for 2024, increasing to 3.39 yuan in 2025, 3.98 yuan in 2026, and 4.67 yuan in 2027 [1] Market Position - The company is positioned as a global leader in the automotive glass industry, benefiting from a concentrated market structure where major competitors have lower profitability and limited capital expenditure [8] - The company is in its third round of capital expenditure, with upcoming expansions in the U.S. and other bases expected to further enhance its global market share [8] ASP and Product Development - The ASP for automotive glass in 2024 was 229.11 yuan per square meter, reflecting a year-on-year increase of 7.45%, driven by product upgrades and a higher proportion of high-value products [8] - The ongoing development of automotive intelligence is expected to continue driving the growth of the automotive glass market and the company's value per vehicle [8]

[ T able_StockInfo] 2025 年 03 月 19 日 证券研究报告•2024 年年报点评 福耀玻璃（600660）汽车 目标价：——元（6 个月） 买入 （维持） 当前价：57.51 元 高附加值产品占比提升，ASP 持续增长 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 392.52 | 456.45 | 521.79 | 591.43 | | 增长率 | 18.37% | 16.29% | 14.32% | 13.35% | | 归属母公司净利润（亿元） | 74.98 | 87.78 | 101.35 | 115.68 | | 增长率 | 33.20% | 17.07% | 15.46% | 14.14% | | 每股收益 EPS（元） | 2.87 | 3.36 | 3.88 | 4.43 | | 净资产收益率 ROE | 21.03% | 22.56% | 23.58% | 24.28% | | PE | 20 | ...

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 汽车零部件 | (维持 | | --- | | 入 买 | | 评级: ) | | 总股本(百万股) | 2,609.74 | | --- | --- | | 流通股本(百万股) | 2,609.74 | | 市价(元) | 57.51 | | 市值(百万元) | 150,086.35 | | 流通市值(百万元) | 150,086.35 | 1、《Q3 再创佳绩，盈利能力持续优 异》2024-10-17 2、《【中泰汽车】福耀玻璃 24Q2 点评： Q2 超预期盈利质量向上，全球龙头 兼具成长性与确定性》2024-08-07 3、《【中泰汽车】福耀玻璃点评：Q2 盈利大超预期，全球龙头兼具成长性 与确定性》2024-07-31 福耀玻璃（600660.SH） 证券研究报告/公司点评报告 2025 年 03 月 19 日 ...

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Industry**: Automotive Glass Manufacturing Key Financial Metrics - **2024 Revenue**: CNY 39.252 billion, up 18.37% YoY [3] - **Net Profit**: CNY 7.498 billion, up 33.2% YoY [3] - **Return on Equity**: 22.72%, up 3.75 percentage points YoY [3] - **Earnings Per Share**: CNY 2.87, up 32.87% YoY [3] - **Gross Margin**: 36.23%, up 0.84 percentage points YoY [3] - **Operating Cash Flow**: CNY 8.562 billion, up 12.3% YoY [3] Business Performance Highlights - **Automotive Glass Revenue**: CNY 35.712 billion, up 19.49% YoY, with sales volume up 11.21% and price per unit up 7.45% [4] - **High-Value Products**: Proportion increased to 58.96%, up 5.02 percentage points YoY, contributing to the increase in average selling price [4][9] - **Cash Dividend**: Proposed dividend of CNY 1.8 per share, a 38.46% increase from 2023, with a payout ratio of 62.65% [10] Market Outlook - **2025 China Automotive Market Growth**: Expected to remain stable at 3-4% [11] - **Global Market Growth**: Anticipated to maintain slight growth [11] - **High-Value Product ASP Growth**: Expected annual increase of 6-7% over the next five years [11] Cost Management - **Shipping Costs**: Expected to decrease by CNY 200-250 million in 2025 [13] - **Soda Ash Prices**: Anticipated drop from CNY 2,130/ton to around CNY 1,000/ton, providing an estimated benefit of CNY 100 million [13] Product Development and Innovation - **Product Upgrades**: Continued focus on high-value products, with significant increases in sales proportions for panoramic sunroofs, HUD glass, and laminated side windows [12] - **Integration Solutions for Low-End Vehicles**: Flexos company introduced solutions using dark glass to simplify production and reduce costs [17] Competitive Positioning - **Global Market Advantage**: Strong infrastructure in both the U.S. and China, providing resilience against competitors [29] - **European Market Strategy**: Plans to enhance market share through local value-added processing [30] Challenges and Risks - **Impact of U.S. Tariffs**: Increased tariffs have been offset by price adjustments and local production capabilities [21] - **Management Costs**: Increased due to hiring for U.S. operations, but expected to stabilize [19] Future Expectations - **2025 Profitability Outlook**: Optimistic about maintaining and improving profitability, with new production facilities planned [34] - **Dividend Policy**: Commitment to high shareholder returns while balancing growth [25][26] Additional Insights - **Market Trends**: Continued growth in smart automotive technologies and high-value products expected to drive future demand [24] - **Long-Term Strategy**: Focus on R&D and innovation to enhance competitive edge in the automotive glass market [34]

Investment Rating - The investment rating for Fuyao Glass is "Recommended" (maintained) [1][10]. Core Views - Fuyao Glass reported a revenue of 39.252 billion RMB for 2024, representing a year-on-year increase of 18.37%, and a net profit of 7.498 billion RMB, up 33.20% year-on-year [4]. - The company is benefiting from an increase in both the volume and price of automotive glass, with a sales volume growth of 11.2% in area, reaching 155.9 million square meters [9]. - The introduction of high-value-added products such as smart panoramic glass and adjustable light glass has increased their proportion in sales by 5.02 percentage points [9]. - The company is expected to maintain a high dividend payout ratio due to its strong market position and profitability in the automotive glass sector [9]. Financial Summary - Revenue projections for Fuyao Glass are as follows: 45.844 billion RMB in 2025, 53.205 billion RMB in 2026, and 62.149 billion RMB in 2027, with year-on-year growth rates of 16.8%, 16.1%, and 16.8% respectively [6]. - Net profit forecasts are 8.933 billion RMB for 2025, 10.401 billion RMB for 2026, and 12.078 billion RMB for 2027, with year-on-year growth rates of 19.1%, 16.4%, and 16.1% respectively [6]. - The gross margin is projected to improve to 36.8% in 2025 and 37.0% in 2026, while the net margin is expected to reach 19.5% in both years [6]. - The company’s return on equity (ROE) is forecasted to be 22.4% in 2025, 23.3% in 2026, and 24.1% in 2027 [6]. Production Capacity and Market Position - The new production facilities in Hefei and Fuzhou are expected to enhance regional supply capabilities, with the Hefei facility projected to produce 4 million sets of automotive glass annually, contributing an estimated annual output value of 6 billion RMB [9]. - Fuyao Glass holds a strong market share and significant bargaining power within the automotive supply chain, benefiting from the ongoing increase in automotive glass demand [9].

Investment Rating - The investment rating for the company is "Recommended" [1][9]. Core Views - The report highlights that Fuyao Glass has experienced a significant increase in both volume and price of automotive glass, strengthening its bargaining power within the industry [8]. - The company reported a revenue of RMB 39.252 billion for 2024, representing a year-on-year increase of 18.37%, and a net profit of RMB 7.498 billion, up 33.20% year-on-year [4]. - The report emphasizes the ongoing growth in the automotive glass market, driven by increased vehicle glass area and higher prices, benefiting Fuyao Glass due to its global leadership and strong profitability [8]. Financial Summary - For 2024, the company achieved a revenue of RMB 39.252 billion, with a projected revenue growth of 16.8% for 2025, reaching RMB 45.844 billion [6]. - The net profit for 2024 was RMB 7.498 billion, with forecasts of RMB 8.933 billion for 2025, indicating a year-on-year growth of 19.1% [6]. - The gross margin for the company improved to over 36%, with a net margin exceeding 19% [8]. - The report projects a consistent increase in earnings per share (EPS), estimating RMB 3.42 for 2025 and RMB 4.63 for 2027 [6]. Production and Market Position - The automotive glass sales volume increased by 11.2% to 155.9 million square meters, with a 7.4% rise in average selling price to RMB 229.1 per square meter [8]. - The company is set to enhance its regional supply capabilities with the upcoming production facilities in Hefei and Fuzhou, expected to generate an annual output value of RMB 6 billion [8]. - Fuyao Glass's overseas subsidiary in the U.S. reported a revenue of RMB 6.31 billion with a net profit margin of 9.9% for 2024 [8].