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]

Investment Rating - The investment rating for Fuyao Glass (600660.SH) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future outlook [2][4]. Core Insights - Fuyao Glass reported a strong performance in H1 2024, with revenue of approximately 18.34 billion yuan, a year-on-year increase of 22.0%, and a net profit of 3.50 billion yuan, up 23.3% year-on-year [2][3]. - The company's Q2 2024 revenue reached 9.50 billion yuan, reflecting a 19.1% year-on-year growth and a 7.6% quarter-on-quarter increase, with a net profit of 2.11 billion yuan, which is a 9.8% increase year-on-year and a 52.1% increase quarter-on-quarter [3][4]. - Fuyao Glass's leading position in the automotive glass market is reinforced by its continuous market share growth and improved profitability due to scale effects, internal efficiency enhancements, and declining raw material costs [3][4]. Summary by Sections Financial Performance - In H1 2024, Fuyao Glass achieved a total revenue of 18.34 billion yuan, with a net profit of 3.50 billion yuan, and a non-recurring net profit of 3.69 billion yuan, marking increases of 22.0%, 23.3%, and 32.1% respectively year-on-year [3][5]. - For Q2 2024, the company reported revenue of 9.50 billion yuan and a net profit of 2.11 billion yuan, with a net profit margin of 22.2%, showing a year-on-year decline of 1.9 percentage points but a quarter-on-quarter increase of 6.5 percentage points [3][5]. Investment and Expansion Plans - Fuyao Glass plans to invest a total of 9 billion yuan in expanding production capacity, including 3.25 billion yuan for a new automotive safety glass project in Fujian and 5.75 billion yuan for projects in Anhui [3][4]. - The company is focusing on high-value-added products, such as lightweight ultra-thin glass and smart panoramic roof glass, which are expected to enhance its average selling price (ASP) and profit margins [3][4]. Earnings Forecast - The forecast for Fuyao Glass indicates a revenue growth trajectory with expected revenues of 39.3 billion yuan, 46.6 billion yuan, and 54.8 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 18.5%, 18.5%, and 17.6% [4][5]. - The projected net profit for the same period is 7.07 billion yuan, 8.71 billion yuan, and 10.72 billion yuan, with corresponding growth rates of 25.6%, 23.2%, and 23.1% [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's revenue growth in Q2 exceeded the performance of the domestic downstream market, driven by the increasing penetration of high-value-added products and a rising global market share [2][6] - Cost improvements and economies of scale have significantly enhanced the company's profitability, leading to better-than-expected performance [6][7] - The company is positioned as a leading global automotive glass manufacturer, with a widening competitive moat and significant long-term investment value [2][7] Financial Performance - For the first half of 2024, the company achieved operating revenue of 18.34 billion yuan, a year-on-year increase of 22.0%, and a net profit attributable to shareholders of 3.50 billion yuan, up 23.4% year-on-year [6] - In Q2, the company reported operating revenue of 9.50 billion yuan, a year-on-year increase of 19.1% and a quarter-on-quarter increase of 7.6% [6] - The net profit for Q2 was 2.11 billion yuan, representing a year-on-year increase of 9.9% and a quarter-on-quarter increase of 52.1% [6] Future Outlook - The company is expected to benefit from the increasing penetration of panoramic roofs and HUD technologies, with a projected rapid expansion of the global market over the next decade [6] - The share of high-value-added products in the company's revenue has increased by 9.54 percentage points year-on-year [6] - The company is anticipated to maintain a strong growth trajectory, with projected net profits of 7.09 billion, 8.05 billion, and 9.43 billion yuan for 2024, 2025, and 2026, respectively [7]

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].

Q2 业绩表现强劲 汽玻二次成长 2024 年 07 月 30 日 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com ➢ 事件概述：公司披露 2024 半年度业绩快报：2024H1 实现营收 183.40 亿 元，同比+22.01%；归母净利润 34.99 亿元，同比+23.35%；扣非归母净利润 36.89 亿元，同比+32.07%。 ➢ 业绩超预期 收入&利润创历史新高。公司 2024H1 实现营收 183.40 亿元， 同比+22.01%；归母净利润 34.99 亿元，同比+23.35%；扣非归母净利润 36.89 亿元，同比+32.07%。其中 2024Q2 实现营收 95.04 亿元，同比+19.12%，环 比+7.57%，单季度营收创历史新高；实现归母净利 21.11 亿元，同比+9.86%， 环比+52.12%；实现扣非归母净利 21.71 亿元，同比+13.38%，环比+43.04%， 净利润同样创历史新高。此外，公司 2024H1 汇兑损失人民币 1,421.02 万元， 去年同期汇兑收益人民币 59,920.89 万元 ...

Investment Rating - The investment rating for Fuyao Glass is "Buy" (maintained) with a target price of HKD 47.50 for 3606 HK and RMB 51.68 for 600660 CH [1][2]. Core Views - The report highlights strong performance in 1H24, with revenue and net profit attributable to the parent company reaching RMB 183.4 billion and RMB 35.0 billion, respectively, representing year-on-year growth of 22.0% and 23.4% [3]. - The report emphasizes the company's competitive strength, driven by product innovation and cost control, which are key to sustaining growth amid market disruptions [3]. - The report maintains EPS forecasts for 2024, 2025, and 2026 at RMB 2.65, RMB 2.97, and RMB 3.33, respectively, with target prices based on P/E ratios consistent with historical averages [3]. Financial Performance - For 2Q24, the company reported revenue and net profit attributable to the parent company of RMB 95.0 billion and RMB 21.1 billion, respectively, reflecting year-on-year increases of 19.1% and 9.3% [4]. - The core net profit for 2Q24, after excluding foreign exchange impacts, was RMB 20.4 billion, showing a significant year-on-year increase of 69.3%, with a core net profit margin of 21.4%, the highest since 2017 [4]. Market Developments - The report notes that the company’s subsidiary in the U.S. cooperated with a government investigation, clarifying that Fuyao Glass itself is not the target of the investigation [5]. - The Chinese government has introduced measures to support the replacement of old equipment and consumer goods, which is expected to boost demand for automotive glass in the domestic market [6]. Financial Projections - Revenue projections for Fuyao Glass are set to grow from RMB 39.97 billion in 2024E to RMB 51.18 billion in 2026E, with corresponding net profit estimates increasing from RMB 6.93 billion to RMB 8.69 billion [7][11]. - The report anticipates a steady increase in EPS from RMB 2.65 in 2024E to RMB 3.33 in 2026E, with a projected ROE of approximately 20% in the coming years [11].