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 ...

[Table_Page] 季报点评|汽车零部件 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|-----------------------------------|-------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|---------------------------------------|-------------|-------------------------------------------------------|--------------------------| | | | | | | | | 证券研究报告 | | [Ta ...

证券研究报告 非金融公司|公司点评|福耀玻璃（600660） 汽玻龙头强者恒强，三季度毛利率表现 亮眼 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月19日 证券研究报告 |报告要点 2024 年 10 月 17 日，公司发布 2024 年三季度报告：2024 年前三季度公司实现营收 283.14 亿 元，同比增长 18.84%；归母净利润 54.79 亿元，同比增长 32.79%。公司三季度毛利率 38.78%， 同比提升 2.47pct，环比提升 1.05pct,毛利率自 2023 年 Q1 以来逐季持续提升。公司是全球 汽玻龙头，不断强化研发，推动产品升级迭代，高附加值产品占比持续提升，同时加快海内外 产能建设，有望成为未来业绩稳定增长的有力支撑，建议持续关注。 |分析师及联系人 高登 黄程保 SAC：S0590523110004 SAC：S0590523020001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月19日 福耀玻璃(600660) 汽玻龙头强者恒强，三季度毛利率表现亮眼 | --- | --- | ...

福耀玻璃（600660.SH） 优于大市 规模效应持续体现，三季度毛利率环比提升 24Q3 公司营收同比增长 13pct，归母净利润同比增长 54%。福耀玻璃 2024 年 前三季度实现营收 283.14 亿元，同比增长 18.8%；实现归母净利润 54.79 亿 元，同比增长 32.79%；其中单 2024Q3 实现营收 99.74 亿元，同比+13.41%， 环比+4.94%，营收同比增速超越行业近 17pct（24Q3 国内汽车产量同比下降 3.2%）；实现归母净利润 19.8 亿元（汇兑损失-1.2 亿元），同比+53.54%， 环比-6.19%；经营性利润（归母扣汇兑）为 21 亿，同比+35%，环比+3%。 公司规模效应显现、持续提质增效，叠加原材料价格下降，毛利率环比提升 1.05pct。公司 24Q3 毛利率 38.78%，同比+2.47pct，环比+1.05pct；净利率 19.86%，同比+5.18pct（23Q3 汇兑-2.64 亿），环比-2.38pct（24Q2 汇兑+0.74 亿）。公司盈利能力改善或来自规模效应兑现、提质增效及原材料成本等利好， 其中国内重质纯碱每吨价格从 23Q ...

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 ...

福耀玻璃（600660.SH）系列点评三 2024Q3 收入历史新高 汽玻二次成长 2024 年 10 月 18 日 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com | --- | |-----------------------| | | | | | | | 分析师：白如 | | 执业证号： | | 邮箱： bairu@mszq.com | | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[ T able_StockInfo] 2024 年 10 月 17 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：56.86 元 福耀玻璃（600660）汽车 目标价：——元（6 个月） 毛利率持续提升，汇兑影响部分利润 [Table_Summary 事件：公司发布] 2024年三季报，24Q3实现营业收入 99.74亿元，同比+13.4%， 环比+4.9%；归母净利润 19.8亿元，同比+53.5%，环比-6.2%。24Q1-3实现营 业收入 283.1 亿元，同比+18.8%，归母净利润 54.8亿元，同比+32.8%。 毛利率持续提升，汇兑损失影响利润。24Q1-3 公司汇兑损失 1.38 亿元，上年 同期汇兑收益 3.35亿元，使利润总额同比减少 4.73亿元；太原金诺终止履行北 京福通剩余 24%股权转让，减少投资收益从而使利润总额同比减少 2.12亿元。 24Q3 毛利率 38.8%，同比+2.5pp，环比+1.1pp，连续 7 个季度提升，公司作 为汽车玻璃行业的头部企业，量价齐升，虹吸效应持续增强；24Q3 净利率 19.9%，同比+5.2pp，环比-2.3pp，主要由于 ...

证券研究报告 经营预测指标与估值 港股通 福耀玻璃 (3606 HK/600660 CH) | --- | --- | |----------------------------------------------------------|------------------------------------------------| | 3606 HK 投资评级： 买入 (维持) 目标价： 港币： 60.99 | 600660 CH 买入 (维持 ) 人民币： 66.06 | | 研究员 | 龚劼 | | SAC No. S0570519110002 SFC No. BHG354 | gongjie@htsc.com +(86) 21 2897 2095 | | 研究员 | 方晏荷 | | SAC No. S0570517080007 SFC No. BPW811 | fangyanhe@htsc.com +(86) 755 2266 0892 | | 研究员 | 宋亭亭 | | SAC No. S0570522110001 SFC No. BTK945 | songtingting021619@htsc ...

福耀玻璃（600660.SH） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 17 日 Q3 再创佳绩，盈利能力持续优异 ——福耀玻璃 2024 三季报点评 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------- ...

Revenue and Profit - Revenue for the third quarter reached RMB 9,973,781,592, a 13.41% increase year-over-year[4] - Net profit attributable to shareholders for the third quarter was RMB 1,980,178,502, up 53.54% year-over-year[4] - Total revenue for the first three quarters of 2024 was RMB 28,313,511,824, an 18.84% increase year-over-year[4] - Net profit attributable to shareholders for the first three quarters was RMB 5,478,784,237, a 32.79% increase year-over-year[4] - Total operating revenue for the first three quarters of 2024 reached RMB 28,313,511,824, an increase from RMB 23,825,860,896 in the same period of 2023[18] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was RMB 5,478,784,237, up from RMB 4,125,932,922 in the same period of 2023[19] - Total revenue for the first three quarters of 2024 reached 4,964,574,157 RMB, a 23% increase compared to 4,035,493,338 RMB in the same period of 2023[27] - Net profit for the first three quarters of 2024 was 4,489,518,064 RMB, up 21.6% from 3,690,318,808 RMB in the same period of 2023[27] Earnings Per Share - Basic earnings per share for the third quarter were RMB 0.76, a 55.10% increase year-over-year[4] - Basic earnings per share for the first three quarters of 2024 were RMB 2.10, compared to RMB 1.58 in the same period of 2023[19] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 61,333,832,136, an 8.31% increase from the end of the previous year[5] - Equity attributable to shareholders as of the end of the third quarter was RMB 33,396,435,494, a 6.27% increase from the end of the previous year[5] - The company's monetary funds increased to 19,760,594,738 as of September 30, 2024, compared to 18,518,172,689 at the end of 2023[14] - Accounts receivable increased to 7,211,211,723 as of September 30, 2024, from 7,128,016,386 at the end of 2023[14] - Inventory increased to 6,001,898,923 as of September 30, 2024, from 5,143,615,319 at the end of 2023[14] - Total current assets increased to 36,089,876,276 as of September 30, 2024, from 33,536,371,292 at the end of 2023[15] - Total non-current assets increased to 25,243,955,860 as of September 30, 2024, from 23,094,036,203 at the end of 2023[15] - Total assets increased to 61,333,832,136 as of September 30, 2024, from 56,630,407,495 at the end of 2023[15] - Short-term borrowings increased to 6,244,908,322 as of September 30, 2024, from 5,413,589,161 at the end of 2023[15] - Total liabilities as of the end of Q3 2024 amounted to RMB 27,948,019,052, an increase from RMB 25,219,085,168 at the end of the same period in 2023[16] - Total owner's equity as of the end of Q3 2024 was RMB 33,385,813,084, up from RMB 31,411,322,327 at the end of the same period in 2023[16] - Long-term loans as of the end of Q3 2024 were RMB 8,297,200,000, slightly lower than RMB 8,513,100,000 at the end of the same period in 2023[16] - Deferred tax liabilities as of the end of Q3 2024 were RMB 667,762,371, up from RMB 411,644,693 at the end of the same period in 2023[16] - Total assets increased to 52,444,514,686 RMB as of September 30, 2024, up from 48,524,723,949 RMB as of December 31, 2023[24] - Long-term equity investments grew to 10,510,398,808 RMB as of September 30, 2024, compared to 9,721,422,571 RMB as of December 31, 2023[25] - Total liabilities as of Q3 2024 amounted to 27,377,286,807 RMB, an 11.5% increase from 24,554,347,542 RMB in the same period of 2023[26] - Total owner's equity as of Q3 2024 was 25,067,227,879 RMB, a 4.6% increase from 23,970,376,407 RMB in the same period of 2023[26] - Total assets as of Q3 2024 amounted to 52,444,514,686 RMB, an 8.1% increase from 48,524,723,949 RMB in the same period of 2023[26] Cash Flow - Sales revenue from goods and services received in cash increased to 28,034,942,207 RMB in the first three quarters of 2024, up from 23,560,817,780 RMB in the same period of 2023[22] - Net cash flow from operating activities rose to 6,284,478,745 RMB in the first three quarters of 2024, compared to 5,449,425,317 RMB in the same period of 2023[22] - Cash received from tax refunds increased to 308,332,534 RMB in the first three quarters of 2024, up from 243,071,699 RMB in the same period of 2023[22] - Cash received from other operating activities surged to 930,457,634 RMB in the first three quarters of 2024, compared to 486,781,519 RMB in the same period of 2023[22] - Cash paid for goods and services increased to 15,843,761,482 RMB in the first three quarters of 2024, up from 13,017,898,478 RMB in the same period of 2023[22] - Cash paid to employees and for employee benefits rose to 5,124,550,954 RMB in the first three quarters of 2024, compared to 4,407,124,427 RMB in the same period of 2023[22] - Net cash flow from investing activities was -5,611,464,664 RMB in the first three quarters of 2024, compared to -3,646,969,267 RMB in the same period of 2023[23] - Net cash flow from financing activities was -1,403,562,681 RMB in the first three quarters of 2024, compared to -157,905,720 RMB in the same period of 2023[23] - Operating cash flow for the first three quarters of 2024 was -1,272,017,406 RMB, a significant decrease from 874,787,912 RMB in the same period of 2023[29] - Investment cash flow for the first three quarters of 2024 was 4,064,884,484 RMB, a 29.9% increase from 3,128,443,412 RMB in the same period of 2023[29] - Net cash flow from investing activities was 3,318,329,106, an increase from 2,328,743,796[30] - Cash inflow from financing activities totaled 3,400,000,000, compared to 8,850,000,000 in the previous period[30] - Cash outflow from financing activities was 6,784,313,451, down from 10,548,459,834[30] - Net cash flow from financing activities was -3,384,313,451, compared to -1,698,459,834 previously[30] - The impact of exchange rate changes on cash and cash equivalents was -86,739,389, versus 188,890,439 in the prior period[30] - Net increase in cash and cash equivalents was -1,424,741,140, compared to 1,693,962,313 previously[30] - Ending cash and cash equivalents balance was 11,327,821,506, down from 13,401,047,609[30] Shareholder Information - HKSCC NOMINEES LIMITED holds 595,877,144 shares, representing 22.83% of the total shares[11] - Hong Kong Securities Clearing Company Limited holds 418,513,869 shares, representing 16.04% of the total shares[11] - Sanyi Development Co., Ltd. holds 390,578,816 shares, representing 14.97% of the total shares[11] Foreign Exchange and Investment - The company recorded a foreign exchange loss of RMB 137,628,600 for the first three quarters, compared to a gain of RMB 335,000,500 in the same period last year[6] - The termination of the remaining 24% equity transfer agreement for Beijing Futong reduced investment income by RMB 212,128,800 for the first three quarters[6] Return on Equity - The weighted average return on equity for the third quarter was 6.10%, an increase of 1.72 percentage points year-over-year[5] R&D Expenses - R&D expenses for the first three quarters of 2024 were RMB 1,214,620,432, an increase from RMB 988,297,663 in the same period of 2023[18] - R&D expenses for the first three quarters of 2024 were 165,767,621 RMB, a 29.9% increase compared to 127,574,036 RMB in the same period of 2023[27] Interest Income - Interest income for the first three quarters of 2024 was RMB 829,027,524, significantly higher than RMB 453,967,714 in the same period of 2023[18] - Interest income for the first three quarters of 2024 was 605,239,589 RMB, a 75.7% increase compared to 344,427,763 RMB in the same period of 2023[27] Comprehensive Income - Total comprehensive income for the first three quarters of 2024 was RMB 5,367,157,349, compared to RMB 4,345,537,867 in the same period of 2023[19] Sales Revenue - Sales revenue from goods and services for the first three quarters of 2024 was 4,702,984,669 RMB, an 18.6% increase from 3,963,712,520 RMB in the same period of 2023[29]