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].

Investment Rating - The report maintains a "Recommendation" rating for Fuyao Glass [2][7]. Core Views - Fuyao Glass achieved a revenue of 33.2 billion RMB in 2023, representing an 18% year-on-year increase, and a net profit of 5.6 billion RMB, also up 18% year-on-year [3]. - The company is entering a capital expenditure expansion cycle, planning to invest 8.12 billion RMB in 2024, with significant investments in Fujian and Hefei to enhance production capacity [3][4]. - The proportion of high-value-added glass products continues to rise, with a 9.5 percentage point increase in 2023 [3]. Financial Performance - In 2023, the sales area of OEM glass increased by 12.4%, and the average price per square meter of automotive glass rose by 5.9% to 213.3 RMB [3]. - The gross margin for automotive glass business was 30.59%, up 0.94 percentage points year-on-year, with an overall net margin close to 17% [3]. - The forecast for net profit in 2024 and 2025 is 6.37 billion RMB and 7.57 billion RMB, respectively, with a first-time forecast for 2026 at 9.03 billion RMB [7]. Market Position and Strategy - Fuyao Glass holds a leading market position and has strong cost transfer capabilities, benefiting from the high barriers to entry in the automotive glass industry [7]. - The company’s investments in new projects are expected to further increase its market share, particularly in the context of the automotive industry's new technologies [4][7].

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1] Core Views - Fuyao Glass achieved 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. Q4 2023 revenue reached 9.335 billion yuan, with a year-on-year growth of 21.89% and a net profit of 1.503 billion yuan, reflecting a significant increase of 75.88% year-on-year [2][3] - The company is expected to maintain a steady growth trajectory, with projected revenues of 36.68 billion yuan in 2024 and 41.14 billion yuan in 2025, alongside net profits of 6.12 billion yuan and 7.28 billion yuan respectively [4] Summary by Sections Financial Performance - In Q4 2023, domestic automobile production reached 9.086 million units, showing a year-on-year increase of 23.32%. Fuyao's gross margin improved to 36.54%, up 3.70% year-on-year, driven by scale effects [3] - The company sold 1.4016 million square meters of automotive glass and 1.8276 million tons of float glass in 2023, with revenues of 29.887 billion yuan and 5.708 billion yuan respectively, and gross margins of 30.59% and 28.71% [3] Future Outlook - For 2024, Fuyao anticipates a total funding requirement of 41 billion yuan, with operational expenditures of 29.5 billion yuan and a dividend payout of 3.393 billion yuan, indicating a dividend rate of 60.27% [4] - The company aims to enhance its competitiveness in the automotive glass sector by expanding its product offerings and maintaining a focus on high-value products [4] Earnings Forecast and Valuation - The report maintains the forecast for Fuyao's net profit at 6.1 billion yuan for 2024 and 7.3 billion yuan for 2025, with projected earnings per share (EPS) of 2.34 yuan, 2.79 yuan, and 3.17 yuan for 2024, 2025, and 2026 respectively [4] - The price-to-earnings (P/E) ratios are expected to be 18.62, 15.64, and 13.79 for the years 2024, 2025, and 2026 respectively [4]

Financial Performance - The company achieved a total revenue of RMB 33,160.997 million in 2023, representing an 18.02% increase compared to the previous year[10]. - The total profit for the year was RMB 6,716.022 million, reflecting a growth of 20.38% year-on-year[10]. - The net profit attributable to shareholders was RMB 5,629.256 million, which is an 18.37% increase from the previous year[4]. - Earnings per share (EPS) reached RMB 2.16, marking an 18.68% growth compared to the prior year[10]. - The company reported a net profit growth rate of 18.44% for 2023, compared to 51.22% in 2022[25]. - The company's operating revenue for 2023 reached CNY 33.16 billion, an increase of 18.02% compared to CNY 28.10 billion in 2022[15]. - The net cash flow from operating activities for 2023 was CNY 7.62 billion, up 29.38% from CNY 5.89 billion in 2022[15]. - The gross profit margin improved to 35.39% in 2023, up from 34.03% in 2022[25]. - The weighted average return on equity for 2023 was 18.97%, an increase of 1.32 percentage points from 17.65% in 2022[16]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.30 per share, totaling RMB 3,392.667 million, which accounts for 60.27% of the net profit[4]. - The proposed cash dividend represents 60.27% of the net profit attributable to ordinary shareholders of the parent company, which is RMB 5,629,256,054 for the year[166]. - The cash dividend distribution date for A shares is set for May 18, 2023, and for H shares on June 16, 2023[164]. Investment and Growth Strategy - The board has approved an investment of RMB 9 billion in Fujian Fuzhou and RMB 9 billion in Anhui Hefei to support future growth[10]. - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth[15]. - The company aims to increase R&D investment to drive the development of new products such as smart glass and high-performance glass, enhancing its core competitiveness[31]. - The company is focusing on digital transformation and intelligent upgrades by exploring AI applications in glass development, manufacturing, and quality control[31]. - The company is committed to expanding its market presence by optimizing sales management and enhancing customer satisfaction[31]. Operational Efficiency - The company has maintained a strong cash flow position, which supports its ongoing investment strategies and potential acquisitions[15]. - The company is focusing on cost management strategies, including optimizing supplier relationships and enhancing production efficiency to mitigate cost fluctuations[32]. - The company emphasizes the importance of research and development, planning to increase investment to maintain competitive advantages in new automotive glass technologies[33]. - The company is leveraging its strong R&D capabilities and flexible production to meet the high demands of the automotive industry's new trends[29]. Market Trends and Industry Position - The automotive industry in China saw production and sales both exceed 30 million units in 2023, with year-on-year growth of 11.6% and 12% respectively[27]. - The penetration rate of new energy vehicles continues to rise, presenting new opportunities for the automotive glass industry[27]. - The company maintains a leading position in technology within the automotive glass sector, which is expected to drive structural opportunities for sales growth[27]. - The company is focusing on developing high-value products such as smart panoramic glass and adjustable light glass, aligning with the trend of automotive "electrification, connectivity, intelligence, and sharing"[27]. Risk Management and Compliance - The company has established a risk management internal control system that aligns with international standards and regulatory requirements[170]. - The company has not faced any significant administrative penalties related to environmental protection during the reporting period[54]. - The company has not engaged in any violations regarding guarantees during the reporting period[198]. - The company has not reported any new competitive businesses from major shareholders in 2023[197]. Corporate Governance - The company has established a whistleblower system to report fraud and misconduct, ensuring protection for whistleblowers[103]. - The company has complied with the Hong Kong Listing Rules and Corporate Governance Code during the reporting period[49]. - The board of directors consists of 9 members, including 3 independent non-executive directors, with a term of 3 years[128]. - The company emphasizes investor relations, appointing a dedicated secretary to manage information disclosure and investor communications[103]. Environmental Responsibility - The company invested 118.23 million yuan in environmental protection during the reporting period[174]. - The company has achieved compliance with national emission standards for key pollutants, with total emissions below the limits set by environmental authorities[186]. - The company has established an intelligent innovation center to enhance R&D capabilities in key automotive glass technologies, contributing to energy-efficient and environmentally friendly products[189]. - The company has committed to social responsibility, with a total investment of RMB 94,808,000 in public welfare projects, including the establishment of the He Ren Charity Foundation[193].

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） 2023年年度業績公告 福 耀 玻 璃 工 業 集 團 股 份 有 限 公 司（「本公司」）董 事 局（「董事局」）欣 然 宣 佈 本公司及其附屬公司截至2023年12月31日 止 年 度 的 經 審 計 年 度 業 績。本 公告列載本公司2023年 年 度 報 告 全 文，並 符 合《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》中 有 關 年 度 業 績 初 步 公 告 附 載 的 資 料 的 要 求。本 公 司 2023年年度報告的印刷版本將於2024年4月底前寄發予本公司的H股 股 東，並 可 於 屆 時 在 香 港 聯 合 交 易 所 有 限 公 司 的 網 站http://www.hkexnews.hk 及本公司的網站http://ww ...