非常感谢大家在晚上8点进入到我们的电脑会议当中今天的主题的话是从资本开支角度研判福耀玻璃的扩张周期那这个也是我们近期最新发布的一个福耀的深度的跟踪研究那福耀玻璃的话呢其实我们也跟踪时间非常的长从20年的福耀的这个天赋玻璃的大的趋势变化到现在一直在持续的去更新整个福耀的研究 在当年这个时点的话我们认为市场依然低估了福耀明后两年收入增长的就是超预期的可能性核心是从资本开支的角度来看的话我们认为福耀未来两年应该会有一波比较大的这个收入的增速的上台阶那这个是核心的结论所以整体而言的话福耀在现在当前的位置我们依然坚定推荐整个未来两年收入以往再超预期整个福耀还是会非常的稳健向上这是一个核心结论那具体而言的话我们这个配套中分几个部分第一个部分的话首先跟大家 去解释了或者是大家去跟他去展示了我们对玻璃这个行业的理解属性的理解他的核心结论是玻璃这个行业是一个超级重资产的行业所以他不太可能会有轻易的去扩资本开支如果玻璃行业扩资本开支的话那一般都意味着19端做订单上面一定是非常饱满的那第二个大部分的话就是对福耀的历史的资本开支的周期进行了相应复盘 在什么时候发生通过历史的复盘的展望可以去预判和研判整个福耀的这一轮的二三二四年的二三 ...

Investment Rating - The report maintains an "Accumulate" rating for Fuyao Glass [1] Core Views - The automotive glass industry requires high certainty in demand to support capacity expansion due to its heavy asset nature and continuous production requirements. Fuyao Glass is currently in a new round of capital expenditure expansion, which is expected to drive global market share and revenue growth [3][10][24] - Fuyao Glass has experienced three rounds of capital expenditure acceleration since 2010, with the current round (2021-2024) showing significant increases in investment, particularly in projects in Fujian and Anhui, as well as expansions in the U.S. [3][19][21] - Revenue growth for Fuyao Glass is driven by global market share, average selling price (ASP), and increased glass area per vehicle, with strong growth expected in the coming years [4][30][24] Summary by Sections Automotive Glass Industry - The automotive glass industry is characterized by high capital investment and continuous production requirements, necessitating strong demand certainty for capacity expansion [10][12] - Fuyao Glass maintains a fixed asset to total asset ratio above 25%, indicating its heavy asset nature and the significant capital required for production facilities [10][12] Fuyao Glass Capital Expenditure Review - Fuyao Glass has undergone three major capital expenditure expansions since 2010, with the current expansion expected to lead to significant revenue growth in 2025-2026 [3][19][21] - The first round (2010-2013) saw capital expenditure increase from 1.07 billion to 1.88 billion yuan, with revenue growth lagging by about two years [16] - The second round (2014-2018) involved investments in multiple production bases, leading to revenue growth from 16.6 billion in 2016 to 33.2 billion in 2023 [17][19] - The third round (2021-2024) has seen capital expenditure rise from 2.33 billion in 2021 to a planned 8.12 billion in 2024, focusing on new production lines and expansions [19][21] Investment Outlook - Fuyao Glass's revenue growth is highly certain, driven by market share increases, ASP improvements, and larger glass areas per vehicle [30][24] - The company’s global market share reached approximately 34% in 2023, with expectations for further increases due to reduced competition from rivals [24][30] - ASP for automotive glass has risen to 213.2 yuan per square meter in 2023, reflecting a 5.94% year-on-year increase, driven by a higher proportion of high-value products [26][30] - The average glass area per vehicle is expected to increase, particularly with the rising popularity of SUVs and panoramic roofs [28][29]

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9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9月30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 (如上市) | 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 ...

承董事局命 福耀玻璃工業集團股份有限公司 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） 董事局會議召開日期 福耀玻璃工業集團股份有限公司（「本公司」）董事局（「董事局」）謹此 宣布，董事局將於二零二四年十月十七日（星期四）舉行董事局會議，以考 慮及通過（包括其他事項）本公司及其附屬公司截至二零二四年九月三十日 止的九個月的季度業績。 曹德旺 董事長 中國福建省福州市，二零二四年九月三十日 於本公告日期，本公司董事局成員包括執行董事曹德旺先生、曹暉先生、葉舒先生 及陳向明先生；非執行董事吳世農先生及朱德貞女士；獨立非執行董事劉京先生、 薛祖雲先生及達正浩先生。 ...

福耀玻璃 20240926 摘要 • 福耀玻璃在近 40 年的发展历程中，成功穿越了国内汽车行业的多个发展 周期，其成功主要归因于专注主业、产业链垂直整合、对汽车产业发展周 期的准确判断、持续研发和资本开支投入以及优秀的管理能力等内部因素， 以及汽车玻璃行业天然形成的护城河，如重资产、高资金投入、技术和质 量要求高、产品认证周期长等特征，使得全球范围内竞争对手数量较少， 以及汽车玻璃产品具备持续升级潜力等外部因素。 • 在轿车周期（2005-2011 年），中国汽车市场整体呈现销量快速增长态势， 福耀玻璃实现了收入从 2001 年的 9.38 亿元增长到 2011 年的接近 100 亿 元，复合增速约为 26%。尽管 2008 年受全球金融危机影响，公司收入增 速有所下降，但整体毛利率保持稳定，仅部分年份因原材料成本上升、人 民币升值等因素出现波动。此外，公司通过垂直一体化布局，自我供应浮 法玻璃，并剥离建筑及浮法玻璃业务专注主业，为其后续发展奠定基础。 • 在 SUV 周期（2012-2020 年），中国 SUV 市场迅猛增长，福耀玻璃通过提 升生产效率、扩大产能以及加强国际化布局，实现了收入与利润的双重增 ...

Investment Rating - The investment rating for Fuyao Glass is "Outperform" [3][4]. Core Views - Fuyao Glass is positioned as a scarce asset favored by institutional funds due to its product upgrades, strong competitive landscape, overseas expansion capabilities, and high dividend yield [1][4]. - The automotive glass industry is characterized by high barriers to entry, heavy asset requirements, and long production processes, which provide Fuyao with a natural competitive advantage [1][4]. - The global automotive glass market is expected to reach a scale of 115 billion yuan by 2026, driven by the increasing value per vehicle and the penetration of high-value products [1][20]. Summary by Sections Current Market Context - The domestic automotive industry has entered a low-growth phase, with both fuel and new energy vehicles experiencing overcapacity and intensified competition [1][28]. - Fuyao Glass has established a global model for overseas expansion, with its U.S. factory achieving a profit margin exceeding 15% [1][28]. Industry Characteristics - The automotive glass sector has a long production chain and is capital and labor-intensive, which creates a high barrier to entry [1][4]. - The glass accounts for one-third of the vehicle's surface area, providing significant opportunities for smart applications and data output in the future [1][19]. Competitive Advantages - Fuyao Glass benefits from economies of scale, high automation, a vertically integrated supply chain, and competitive labor costs, which enhance its profitability [1][24]. - The company has a global market share of over 36% and a domestic market share exceeding 70%, with potential to increase to 40% in the medium to long term [1][22]. Financial Projections - The revenue forecast for Fuyao Glass is projected to grow from 39.98 billion yuan in 2024 to 53.23 billion yuan in 2026, with a compound annual growth rate of approximately 20.6% [2][3]. - The net profit forecast for the company is expected to reach 76.23 billion yuan in 2024, 88.09 billion yuan in 2025, and 100.86 billion yuan in 2026 [2][3]. Valuation - The reasonable valuation range for Fuyao Glass is set between 58.00 and 64.00 yuan, with a closing price of 52.30 yuan [3][4].

Investment Rating - The investment rating for Fuyao Glass is "Buy" and is maintained [5] Core Views - Fuyao Glass reported a total revenue of 18.34 billion and a net profit attributable to shareholders of 3.499 billion for the first half of 2024, representing a year-on-year growth of 22.01% and 23.35% respectively [2] - The company's gross profit margin and net profit margin have improved, with gross profit margin at 37.29%, an increase of 3.15 percentage points year-on-year, and net profit margin at 19.09%, an increase of 0.22 percentage points year-on-year [2] - The proportion of high-value automotive glass products has increased, driving up product prices, with automotive glass business revenue reaching 16.82 billion, a year-on-year increase of 25.82% [2] - The gross profit margin for the automotive glass business was 31.84%, an increase of 2.47 percentage points year-on-year, despite a cost-cutting environment in the automotive industry [2] - The gross profit margin for float glass has also increased significantly, reaching 35.55%, an increase of 8.34 percentage points year-on-year, supporting the company's vertical integration strategy [2] Financial Summary - The total assets of Fuyao Glass reached 60.104 billion, a growth of 6.13% compared to the end of the previous year [2] - The overall expense ratio for the reporting period was 14.07%, an increase of 2.66 percentage points year-on-year, primarily due to financial expenses related to exchange rate fluctuations [3] - The company has established new subsidiaries in Hungary and other regions to expand its global footprint [4] - Revenue forecasts for 2024-2026 are projected at 40.07 billion, 46.695 billion, and 53.636 billion respectively, with net profits of 7.027 billion, 8.565 billion, and 9.714 billion respectively [4][8]

福耀玻璃工业集团股份有限公司 投资者关系活动记录表 证券简称：福耀玻璃 证券代码：A 股 600660；H 股 03606 | --- | --- | --- | --- | |-----------------------|----------------------------|----------------------------|----------------------------------------------------------| | | | | | | | □ | 特定对象调研□分析师会议 □ | 媒体采访 | | 投资者关系 | | √业绩说明会 □新闻发布会 | □ 路演活动 | | 活动类别 | □ 现场参观 □其他 | | | | 参与单位 名称 | 线上投资者 | | | | 时间 | 2024 年 8 月 15 | 日 | | | 地点 | 上海证券交易所上证路演中心 | | | | 公司参与 人员姓名 | | | 董事兼总经理叶舒、董事兼财务总监陈向明、董事局秘书李小溪 | | 投资者关系 活动主要内 | | | Q：美国工厂此前被国安局调查的事件，网传或涉及公司用工 ...

福耀玻璃工业集团股份有限公司 投资者关系活动记录表 证券简称：福耀玻璃 证券代码：A 股 600660；H 股 03606 | --- | --- | --- | --- | |-------------------|----------------------------|----------------------------|----------------------------------------------------------| | | | | | | | □ | 特定对象调研□分析师会议 □ | 媒体采访 | | 投资者关系 | | √业绩说明会 □新闻发布会 | □ 路演活动 | | 活动类别 | □ 现场参观 □其他 | | | | 参与单位 名称 | 线上投资者 | | | | 时间 | 2024 年 3 月 | 21 日 | | | 地点 | 上海证券交易所上证路演中心 | | | | 公司参与 人员姓名 | 立董事薛祖云 | | 董事长曹德旺、董事兼财务总监陈向明、董事局秘书李小溪、独 | | 投资者关系 | | | Q：我们福耀在美国生产的玻璃在美国市场销售主要要交什么 | ...

福耀玻璃工业集团股份有限公司 投资者关系活动记录表 证券简称：福耀玻璃 证券代码：A 股 600660；H 股 03606 | --- | --- | --- | --- | |-----------------------|----------------------------|------------------------------------------|----------------------------------------------------------| | | | | | | | □ | 特定对象调研□分析师会议 □ | 媒体采访 | | 投资者关系 | | √业绩说明会 □新闻发布会 | □ 路演活动 | | 活动类别 | □ 现场参观 □其他 | | | | 参与单位 名称 | 线上投资者 | | | | 时间 | 2023 年 10 月 | 20 日 | | | 地点 | 上海证券交易所上证路演中心 | | | | 公司参与 人员姓名 | | | 董事兼总经理叶舒、董事兼财务总监陈向明、董事局秘书李小溪 | | 投资者关系 活动主要内 | Q | ：第三季度报告公司报告期 ...