丨证券研究报告丨 公司研究丨点评报告丨福耀玻璃（600660.SH） [Table_Title] 福耀玻璃中报点评：规模效应加之成本改善，推 动盈利能力大幅提升 报告要点 [Table_Summary] 公司高附加值产品渗透率持续增长加之全球市占率持续提升，公司 Q2 收入增速持续超国内下 游市场表现。规模效应叠加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。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 福耀玻璃（600660.SH） [Table_Title 福耀玻璃中报点评：规模效应加之成本改善，推 2] 动盈利能力大幅提升 [Table_Summary2] 事件描述 根据业绩快报，公司 2024Q2 实现营业收入 95.0 亿元，同比+19.1%；归母净利润 21.1 亿元， 同比+9.8%；扣非后归母净利润 ...

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 ...

dongxiaobin@xyzq.com.cn 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 车身附件及饰件 ＃ investSuggestio 买n＃入 ＃ investSuggestionChang （维持）e＃ ＃dyCompany＃ 福耀玻璃 （ 600660 ） 600660 ＃title＃ 2024Q2 业绩超预期，经营情况持续改善 ＃createTime1＃ 2024 年 08 月 07 日 投资要点 ＃sum事ma件ry：＃2024 年上半年公司实现营收为 183.40 亿元，同比+22.01%；归母净利润/扣非 归母净利润分别为 34.99/35.76 亿元，同比分别+23.35%/+28.05%。其中 2024Q2 营收 为 95.04 亿元，同环比分别+19.12%/+7.56%；归母净利润为 21.11 亿元，同环比分别 +9.82%/+52.09%；扣非归母净利润为 20.58 亿元，同环比分别+7.49%/+35.61%。 2024Q2 业绩增速显著高于行业产量增速。2024Q2 全球汽车产量同环比分别为- 0.01%/+3.2%，中国汽车产量同环比分别为+3.7 ...

2024 年 8 月 7 日 公司研究 业绩表现强劲，持续看好量价齐升前景 ——福耀玻璃（600660.SH、3606.HK）2024 年半年报点评报告 要点 A 股：买入（维持） 2Q24 业绩表现强劲：1H24 公司营业收入同比+22.0%至人民币 183.4 亿元（占 我们原先全年预测的 45%），归母净利润同比+23.4%至人民币 35.0 亿元（占 我们原先全年预测的 53%）；其中，2Q24 营业收入同比+19.1%/环比+7.6%至 95.0 亿元，归母净利润同比+9.8%/环比+52.1%至 21.1 亿元。我们判断，2Q24 公司利润端表现强劲主要受益于 ASP 提升+规模效应、以及内部降本。 毛利率持续爬坡，美国工厂盈利或进一步改善：1H24 汽车玻璃销量同比增长 16.2%，ASP 同比增长 8.3%（高附加值产品占比同比+4.8pcts 至 57.0%），汽 车玻璃收入同比+25.8%至人民币 168 亿元；其中，国内/海外汽车玻璃收入分别 同比+23.6%/+28.5%。2Q24 毛利率同比+2.8pcts/环比+0.9pcts 至 37.7%，主 要受益于内部提效、规模经济效应、以 ...

证券研究报告 | 2024年08月07日 核心观点 公司研究·财报点评 风险提示：公司汽玻业务出海节奏、SAM 整合进度。 证券分析师：唐旭霞 联系人：余珊 0755-81981814 0755-81982555 tangxx@guosen.com.cn yushan1@guosen.com.cn S0980519080002 收盘价 44.97 元 总市值/流通市值 117360/117360 百万元 52 周最高价/最低价 52.18/35.90 元 近 3 个月日均成交额 613.82 百万元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |------------------------|----------|-----------|-----------|-----------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | ...

证券研究报告 | 公司动态点评 2024 年 08 月 07 日 福耀玻璃（600660.SH） 2Q24 毛利率同环比显著上行，单季度利润创历史新高 财务指标 2022A 2023A 2024E 2025E 2026E ◼ 事件：1H24 公司实现营收 183.40 亿，同比+22.0%；实现归母净利润 34.99 亿，同比+23.4%；实现扣非净利润 35.76 亿，同比+28.0%。2Q24 公司实现营收 95.04 亿，同/环比分别+19.1%/+7.6%；实现归母净利润 21.11 亿，同/环比分别+9.8%/+52.1%；实现扣非净利润 20.58 亿，同 /环比分别+7.5%/+35.6%。 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 营业收入（百万元） | 28,099 | 33,161 | 40,022 | 48,179 | 55,961 | | 增长率 yoy（%） | 19.0 | 18.0 | 20.7 | 20 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1] Core Views - The company reported a revenue of 18.34 billion yuan for the first half of 2024, a year-on-year increase of 22%, and a net profit of 3.499 billion yuan, up 23.4% year-on-year, with a gross margin of 36.7%, an increase of 3.2 percentage points [2] - The company's profitability continues to improve, with a significant increase in total profit. Excluding foreign exchange losses and reduced investment income, total profit would have increased by 60% year-on-year [2] - The proportion of high-value-added products is increasing, driving the average selling price (ASP) growth, with the ASP for automotive glass in 2023 at 213.24 yuan/square meter, up 5.94% year-on-year [2] - The company is expanding production capacity, with capital expenditure of 2.346 billion yuan in the first half of 2024, and the U.S. factory's net profit increased by 103.7% year-on-year [3] - The forecast for EPS from 2024 to 2026 is 2.67, 3.11, and 3.64 yuan, respectively, with a corresponding PE of 16, 14, and 12 times, and a compound annual growth rate (CAGR) of 19.1% for net profit [3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a total revenue of 183.4 billion yuan and a net profit of 34.99 billion yuan, with a gross margin of 36.7% [2] - The second quarter of 2024 saw revenue of 95.04 billion yuan, a year-on-year increase of 19.1%, and a net profit of 21.11 billion yuan, up 9.8% year-on-year [2] Profitability - The total profit for the first half of 2024 was 41.25 billion yuan, a year-on-year increase of 24.3%. If excluding certain factors, the total profit would have increased by 60% [2] - The gross margin for Q2 2024 was 37.7%, continuing a six-quarter upward trend [2] Product Development - The penetration of high-value-added products such as panoramic glass and HUD glass is increasing, contributing to ASP growth [2] - The proportion of high-value-added products in the first half of 2024 increased by 4.82 percentage points year-on-year [2] Market Position - The company is positioned as a leading player in the automotive glass industry, benefiting from a high concentration market structure and stable supply chain [3] - The company's automotive glass sales volume in 2023 was 140.16 million square meters, a year-on-year increase of 10.24% [3] Future Outlook - The company is expected to maintain a strong growth trajectory with projected revenues of 331.61 billion yuan in 2024, 396.73 billion yuan in 2025, and 461.25 billion yuan in 2026 [4] - The net profit forecast for 2024 is 56.29 billion yuan, increasing to 69.66 billion yuan in 2025 and 81.23 billion yuan in 2026 [4]

Investment Rating - Maintain "Recommend" rating with a target price of 42.87 RMB [2] Core Views - The company's 2024H1 revenue reached 18.34 billion RMB, a YoY increase of 22.01%, with net profit attributable to the parent company at 3.499 billion RMB, up 23.35% YoY [1] - The company's 2024Q2 revenue hit a record high of 9.504 billion RMB, a YoY increase of 19.12%, with net profit attributable to the parent company reaching 2.111 billion RMB, up 9.86% YoY [1] - The company's gross margin in 2024Q2 was 37.7%, up 2.8 percentage points YoY, driven by lower costs of soda ash and natural gas [1] - The company's global market share in the automotive glass industry is approximately 30%, making it the global leader [1] - The company's high-value-added products, such as smart panoramic sunroof glass and HUD glass, continue to increase their revenue share, contributing to higher profitability [1] Financial Performance - The company's 2024H1 revenue was 18.34 billion RMB, with a YoY growth of 22.01%, and net profit attributable to the parent company was 3.499 billion RMB, up 23.35% YoY [1] - In 2024Q2, the company's revenue was 9.504 billion RMB, a YoY increase of 19.12%, and net profit attributable to the parent company was 2.111 billion RMB, up 9.86% YoY [1] - The company's gross margin in 2024Q2 was 37.7%, up 2.8 percentage points YoY, driven by lower costs of soda ash and natural gas [1] - The company's R&D expenses in 2024Q2 were 410 million RMB, a YoY increase of 24.7%, with the R&D expense ratio rising by 0.2 percentage points to 4.3% [1] Industry and Market Position - The company holds a domestic market share of over 70% and a global market share of approximately 30% in the automotive glass industry [1] - The company has a strong vertical integration capability in the float glass and silica sand supply chain, which contributes to its excellent profitability [1] - The company's high-value-added products, such as smart panoramic sunroof glass and HUD glass, are benefiting from the increasing penetration of smart and electric vehicles [3] Future Outlook - The company's global layout is entering a harvest period, with its global market share expected to increase further [3] - The company's high-value-added automotive glass products are gradually gaining traction, and the profitability of its SAM subsidiary is expected to improve [3] - The company's revenue for 2024-2026 is forecasted to be 39.931 billion RMB, 46.635 billion RMB, and 53.692 billion RMB, respectively, with net profit attributable to the parent company expected to be 7.243 billion RMB, 8.599 billion RMB, and 9.943 billion RMB [3] Financial Projections - The company's revenue for 2024-2026 is projected to be 39.931 billion RMB, 46.635 billion RMB, and 53.692 billion RMB, respectively [4] - The net profit attributable to the parent company for 2024-2026 is expected to be 7.243 billion RMB, 8.599 billion RMB, and 9.943 billion RMB, respectively [4] - The EPS for 2024-2026 is forecasted to be 2.78 RMB, 3.29 RMB, and 3.81 RMB, respectively [4] - The PE ratios for 2024-2026 are projected to be 15x, 13x, and 11x, respectively [4]