Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 9.974 billion yuan, a year-on-year increase of 13.41%, and a net profit of 1.980 billion yuan, a year-on-year increase of 53.54% [3][4] - The company continues to strengthen its position as a global leader in automotive glass, benefiting from market share growth and increased average selling price (ASP) of products [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 28.314 billion yuan, a year-on-year increase of 18.84%, and a net profit of 5.479 billion yuan, a year-on-year increase of 32.79% [3] - The Q3 2024 gross margin was 38.78%, up 2.47 percentage points year-on-year and 1.05 percentage points quarter-on-quarter, attributed to quality improvement measures and scale effects [3] - The company’s operating expenses ratio for Q3 2024 was 14.86%, an increase of 2.49 percentage points quarter-on-quarter [3] Earnings Forecast and Valuation - The forecast for net profit for 2024-2026 has been revised upwards to 7.662 billion yuan, 8.873 billion yuan, and 10.296 billion yuan respectively, with corresponding EPS of 2.94 yuan, 3.40 yuan, and 3.95 yuan [4] - The price-to-earnings (P/E) ratios for the same periods are projected to be 19.96, 17.24, and 14.85 respectively [4] Market Data - The closing price of the stock is 58.60 yuan, with a market capitalization of 152.93 billion yuan [5] - The price-to-book (P/B) ratio is 4.58 [5] Basic Data - The company has a total share capital of 2,609.74 million shares and a net asset value per share of 12.80 yuan [6]

日均成交额（百万） 1,271.66 2024 年 10 月 20 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2024Q3 业绩符合预期，单季收入创历史新高 ——福耀玻璃（600660）2023 年三季报点评 最近一年走势 事件: 福耀玻璃 2024 年 10 月 17 日发布 2024 年三季报：公司 2024Q3 实现营 收 99.74 亿元，同比+13.41%；实现归母净利润 19.80 亿元，同比 +53.54%；实现扣非后归母净利润 19.74 亿元，同比+55.56%。 投资要点: 收入端：24Q3 收入创新高，显著优于行业增速。2024 年 Q3，公司 实现营收 99.74 亿元，同比+13.41%，环比+4.94%，创历史新高， 我们认为主要系公司产品量价齐升，高附加值产品占比及整体 ASP 提升。2024Q3，国内汽车产量同比-3.2%，全球汽车产量同环比下 滑，公司收入表现显著优于行业增速。 相对沪深 300 表现 2024/10/18 表现 1M 3M 12M 福耀玻璃 13 ...

2024 年 10 月 20 日 公司研究 3Q24 毛利率持续提升，新一轮资本开支周期开启 ——福耀玻璃（600660.SH、3606.HK）2024 年三季度业绩点评报告 要点 3Q24 业绩表现稳健：前三季度营业收入同比+18.8%至人民币 283.1 亿元（占我 们原先全年预测的 71%），归母净利润同比+32.8%至人民币 54.8 亿元（占我 们原先全年预测的 79%）；其中，3Q24 营业收入同比+13.4%/环比+4.9%至 99.7 亿元，归母净利润同比+53.5%/环比-6.2%至 19.8 亿元。3Q24 福耀 ASP 提升、 内部降本/规模效益驱动的盈利能力在持续改善，归母净利润环比下滑主要由于 汇兑损失影响（剔除 3Q24 汇兑损失 1.23 亿元后，环比+3.3%）。 3Q24 毛利率持续提升，美国工厂盈利短暂承压：前三季度公司汽车玻璃销量同 比增长 10.6%，ASP同比增长8.8%（高附加值产品占比同比+5.3pcts至 58.2%）， 汽车玻璃收入同比+20.4%至人民币 258 亿元；其中，国内/海外汽车玻璃收入分 别同比+18.2%/+23.1%。3Q24 毛利率同比+2 ...

Investment Rating - The report assigns a "Buy" rating for both A and H shares of Fuyao Glass, with current prices at 58.60 CNY and 56.60 HKD respectively, and a reasonable value of 68.66 CNY and 65.52 HKD [1][9]. Core Insights - In Q3 2024, Fuyao Glass reported a revenue increase of 13.4% year-on-year, outperforming the domestic automotive sales growth by approximately 17.3 percentage points [2][4]. - The company's gross margin improved for seven consecutive quarters, reaching 38.8% in Q3 2024, benefiting from quality enhancement, operational leverage, and a decline in raw material prices [4][9]. - The company is entering a new phase of global capacity expansion, driven by high-value products such as panoramic glass and HUD glass, which are expected to continue enhancing the average selling price (ASP) [7][9]. Financial Performance Summary - For the first three quarters of 2024, Fuyao Glass achieved a revenue of 283.1 billion CNY, a year-on-year increase of 18.8%, and a net profit attributable to shareholders of 54.8 billion CNY, up 32.8% [2][4]. - The total profit, adjusted for foreign exchange losses, was 68.1 billion CNY, reflecting a 49.4% increase year-on-year [2][4]. - The company forecasts EPS for 2024, 2025, and 2026 to be 2.86 CNY, 3.45 CNY, and 4.09 CNY per share respectively, with a maintained "Buy" rating [9][11].

Investment Rating - The investment rating for Fuyao Glass (600660) is not explicitly stated in the provided content, but the report suggests to "continue to pay attention" to the company, indicating a positive outlook [10]. Core Views - Fuyao Glass reported a revenue of 28.314 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.84%. The net profit attributable to shareholders was 5.479 billion yuan, up 32.79% year-on-year. The gross margin for Q3 was 38.78%, an increase of 2.47 percentage points year-on-year and 1.05 percentage points quarter-on-quarter, showing a consistent improvement since Q1 2023 [4][10]. - The company is recognized as a global leader in automotive glass, continuously enhancing R&D efforts and product upgrades, with a growing proportion of high-value-added products. The expansion of domestic and international production capacity is expected to support stable future earnings growth [10]. Summary by Sections Financial Performance - For Q3 2024, Fuyao Glass achieved a revenue of 9.974 billion yuan, a year-on-year increase of 13.41% and a quarter-on-quarter growth of 4.94%. The net profit for Q3 was 1.980 billion yuan, reflecting a year-on-year growth of 53.54% but a quarter-on-quarter decrease of 6.19% [10]. - The company experienced a total exchange loss of 138 million yuan in the first three quarters, contrasting with an exchange gain of 335 million yuan in the same period last year, indicating strong resilience in profitability despite currency fluctuations [10]. Gross Margin and Cost Management - The gross margin for Q3 was 38.78%, with contributing factors including the expansion of market share, increased sales of high-value products like sunroof and HUD glass, a decline in raw material prices, and cost optimization efforts [10]. - The expense ratios for Q3 2024 were as follows: sales expenses at 4.32%, management expenses at 7.41%, R&D expenses at 4.32%, and financial expenses at -1.18%, showing a mixed year-on-year change [10]. Future Projections - Revenue projections for Fuyao Glass from 2024 to 2026 are as follows: 39.355 billion yuan in 2024, 46.669 billion yuan in 2025, and 54.753 billion yuan in 2026, with year-on-year growth rates of 18.68%, 18.58%, and 17.32% respectively. The net profit projections are 7.664 billion yuan for 2024, 8.851 billion yuan for 2025, and 10.612 billion yuan for 2026, with growth rates of 36.14%, 15.50%, and 19.90% respectively [10][11].

Investment Rating - The investment rating for Fuyao Glass is "Outperform the Market" [5][2]. Core Views - Fuyao Glass has demonstrated strong revenue growth, with a 13% year-on-year increase in Q3 2024 and a 54% increase in net profit attributable to shareholders. The company achieved a revenue of 28.314 billion yuan in the first three quarters of 2024, representing an 18.8% year-on-year growth [1][6]. - The company's competitive advantages stem from scale effects, high automation, a vertical supply chain, and cost efficiency. The outlook includes expansion into overseas markets and high-value-added products, which are expected to drive a new growth cycle [1][2]. Summary by Sections Financial Performance - In Q3 2024, Fuyao Glass reported a revenue of 9.974 billion yuan, a year-on-year increase of 13.41% and a quarter-on-quarter increase of 4.94%. The net profit attributable to shareholders was 1.98 billion yuan, reflecting a year-on-year increase of 53.54% [1][6]. - The gross margin for Q3 2024 was 38.78%, up 2.47 percentage points year-on-year and 1.05 percentage points quarter-on-quarter. The net profit margin was 19.86%, an increase of 5.18 percentage points year-on-year [1][12]. Market Position and Growth Potential - Fuyao Glass's automotive glass sales reached 140 million square meters in 2023, corresponding to the assembly of approximately 35.04 million vehicles. The company holds a global market share of over 36% in automotive glass [1][31]. - The company is actively expanding production capacity in locations such as Fuzhou, Anhui, and North America, which is expected to enhance its market share further [1][36]. Product Development and Innovation - Fuyao Glass is focusing on high-value-added products, with a significant increase in the proportion of such products in its sales. The average price per square meter of automotive glass has risen from 174 yuan in 2020 to 213 yuan in 2023, with a compound annual growth rate (CAGR) of 7% [1][2]. - The company is investing heavily in R&D, with over 4% of its revenue allocated to innovation, resulting in a steady increase in its patent portfolio and technological capabilities [1][42]. Future Outlook - The forecast for net profit attributable to shareholders is 7.623 billion yuan for 2024, with expected growth rates of 35.4% and 15.6% for the following years [3][2]. - The automotive glass market is projected to continue growing, with the average selling price expected to rise as the demand for smart and high-performance glass products increases [1][39].

感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始 大家好欢迎参加中金公司福耀玻璃2024年三季报业绩交流会下面开始播报名字声明声明播报完毕后主持人可直接开始发言本次会议为中国国际金融股份有限公司中金公司闭门会议仅限首要嘉宾参会 未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited, CICC, and only invited guests allowed to attend. 好的大家上午好我是中金公司汽车行业首席分析师邓旭 同时在线的还有我的同事重庆汽车生意师任丹铭和金文娟那么欢迎大家参加福耀玻璃2024年第三季度业绩变化会那么福耀玻璃昨晚发布了三级报业绩持续的亮眼再现了龙头的引力韧性那么三季度的现金流再创历史新高我们今天特别荣幸邀请到了福耀玻璃的董事财务总监陈 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 56.86 CNY per share [3][4]. Core Insights - The company reported a revenue of 28.314 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 18.84%. The net profit attributable to shareholders reached 5.479 billion CNY, up 32.79% year-on-year [3]. - The gross margin for Q3 2024 was 38.78%, an increase of 2.47 percentage points year-on-year, primarily due to a decrease in soda ash costs [3]. - The company is a leading player in the automotive glass industry, with a domestic market share exceeding 70% and a global market share of approximately 30% [3][4]. Revenue and Profit Growth - The company achieved a historical high in revenue for Q3 2024, with a quarterly revenue of 9.974 billion CNY, a year-on-year increase of 13.41% and a quarter-on-quarter increase of 4.94% [3]. - The net profit for Q3 2024 was 1.980 billion CNY, reflecting a year-on-year increase of 53.54% [3]. - The growth in revenue and profit is attributed to increased marketing efforts, a higher proportion of high-value-added products, and the company's strong position in the automotive glass market [3]. Financial Forecast - The company is projected to achieve revenues of 39.931 billion CNY, 46.635 billion CNY, and 53.692 billion CNY for the years 2024, 2025, and 2026, respectively [5]. - The net profit attributable to shareholders is expected to be 7.703 billion CNY, 8.802 billion CNY, and 10.182 billion CNY for the same years [5]. - The earnings per share (EPS) are forecasted to be 2.95 CNY, 3.37 CNY, and 3.90 CNY for 2024, 2025, and 2026, respectively [5]. Market Position and Strategic Initiatives - The company is benefiting from the trend of smart electrification in the automotive industry, which is driving demand for advanced glass products [4]. - Strategic partnerships with companies like BOE and Beidou Smart are enhancing the company's capabilities in smart windows and high-value-added glass products [4]. - The integration of SAM, which specializes in aluminum trim products, is expected to improve profitability and align with customer trends towards modular and integrated procurement [4].

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [1] Core Views - The company reported a revenue of 9.974 billion yuan in Q3 2024, representing a year-on-year increase of 13.4% and a quarter-on-quarter increase of 4.9% [2] - The net profit attributable to the parent company for Q3 2024 was 1.98 billion yuan, up 53.5% year-on-year but down 6.2% quarter-on-quarter [2] - The gross margin for Q3 2024 was 38.8%, an increase of 2.5 percentage points year-on-year and 1.1 percentage points quarter-on-quarter, marking seven consecutive quarters of improvement [2] - The company experienced a foreign exchange loss of 138 million yuan in the first three quarters of 2024, compared to a foreign exchange gain of 335 million yuan in the same period last year, which negatively impacted total profit [2] - The average selling price (ASP) of automotive glass increased to 213.24 yuan per square meter in 2023, a year-on-year increase of 5.94% [2] - The company’s capital expenditure in H1 2024 was 2.346 billion yuan, indicating ongoing capacity expansion [2] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 28.31 billion yuan, a year-on-year increase of 18.8%, and a net profit of 5.48 billion yuan, up 32.8% year-on-year [2] - The projected earnings per share (EPS) for 2024-2026 are 2.16, 2.92, and 3.38 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26, 19, and 17 [3][4] - The company’s net profit is expected to grow at a compound annual growth rate (CAGR) of 21.6% [3] - The projected revenue for 2024 is 33.161 billion yuan, with a growth rate of 19.64% [4]

Investment Rating - The investment rating for Fuyao Glass is "Buy" (maintained) with a target price of HKD 60.99 for 3606 HK and RMB 66.06 for 600660 CH [2][3]. Core Insights - Fuyao Glass reported a net profit attributable to the parent company of RMB 1.98 billion for Q3 2024, representing a year-on-year increase of 53.5%, which is in line with market expectations [5]. - The company's revenue for the same quarter was RMB 9.97 billion, up 13.4% year-on-year, although the growth rate has slowed compared to the first half of 2024 [5]. - The slowdown in growth is attributed to a decrease in domestic automobile production, which fell by 3.2% year-on-year in Q3 2024 compared to a 4.9% increase in the first half of 2024 [5]. - The report anticipates that increased subsidies for replacing old vehicles will support domestic demand growth, and the potential for profit margin improvement due to declining cost factors is expected to further enhance the company's competitive advantage [5]. Summary by Sections Financial Performance - Q3 2024 gross margin improved to 38.8%, up from 36.6% in the first half of 2024, driven by a higher proportion of high-value-added products and improved capacity utilization [6]. - The comprehensive expense ratio for Q3 2024 was 14.9%, slightly up from 14.1% in the first half of 2024, but improved to 13.6% when excluding foreign exchange losses [6]. - The core net profit margin for Q3 2024 was 21.1%, an increase from 20.3% in the first half of 2024 [6]. Market Outlook - Despite a slowdown in domestic automobile production and sales in Q3 2024, positive signals have emerged from government initiatives to increase vehicle scrappage subsidies, which have accelerated applications for subsidies [7]. - As of October 7, 2024, there were 1.27 million applications for vehicle scrappage subsidies, a significant increase from 113,000 applications by June 25, 2024 [7]. - The report expects that the release of pent-up demand for vehicle replacements will provide stronger support for domestic automobile production and sales [7]. Cost Factors - Since Q4 2023, the price of soda ash has been declining, with the average price in 2024 year-to-date down 23.0% compared to 2023 [8]. - The report anticipates that the downward trend in cost factors will continue to release potential for profit margin improvement [8]. - Based on higher gross margin assumptions, the report has raised the EPS estimates for 2024, 2025, and 2026 by 6.6%, 14.5%, and 20.4% respectively, leading to an increase in target prices for Fuyao Glass [8].