Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q2 2024, with revenue of 9.504 billion yuan, a year-on-year increase of 19.11% and a quarter-on-quarter increase of 7.56%. The net profit attributable to the parent company for Q2 2024 was 2.111 billion yuan, reflecting a year-on-year growth of 9.83% and a quarter-on-quarter growth of 52.09% [3] - The company is positioned as a global leader in the automotive glass industry, with increasing market share and average selling price (ASP) per vehicle, driven by the ongoing development of automotive intelligence and the introduction of high-value-added products [3] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 18.34 billion yuan, a year-on-year increase of 22.01%, and a net profit of 3.499 billion yuan, up 23.35% year-on-year [3] - The company's Q2 2024 net profit margin was 22.21%, showing a slight year-on-year decrease of 1.88 percentage points but an increase of 6.50 percentage points compared to the previous quarter [3] - The company's revenue and net profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 7.004 billion yuan, 8.245 billion yuan, and 9.586 billion yuan for 2024, 2025, and 2026 respectively [4] Market Position and Growth Drivers - The global automotive glass industry is concentrated, with major competitors facing lower profitability and limited capital expenditure, while the company is in a capital expenditure cycle that will enhance its global market share [3] - The increasing penetration of advanced automotive glass features, such as HUD windshields and panoramic roofs, is expected to drive growth in ASP per vehicle [3]

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7月31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8月1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 ...

上 市 公 司 汽车 2024 年 08 月 01 日 福耀玻璃 (600660) ——Q2 业绩超预期，公司经营效率进一步提高 | --- | --- | |------------------------------------|---------------------| | 市场数据： | 2024 年 07 月 31 日 | | 收盘价（元） | 45.01 | | 一年内最高/最低（元） | 52.18/35.90 | | 市净率 | 3.6 | | 息率（分红/股价） | 2.89 | | 流通 A 股市值（百万元） | 90,154 | | 上证指数/深证成指 | 2,938.75/8,754.09 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 03 月 31 日 | | 每股净资产（元） | 12.59 | | 资产负债率% | 44.95 | | 总股本/流通 A 股（百万） | 2,610/2,003 | | 流通 B ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q2 earnings that significantly exceeded expectations, showcasing both growth potential and certainty as a global leader in the automotive glass industry [1][4] - The revenue for Q2 reached 9.5 billion yuan, representing a year-on-year growth of 19.1%, while the net profit attributable to shareholders was 2.11 billion yuan, up 9.8% year-on-year [3][4] - The company is expected to benefit from product upgrades, increased market share, and new business opportunities, particularly in high-value automotive glass products [4] Financial Summary - Revenue projections for the company are as follows: - 2022A: 28,099 million yuan (19% growth) - 2023A: 33,161 million yuan (18% growth) - 2024E: 39,634 million yuan (20% growth) - 2025E: 46,606 million yuan (18% growth) - 2026E: 53,651 million yuan (15% growth) [1] - Net profit projections are: - 2022A: 4,756 million yuan - 2023A: 5,629 million yuan - 2024E: 7,075 million yuan - 2025E: 8,319 million yuan - 2026E: 9,997 million yuan [1] - Earnings per share (EPS) are projected to increase from 1.82 yuan in 2022 to 3.83 yuan in 2026 [1] Market Position and Growth Drivers - The company is experiencing a strong growth trajectory driven by the increasing share of high-value products such as panoramic roofs and HUD windshields, which are expected to enhance average selling prices (ASP) [4] - The company plans to invest significantly in expanding production capacity, with a total capital expenditure of approximately 8.12 billion yuan in 2024, marking a five-year high [4] - The aluminum trim business is anticipated to enter a growth phase, with new orders expected to ramp up production [4]

证券研究报告 | 公司动态点评 2024 年 07 月 30 日 福耀玻璃（600660.SH） 量价齐升叠加成本下探，2Q24 盈利能力超预期 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------|--------------------------------|------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | | | | | 股票信息 | | | | | | | | | 行业 | 汽车 | | | | | | | | 2024 年 7 月 29 日收盘价（元） | 44.46 | | | | | | | | 总市值（百万元） | 116,029.20 | | | | | | | | 流通市值（百万元） | 89,052.77 | | | | | | | | 总股本（百万股） | 2,609.74 | | | | | | | | 流通股本（百万股） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q2 2024, achieving record high quarterly revenue and profit, with Q2 revenue reaching 9.504 billion yuan, a year-on-year increase of 19.1% and a quarter-on-quarter increase of 7.6% [2][3] - The growth in revenue is attributed to increased domestic customer volume, improved overseas market share, and a higher proportion of high-value-added products [2][4] - The company’s net profit for Q2 2024 was 2.111 billion yuan, reflecting a year-on-year increase of 9.8% and a quarter-on-quarter increase of 52.1% [4] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 18.340 billion yuan, a year-on-year increase of 22.01%, and a net profit attributable to shareholders of 3.499 billion yuan, up 23.35% year-on-year [3] - The Q2 net profit margin was 22.2%, with a significant increase in profitability driven by scale effects, low raw material prices, and improved cost control [4] Earnings Forecast and Investment Rating - The company is expected to continue its revenue growth, driven by global market share, average selling price (ASP) increases, and larger vehicle area [4] - The earnings forecast for 2024-2026 projects revenues of 38.714 billion yuan, 45.554 billion yuan, and 53.694 billion yuan, with year-on-year growth rates of 17%, 18%, and 18% respectively [6] - The projected net profit for the same period is 6.857 billion yuan, 7.755 billion yuan, and 9.325 billion yuan, with year-on-year growth rates of 22%, 13%, and 20% respectively [6] - The report maintains a positive outlook on the company's upward trend and reiterates the "Buy" rating [4]

[Table_OtherReport] 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 军福耀玻璃（600660.SH） 投资评级 上次评级 [Table_Author] 陆嘉敏 汽车行业首席分析师 执业编号：S1500522060001 联系电话：13816900611 邮 箱：lujiamin@cindas.com [Table_Title] 福耀玻璃（600660.SH）：24H1 业绩表现超预 期，龙头地位凸显，量价齐升持续兑现 [Table_ReportDate] 2024 年 7 月 31 日 [Table_S 事件：公司发布 ummary]2024 半年度业绩快报，2024 上半年公司实现营收约 183.4 亿元，同比+22.0%，归母净利润 35.0 亿元，同比+23.3%；扣非归母净利 润 36.9 亿元，同比+32.1%。公司 24Q2 实现营收 95.0 亿元，同比+19.1%， 环比+7.6%，实现归母净利润 21.1 亿元，同比+9.8%，环比+52.1%。 ➢ 2024H1 业绩表现超预期，盈利能力有望持续提升。公司发布 2024H1 业绩快报，24H1 ...

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] 福耀玻璃点评：成本改善及规模效应推动盈利能 力增强，业绩超预期 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 请阅读最后评级说明和重要声明 福耀玻璃（600660.SH） cjzqdt11111 相关研究 [Table_Title 福耀玻璃点评：成本改善及规模效应推动盈利 2] 能力增强，业绩超预期 [Table_Summary2] 事件描述 根据业绩快报，公司 2024 上半年实现营业收入 183.4 亿元，同比+22.0%；归母净利润 35.0 亿元，同比+23.4%；扣非后归母净利润 36.9 亿元，同比+32. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Q2 2024 performance exceeded expectations with significant growth in revenue and net profit [2] - Revenue for H1 2024 reached 183.4 billion yuan, up 22% YoY, while net profit attributable to shareholders was 34.99 billion yuan, up 23.4% YoY [2] - Q2 2024 revenue was 95.04 billion yuan, up 19.1% YoY and 7.6% QoQ, with net profit of 21.11 billion yuan, up 9.8% YoY and 52.1% QoQ [2] - Profitability continues to improve, with H1 2024 total profit reaching 41.25 billion yuan, up 24.3% YoY [2] - High-value-added products are driving ASP growth, with automotive glass ASP increasing by 5.94% YoY to 213.24 yuan per square meter in 2023 [2] - The company's market share is expanding, with global automotive glass sales reaching 140.16 million square meters in 2023, up 10.24% YoY [2] - Capital expenditure for 2024 is planned at 8.123 billion yuan to support capacity expansion [2] Financial Forecasts - EPS for 2024-2026 is projected to be 2.55/2.99/3.51 yuan, with a CAGR of 17.6% for net profit attributable to shareholders [3] - Revenue for 2024-2026 is forecasted to be 396.73/461.25/525.83 billion yuan, with growth rates of 19.64%/16.26%/14.00% [4] - Net profit attributable to shareholders for 2024-2026 is expected to be 66.65/78.10/91.59 billion yuan, with growth rates of 18.39%/17.19%/17.27% [4] - ROE is projected to increase from 19.68% in 2024 to 22.77% in 2026 [4] Industry and Market Position - The automotive glass industry is highly concentrated, and the company benefits from stable supply chains and cost advantages [2] - The company's focus on high-value-added products, cost control, and R&D investment gives it a competitive edge [2] - The trend towards automotive electrification and intelligence is driving market expansion, benefiting the company's product mix and ASP growth [2]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company reported strong performance in H1 2024, achieving revenue of 18.34 billion yuan, a year-on-year increase of 22.01%, and a net profit of 3.499 billion yuan, up 23.35% year-on-year [1][4]. - The company is positioned as a leading player in the automotive glass industry, with a domestic market share exceeding 70% and a global market share of approximately 30% [1][4]. - The report highlights the company's strategic investments and collaborations, particularly in high-value-added products and smart glass technologies, which are expected to drive future growth [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 18.34 billion yuan, with a net profit of 3.499 billion yuan, and a non-recurring net profit of 3.689 billion yuan, reflecting year-on-year growth rates of 22.01%, 23.35%, and 32.07% respectively [1][4]. - Q2 2024 saw a revenue of 9.504 billion yuan, a year-on-year increase of 19.12%, and a net profit of 2.111 billion yuan, up 9.86% year-on-year [1][4]. Market Position - The company is recognized as a global leader in automotive glass, with significant market presence in China, the US, Russia, and Europe [1][4]. - The report notes the company's strong vertical integration capabilities in the supply chain, enhancing its competitive advantage [1][4]. Growth Drivers - The increasing demand for smart and functional glass in the automotive sector, driven by trends in electric and intelligent vehicles, is expected to boost the company's average glass usage per vehicle [2][4]. - The integration of SAM, which specializes in aluminum trim products, is anticipated to improve profitability and contribute to revenue growth [2][4]. Future Projections - The report projects revenue growth for 2024-2026, estimating revenues of 39.931 billion yuan, 46.635 billion yuan, and 53.692 billion yuan, with corresponding net profits of 6.931 billion yuan, 8.271 billion yuan, and 9.605 billion yuan [4][5].