Core Insights - The article highlights the impressive performance of Fuyao Glass, a Chinese company that holds a 34% market share in the global automotive glass industry while capturing 55% of the profits, showcasing its competitive edge over established players like Apple and Saint-Gobain [1][12]. Company Overview - Fuyao Glass specializes in automotive glass production, including windshields, side windows, and sunroofs, as well as high-end products like smart panoramic roofs and adjustable glass [5]. - Despite being a relatively new player compared to century-old companies like Saint-Gobain and Asahi Glass, Fuyao has managed to outperform them in profitability [7][12]. Competitive Advantages - Fuyao's success is attributed to its focus on lean manufacturing, minimizing waste, and maximizing material utilization, which allows for efficient production processes [17]. - The company invests significantly in technology and R&D, ensuring it attracts top talent and acquires necessary equipment, thereby enhancing its cost control capabilities and creating a technological moat [19]. - Fuyao maintains a high self-sufficiency rate in raw materials, with a 95% self-sufficiency in silica sand and over 90% in float glass, which reduces reliance on intermediaries and associated costs [28]. Operational Efficiency - The company has implemented automated production lines and AI quality inspection systems, which lower labor costs and allow for flexibility in handling small batch orders [30]. - Fuyao has established factories in 12 countries to reduce transportation and tariff costs, enhancing profit margins and providing comprehensive "one-stop" glass solutions for global automotive manufacturers [32]. Management Philosophy - The founder, Cao Dewang, emphasizes a frugal management style, focusing on practical and efficient operations while being willing to invest in critical areas like R&D [15][34].

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: 2025年12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: 2026年1月5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 | II. 已發行股 ...

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: 2025年12月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600660 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,002,986,332 | RMB | | 1 RMB | | 2,002,986,332 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,002,986,332 | RMB | | 1 RMB | | 2,002,986,332 | 本月底法定/註冊股本總額： RMB 2,609,743,532 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司 ...

机器人本周复盘总结： 本周机器人指数+3.73%（2025年初至今+62.08%） ， 较SW汽零超额收益为 +0.83%；最新交易日机器人PE(TTM)处于2025全年的68.31%分位， PB(LF)处于全年的79.42%分位。 核心覆盖标的周度变化： 1） 【银轮股份（002126）】 增资四川银轮3.8亿元， 用于水冷板和前端模块 的产能建设， 预计2029年达产； 2） 【华达科技（603358）】 公告2025年度中期分红计划， 拟每股派 发现金红利0.15元（含税） ， 累计派发7046万元； 3） 【福达股份（603166）】 公告完成桂林福达阿 尔芬第二期25%股权的转让交易（权款4800万元） 。 银轮股份 飞龙股份 亚普股份 岱美股份 福耀玻璃 均胜电子 分时图 日K线 周K线 月K线 37.64 -0.16 -0.42% 1.48% 0.98% 0.50% 0.00% 0.50% 0.98% 1.48% 37.24 37.43 37.61 37.80 37.99 38.17 38.36 09:30 10:30 11:30/13:00 14:00 15:00 3万 14万 25万 37万 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [2] Core Viewpoints - Fuyao Glass is a global leader in the automotive glass industry, with a market share of approximately 37% as of 2025, demonstrating strong resilience and growth potential [6][29] - The company focuses on high-value products, benefiting from the "new four modernizations" in the automotive sector, which drives an upward trend in average selling price (ASP) [6][31] - Fuyao's vertical integration strategy enhances cost control and allows for aggressive capacity expansion, positioning the company to capture global market share [6][38] - The company offers both high growth and high dividend yields, making it a rare quality asset in the market [6][38] - Profit forecasts for 2025-2027 indicate net profits of 98.31 billion, 113.58 billion, and 132.42 billion yuan, with corresponding price-to-earnings ratios of 17.12, 14.82, and 12.71 times, respectively [6] Summary by Sections 1. Automotive Glass Leader with Strong Resilience and Growth Alpha - Fuyao Glass has established a strong competitive moat over its 40 years of development, focusing on the automotive glass sector and achieving significant market share [15][16] - The company has maintained a high revenue concentration in automotive glass, with 91.1% of total revenue coming from this segment in 2025H1 [25][29] 2. Increasing Penetration of New Energy Vehicles and High-Value Products Driving Growth - The penetration rate of new energy vehicles has increased significantly, with high-value products like panoramic roofs and HUDs contributing to revenue growth [43][46] - The ASP of Fuyao's products is expected to continue rising due to the increasing share of high-value products, which accounted for 52.2% of sales by 2025Q3 [46][70] 3. Investment Recommendations - The report suggests that Fuyao Glass is well-positioned for future growth, supported by its strong market position, innovative product offerings, and robust financial performance [6][38]

目前推荐福耀玻璃的主要逻辑是什么？ 目前推荐福耀玻璃主要基于以下三点逻辑： 福耀玻璃 20251228 摘要 福耀玻璃当前估值已回落至 15 倍以内，处于历史分位数后 20%水平， 具备较高的安全边际，预计 2026 年收入和利润增长率分别约为 15%和 15%-20%。 前期行业复苏预期不佳导致股价下跌，但随着 2026 年补贴政策等落地， 市场对明年汽车销量增速的预期或将改善，汽车产业链对 GDP 和社零贡 献大，补贴延续性强，利好行业。 福耀玻璃具备较强的顺价能力，可将部分成本压力转嫁，美国电价上涨 对其成本影响有限（占比约 4%），规模效应显著，有助于对冲成本波 动，新产能投放对毛利率影响有限。 福耀玻璃国内市场占有率约 70%，全球市场接近 40%，受行业整体环 境影响显著，前期股价下跌和新能源购置税政策加剧了市场悲观情绪。 新任总裁上任后，公司在产品边界拓展等方面或有积极发展，海外前装 市场和国内后装市场订单充足，支持公司扩产计划。 新产能投放初期（如 2026 年）盈利可能承压，但预计 2027 年整体盈 利将明显改善，当前估值低且具有高安全边际，值得重点关注。 Q&A 福耀玻璃近期股价调整的主 ...

Core Viewpoint - The overall Beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The humanoid robot sector opens up valuation elasticity for automotive parts, focusing on three main technology lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going overseas." Traditional advantageous tracks should be selectively laid out based on "performance realization + new order production" [3][8]. EPS Dimension - In the existing market, companies with high competitiveness that enhance market share and those that enter high-value tracks through internal and external expansion to increase ASP should be prioritized. The globalization of automotive parts opens up growth space, with a focus on production capacity in Europe, North America, and Southeast Asia, significantly enhancing growth potential and risk resistance. Companies are expected to transition to global Tier 1/platform leaders between 2026-2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [4][8]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly landing. Focus on chip + domain control + core sensors + steer-by-wire chassis (systematic capabilities in cost/algorithm/safety redundancy). Recommended companies include Horizon Robotics, Black Sesame, and Desay SV. Companies to watch include Bertel and Nexperia [5][9]. - Robotics: Transitioning from "0→1" to "1→10," benefiting from large models + actuators/reducers/lead screws/force sensors, with a focus on automotive parts leaders that have "technological synergy + manufacturing collaboration." Recommended companies include Top Group, Minth Group, and Shuanghuan Transmission, with a focus on Yapu Co. and Daimay Co. [5][9]. - Liquid Cooling: AI capital expenditure growth and AIDC power consumption increase; the liquid cooling temperature control market is expected to reach hundreds of billions by 2030. Automotive parts should focus on thermal management/pipes/quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [5][9]. Emerging Industries - The expansion of emerging industries is expected to be less than anticipated, with downstream demand also falling short of expectations, and increasing geopolitical uncertainties [7]. Globalization - The global light vehicle market has a capacity of nearly 80 million units. The overseas light vehicle market is vast, with the 2024 overseas light vehicle production expected to reach 51.7 million units, accounting for 66% of the global market. The globalization of automotive parts is crucial for achieving significant revenue scales [47][49][50]. Conclusion - The automotive parts sector is entering a phase where structural opportunities are prioritized over total market growth. Companies focusing on intelligent driving, robotics, and liquid cooling technologies are expected to lead the way, while globalization will enhance growth potential and resilience against risks [3][4][5][8].

Core Conclusions - The overall beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The focus should be on "smart driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as the three main technology lines, along with the long-term certainty of "going overseas" [2][34] - EPS perspective: 1) Seek alpha that can traverse cycles in the existing market, prioritizing product companies with high competitiveness that can increase market share and companies that can enhance ASP by entering high-value tracks through internal and external expansion. 2) Globalization opens up growth space for automotive parts, with a significant increase in growth potential and risk resistance by prioritizing capacity layout in Europe, North America, and Southeast Asia [2][34] - Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [2] EPS Dimension Outlook - The automotive parts sector's beta is expected to be weak due to domestic total factors in 2026, with structural opportunities preferred over total opportunities. The focus should be on high-competitiveness product companies that can increase market share and those that can enhance ASP by entering high-value tracks through internal and external expansion [34] - Globalization is expected to open up growth space for automotive parts, with incremental orders mainly coming from Southeast Asia and European new energy markets [34] Market Review - The automotive parts sector's overall performance in 2025 was significantly influenced by AI and robotics, with the sector index outperforming the market in the first half of the year. However, it faced challenges in the second half due to U.S. tariffs and price wars [11][19] - The sector's valuation fluctuated, starting from approximately 21 times earnings at the beginning of 2025, peaking at 32 times by September, and then adjusting back down due to tariff impacts and slower-than-expected robotics progress [11][19] Globalization and Market Expansion - The global light vehicle production is projected to reach 78.82 million units in 2024, with overseas markets, particularly in Europe and North America, being significant contributors [52][57] - Chinese automotive parts companies are increasingly following domestic car manufacturers in their overseas expansion, leveraging cost control and response efficiency advantages [60][61] Recommended Companies and Focus Areas - Companies recommended for investment include Fuyao Glass, Xingyu Co., Minth Group, and others that are positioned to benefit from high competitiveness and market share growth [2][34] - Focus areas include smart driving technologies, liquid cooling systems, and humanoid robotics, which are expected to drive growth in the automotive parts sector [2][34]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 方正证券研报指出，福耀玻璃国内成长稳健可控，欧美价量齐升持续。伴随电动智能化趋势下汽玻 产品持续升级、美关税政策下产品通胀，我们预计公司2026 年产品单价仍有望维持6-7%增长，具备超 预期能力。2026年虽受下游需求扰动，但预计公司盈利能力有望维持稳健表现。全球成长逻辑延续、估 值回调充分，关注出海龙头稳健投资价值。考虑到公司具备高分红的防御属性，按自上市以来稳定兑现 水平（平均分红率近60%），当前PE对应近12个月股息率4.35%，建议重点关注出海龙头稳健投资价 值。给予"推荐"评级。 （责任编辑：贺翀 ） ...

方正证券研报指出，福耀玻璃国内成长稳健可控，欧美价量齐升持续。伴随电动智能化趋势下汽玻产品 持续升级、美关税政策下产品通胀，我们预计公司2026 年产品单价仍有望维持6-7%增长，具备超预期 能力。2026年虽受下游需求扰动，但预计公司盈利能力有望维持稳健表现。全球成长逻辑延续、估值回 调充分，关注出海龙头稳健投资价值。考虑到公司具备高分红的防御属性，按自上市以来稳定兑现水平 （平均分红率近60%），当前PE对应近12个月股息率4.35%，建议重点关注出海龙头稳健投资价值。给 予"推荐"评级。 ...