福耀玻璃工业集团股份有限公司 2023 年度股东大会 会 议 资 料 二○二四年四月二十五日 1 目录 | 一、2023 年度董事局工作报告 3 | | | --- | --- | | 二、2023 年度监事会工作报告 14 | | | 三、2023 年度财务决算报告 16 | | | 四、2023 年度利润分配方案 19 | | | 五、2023 年年度报告及年度报告摘要 21 | | | 六、关于续聘普华永道中天会计师事务所（特殊普通合伙）作为 2024 年度境内 | | | 审计机构与内部控制审计机构的议案 22 | | | 七、关于续聘罗兵咸永道会计师事务所作为本公司 2024 年度境外审计机构的议 | | | 案 26 | | | 八、独立董事 2023 年度述职报告 27 | | | 九、关于修改《公司章程》的议案 37 | | | 十、关于修改《股东大会议事规则》的议案 55 | | | 十一、关于修改《董事局议事规则》的议案 60 | | | 十二、关于修改《独立董事制度》的议案 60 | | | 十三、关于修改《独立董事现场工作制度》的议案 60 | | | 十四、关于制定《福耀玻璃工业集团 ...

重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年度股东大会 召开的日期时间：2024 年 4 月 25 日 14 点 00 分 召开地点：中国福建省福清市融侨经济技术开发区福耀工业村本公司会议室 证券代码：600660 证券简称：福耀玻璃 公告编号：2024-015 股东大会召开日期：2024年4月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 福耀玻璃工业集团股份有限公司 关于召开 2023 年度股东大会的通知 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 4 月 25 日 至 2024 年 4 月 25 日 公司 A 股股东采用上海证券交易所股东大会网络投票系统，通过交易系统投 票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当 日的 9:15-15:00。 ( ...

研究报告Research Report 21 Mar 2024 福耀玻璃 Fuyao Glass Industry Group (600660 CH) 2023 年年报点评：价量齐增，资本开支提速加码产能扩张 2023 Review: Both ASP and Volume Increased, with Accelerated CAPEX to Boost Capacity Expansion [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM 价量齐增，业绩符合预期。公司发布 2023 年年报，全年实现营收 现价 Rmb43.18 331.61亿元（HTI：328.45亿元），同比+18.0%；归母净利润56.29 目标价 Rmb52.61 亿元（HTI：56.08亿元），同比+18.4%；扣非归母净利润55.27亿 HTI ESG 3.0-2.8-4.0 元（HTI：55.44 亿元 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660 SH) [1][3] Core Views - Fuyao Glass achieved a 76% YoY increase in Q4 2023 net profit, with both YoY and QoQ improvements in profitability [1] - The company's revenue in 2023 reached RMB 33 161 billion, up 18% YoY, with net profit attributable to shareholders of RMB 5 629 billion, also up 18% YoY [1] - The automotive glass ASP increased by 5 94% to RMB 213 per square meter in 2023, driven by industry upgrades [1] - Fuyao Glass's global market share in automotive glass reached 40 2% in 2023, up 0 2 percentage points YoY [1] Financial Performance - In Q4 2023, Fuyao Glass's revenue was RMB 9 335 billion, up 22% YoY and 6% QoQ, with net profit attributable to shareholders of RMB 1 503 billion, up 76% YoY and 17% QoQ [1] - The company's gross margin in 2023 was 35 39%, up 1 36 percentage points YoY, while the net margin attributable to shareholders was 16 97%, up 0 05 percentage points YoY [1] - In Q4 2023, the gross margin was 36 54%, up 3 69 percentage points YoY and 0 23 percentage points QoQ, with a net margin of 16 10%, up 4 94 percentage points YoY and 1 43 percentage points QoQ [1] Capacity Expansion - Fuyao Glass plans to invest RMB 3 25 billion in its Fujian subsidiary to build an annual production capacity of approximately 20 5 million square meters of automotive safety glass [1] - The company also plans to invest RMB 5 75 billion in its Hefei subsidiary to build an annual production capacity of approximately 26 1 million square meters of automotive safety glass and two float glass production lines [1] - The company's capital expenditure for 2024 is expected to be RMB 8 1 billion, up 82% YoY compared to the actual expenditure of RMB 4 5 billion in 2023 [1] High-Value-Added Products - The proportion of high-value-added products such as smart panoramic sunroof glass, dimmable glass, HUD glass, ultra-insulated glass, lightweight ultra-thin glass, and coated heated glass increased by 9 54 percentage points in 2023 [1] - The automotive glass industry's single-vehicle value is expected to grow at a CAGR of over 8% from 2020 to 2025, driven by the penetration of high-value-added glass [1] Market Outlook - The automotive glass industry is expected to benefit from the trend of electrification and intelligence, with the potential for increased glass usage per vehicle (from 4 square meters to 6 square meters) and higher value per square meter (from RMB 600 to over RMB 2000) [1] - The company's revenue for 2024-2026 is forecasted to be RMB 38 8 billion, RMB 44 billion, and RMB 51 2 billion, respectively, with net profit attributable to shareholders of RMB 6 2 billion, RMB 7 1 billion, and RMB 8 4 billion [1] Valuation - The target valuation for Fuyao Glass in 2024 is RMB 52-57, corresponding to a PE ratio of 22-24x, with a potential upside of 20%-31% from the current price [1]

Compa n y U pda te Ch in a Re sea rch Dep t . m 2 024年3月19日 福耀玻璃 (600660.SH/03606.HK) Buy 买进 沈嘉婕 H70455@capital.com.tw 2023年业绩稳健增长，产能扩张加速，建议“买进” 目标价(元) RMB 55.8 结论与建议： 公司基本资讯 公司发布2023年年报，实现营业收入331.6亿元，YOY+18%,录得净利润 产业别 汽车 A股价(2024/3/19) 42.35 56.3亿，YOY+18.4%（扣非后净利润55.3亿，YOY+18.5%），折合EPS为2.16 上证指数(2024/3/19) 3062.76 元，业绩符合预期。 股价12个月高/低 46.48/31.71 总发行股数(百万) 2609.74 随着汽车行业向着电动化和智能化演变，公司加快开发智能化玻璃产品， A股数(百万) 2002.99 产品附加值增长空间大；公司积极扩张产能，随着中国车企加速出海，公司 A市值(亿元) 848.26 全球市占率有望稳步提升。我们预计公司2024/2025/2026年的净利润将分别达 主要股东 ...

Investment Rating - The report maintains a rating of "Accumulate" for Fuyao Glass [4] Core Views - Fuyao Glass achieved a revenue of 33.16 billion RMB in 2023, representing an 18.0% year-on-year growth, with a net profit of 5.63 billion RMB, up 18.4% year-on-year [1][2] - The company plans to increase capital expenditure significantly in 2024 to 8.12 billion RMB, reflecting confidence in future growth [3][8] Revenue Summary - In 2023, the company sold automotive glass with a sales area increase of 10.24%, aligning with the industry growth of 12% in domestic automobile sales [2] - The average price of automotive glass increased by 5.9% year-on-year, driven by product upgrades with high-value glass products accounting for a 9.54 percentage point increase [2] Profit Summary - The gross margin for 2023 was 35.4%, an increase of 1.4 percentage points year-on-year, with the highest margin of 36.5% achieved in Q4 2023 [2] - The net profit margin for 2023 was 17.0%, reflecting a 0.1 percentage point increase year-on-year, primarily supported by improved gross margins [2] Capacity Expansion and Product Upgrade - The company plans to invest 8.12 billion RMB in capital expenditures in 2024, with significant investments in new production lines for automotive safety glass [3] - The proportion of high-value products such as smart panoramic glass and adjustable light glass is continuously increasing, contributing to long-term growth potential [3] Financial Projections - The report forecasts revenues of 40.42 billion RMB, 45.63 billion RMB, and 51.88 billion RMB for 2024, 2025, and 2026, respectively, with corresponding net profits of 6.66 billion RMB, 7.82 billion RMB, and 9.12 billion RMB [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved record high revenue and strong profitability in Q4, with a revenue of 93.4 billion yuan, representing a year-on-year growth of 21.9% [3][4]. - The growth in revenue is attributed to the increasing proportion of high-value-added products, which has improved the average selling price (ASP) [4]. - The company is expanding its production capacity significantly, with planned investments of 32.5 billion yuan and 57.5 billion yuan for new production lines, which will enhance its market share [4]. - The aluminum trim business is expected to enter a growth phase, driven by new orders and production ramp-up [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 33.16 billion yuan, up 18% year-on-year, and a net profit of 5.63 billion yuan, also up 18.4% year-on-year [3][4]. - The Q4 2023 net profit reached 1.5 billion yuan, a significant increase of 75.9% year-on-year [3]. Revenue and Profitability - The gross margin for Q4 2023 was 36.54%, an increase of 3.69 percentage points year-on-year, driven by improved production efficiency and cost reduction [4]. - The ASP for high-value products has increased, with the proportion of such products rising by 9.54 percentage points year-on-year [4]. Production Capacity and Expansion - The company plans to invest approximately 81.2 billion yuan in capital expenditures in 2024, the highest in five years, to expand its production capacity [4]. - The total new production capacity will add 46.6 million square meters of automotive glass, representing 32.5% of the company's production scale in 2023 [4]. Future Profitability Forecast - The forecast for net profit for 2024 and 2025 has been raised to 6.29 billion yuan and 7.21 billion yuan, respectively, with a new estimate for 2026 at 8.52 billion yuan [4].

[Table_Page] 年报点评|汽车零部件 证券研究报告 [福Table_耀Title] 玻璃(600660.SH/03606.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 43.65元/41.40港元 23 年报点评：汽车玻璃业务量价齐升，盈利能力改善 合理价值 46.94元/48.11港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-03-18  23年汽车玻璃量价齐升推动收入持续稳健增长。根据年报，公司23年 相[Ta对ble市_Pi场cQu表ote现] 实现营业收入331.6亿元/同比+18.0%，跑赢同期国内汽车销量增速约 7.5pct，公司营收表现好于行业主要是由于公司汽车玻璃销量（同比 38% +10.2%）和单价（同比+5.9%）的提升。公司23年实现扣非前后归母 26% 净利润56.3/55.3亿元，同比分别+18.4/+18.5%。其中23Q4实现营收 14% 93.4亿元，同比+21.9%；实现扣非前后归母净利润15.0/14.7亿元， 3% 03/23 05/23 07/23 09/23 11/23 01/ ...

2024年3月17日 公司研究 2023 全年业绩表现稳健，持续扩大汽车玻璃业务规模 ——福耀玻璃（600660.SH、3606.HK）2023 年报业绩点评报告 要点 A 股：买入（维持） 当 前价/目标价：43.65/63.01元 2023年业绩披露：2023营业收入同比+18.0%至人民币331.6亿元（vs. 我们 预期约人民币325.7亿元），归母净利润同比+18.4%至人民币56.3亿元（vs. 我 H 股：买入（维持） 们预期约人民币56.4亿元），业绩表现符合预期，全年分红比例高达60.3%。 当前价/目标价：41.40/55.45港元 其中，4Q23营业收入同比+21.9%/环比+6.2%至93.4亿元，归母净利润同比 +75.9%/环比+16.6%至15.0亿元。 作者 高附加值产品占比持续提升，规模效应持续发力：2023年汽车玻璃销量同比增 分析师：倪昱婧 长10.2%，ASP同比增长5.9%（高附加值产品占比同比+9.5pcts），汽车玻璃 执业证书编号：S0930515090002 收入同比+16.8%至人民币298.9亿元。2023年毛利率同比+1.4pcts至35.4%， 021 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨福耀玻璃（ ） 600660.SH [福Ta耀b玻le_璃T年itle报] 点评：高附加值产品加速渗透，盈 利水平稳健提升 报告要点 [公Ta司bl高e_附Su加m值m产ar品y]渗透率持续增长加之全球市占率持续提升，公司全年收入增速持续超国内下 游市场表现。受益于产能利用率提升及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。 ...