证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月1日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.8.25-2025.8.31 2 证券研究报告 汽车周观点： 8月第3周乘用车环比+9.4%，继续看好汽车板块 ◼ 本周复盘总结：八月第三周交强险47.0万辆，环比上周/上月周度+9.4%/+6.8% 。 ➢ 本周细分板块涨跌幅排序:SＷ商用载货车(+1.6%) > SW商用载客车(+0.8%) >SW汽 车零部件(+0.4%) >SW乘用车（+0.3%）>SW摩托车及其他(+0.1%) 。本周已覆盖 标的威迈斯、蔚来-SW、雅迪控股、经纬恒润-W、立讯精密涨幅前五。 ◼ 本周团队研究成果：外发汽车智能化9月投资策略、重卡月报，外发赛力斯、中鼎股 份、华达科技、双环传动、恒帅股份、银轮股份、旭升集团、爱柯迪、上汽集团、拓 普集团、精锻科技、中集车辆、宇通客车、隆鑫通用、爱玛科技、江淮汽车、沪光股 份、福耀玻璃、长安汽车Q2业绩点评。 ◼ 本周行业核心变化：1）小鹏新P7上市，全系标配三图灵芯 ...

Core Insights - Fuyao Glass reported significant growth in Q2 2025, with revenue reaching 21.447 billion RMB, a year-on-year increase of 16.94%, and a net profit of 4.808 billion RMB, up 37.33% [1] - The company's Q2 2025 single-quarter revenue was 11.537 billion RMB, reflecting a year-on-year growth of 21.39% and a quarter-on-quarter increase of 16.42% [1] - The gross margin for Q2 2025 was 38.49%, showing a substantial increase of 3.08 percentage points from the previous quarter, indicating improved profitability [1] Financial Performance - The net profit margin for Q2 2025 was 24.07%, with a quarter-on-quarter increase of 3.57 percentage points and a year-on-year increase of 1.83 percentage points [2] - The contribution of profits from the U.S. market increased, with H1 2025 net profit reaching 433 million RMB, a year-on-year rise of 11.80% [2] - The company’s capital expenditures in H1 2025 amounted to 2.861 billion RMB, with significant investments in various projects, including 470 million RMB for the U.S. automotive glass project [2] Shareholder Returns - Fuyao Glass announced a new interim dividend for H1 2025, distributing a cash dividend of 0.90 RMB per share, which accounts for 48.88% of the net profit attributable to shareholders [1]

内容来源：笔记侠(Notesman)。 责编| 贾宁 排版| 拾零 第 9141 篇深度好文：5533 字 | 14 分钟阅读 组织管理 今天，让我们一起探索如何通过管理向善，释放团队中每个人内心深处的善意与潜能。 一、曹德旺：一个"善管理"的实践者 1987年，福耀玻璃刚刚成立不久，就接到了第一笔外贸订单——香港隆辉公司2000片汽车玻璃。 当第一批产品生产出来后，曹德旺发现有些玻璃的波纹不符合标准。虽然客户可能不会发现，但他坚持全部重新生产。"我们要做就做最好的玻璃"，他在 书中回忆这个决定时说， "信誉比利润重要得多。" 这种对品质的执着很快为福耀赢得了声誉。1991年，福耀开始为北美市场供货。当时国际客户对中国产品普遍存在质量疑虑，但福耀用实际表现改变了他 们的看法。 1993年，美国PPG公司代表在考察福耀生产线后感叹："没想到中国能有如此高标准的汽车玻璃生产企业。" 对外善待客户的同时，曹德旺对内善待员工的理念同样令人感动。 笔记君说： 福耀集团董事长曹德旺是杰出的中国企业家，在他的自传《心若菩提》中，我们能看到一位真正践行"管理向善"的企业家。如何将善意转化为最强大的管 理力量，他的经营实践为这 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [2][7]. Core Insights - Fuyao Glass reported significant growth in Q2 2025, with revenue reaching RMB 21.447 billion, a year-on-year increase of 16.94%, and net profit attributable to shareholders of RMB 4.808 billion, up 37.33% year-on-year [7]. - The company's Q2 2025 single-quarter revenue was RMB 11.537 billion, reflecting a year-on-year growth of 21.39% and a quarter-on-quarter increase of 16.42% [7]. - The gross margin for Q2 2025 was 38.49%, a substantial increase of 3.08 percentage points from the previous quarter, indicating improved profitability [7]. - The company has initiated a mid-term dividend, distributing cash dividends of RMB 0.90 per share, which accounts for 48.88% of the net profit attributable to shareholders for H1 2025 [7]. - The net profit margin for Q2 2025 was 24.07%, with a quarter-on-quarter increase of 3.57 percentage points and a year-on-year increase of 1.83 percentage points, driven by strong revenue and gross margin performance [7]. - Capital expenditures increased significantly, with cash payments for fixed assets and other long-term assets amounting to RMB 2.861 billion in H1 2025, including RMB 470 million for the Fuyao US automotive glass project [7]. - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 10.290 billion, RMB 11.880 billion, and RMB 13.838 billion, respectively, with corresponding PE ratios of 15.94, 13.80, and 11.85 [8].

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [4][16]. Core Insights - The report highlights the strong performance of Tianzhun Technology, Fuyao Glass, and Xingyu Co., emphasizing their competitive advantages and growth potential in the automotive sector [3][4][6][7]. - Tianzhun Technology is expected to benefit significantly from the release of NVIDIA's Orin chip, enhancing its position in the Jetson platform and leading to a potential valuation increase [3][5]. - Fuyao Glass has revised its annual profit guidance upwards, projecting a profit of 10 billion yuan for 2025, supported by a 17% year-on-year revenue growth in the first half of 2025 [4][6]. - Xingyu Co. reported a 28.3% year-on-year revenue increase in Q1 2025, with expectations for continued strong performance in subsequent quarters [4][7]. - Top Group is anticipated to rebound due to expected improvements in Tesla's performance and the upcoming launch of its third-generation humanoid robot [4][9]. - Leap Motor has shown significant improvement, achieving profitability in the first half of 2025, with a focus on high-margin products and strategic partnerships [4][10]. Summary by Company Tianzhun Technology - Anticipated to gain a competitive edge with the release of NVIDIA's Orin chip, enhancing its capabilities in the Jetson platform [3][5]. - The report suggests a clear trend of computational power inflation, with expectations of reaching hundreds of TeraFLOPS [5]. Fuyao Glass - Achieved a revenue of 21.447 billion yuan in H1 2025, a 17% increase year-on-year, with a projected profit of 10 billion yuan for the full year [4][6]. - The growth is attributed to increased market share and the rising demand for high-value glass applications in the automotive sector [6]. Xingyu Co. - Reported a revenue of 3.09 billion yuan in Q1 2025, marking a 28.3% increase year-on-year, with strong performance expected to continue [4][7]. - The company is well-positioned in the global market, benefiting from competitors' struggles [7]. Top Group - Experienced a significant stock price drop due to underperformance from Tesla, but is expected to recover with upcoming product launches [4][9]. - The anticipated release of Tesla's third-generation humanoid robot is seen as a major catalyst for growth [9]. Leap Motor - Achieved profitability in H1 2025, with a focus on high-end product lines and strategic partnerships contributing to revenue growth [4][10]. - The D series is expected to differentiate itself in the market, leading to increased sales and profitability [10].

Group 1 - The consumer sector has recently seen significant inflows, with over 3.4 billion yuan into consumer-themed ETFs since August, contrasting sharply with earlier in the year when technology stocks were favored [1] - The current price-to-earnings (P/E) ratio of the major consumer index is 19.88, which is below the three-year average of 30%, suggesting a perceived valuation advantage [4] - The experience of the past indicates that low valuation does not guarantee price increases, as market consensus and large capital movements are more decisive factors [4] Group 2 - Institutional behavior is crucial in understanding market dynamics, as evidenced by the sustained investment in bank stocks since 2022 despite high valuation concerns [5][7] - The lack of institutional participation in the liquor sector has led to continuous price declines, highlighting the importance of large capital involvement for price recovery [10] - The consumer sector's recent activity may indicate a strategic reallocation of funds, similar to past movements in bank stocks, suggesting that large investors are quietly positioning themselves [11] Group 3 - The current fluctuations in the consumer sector raise questions about whether this is a valuation correction or the beginning of a new market trend, with institutional inflows being a critical signal to monitor [13]

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by product upgrades and market share gains in the automotive glass sector [1][2][3]. Revenue Performance - In 1H25, the company achieved revenue of 21.447 billion, a year-on-year increase of 16.9%, with a net profit attributable to shareholders of 4.805 billion, up 37.3% year-on-year [1]. - In 2Q25, the company reported revenue of 11.537 billion, with year-on-year and quarter-on-quarter growth of 21.4% and 16.4%, respectively [1]. - The company outperformed the domestic automotive industry, which saw a 12% year-on-year increase in sales [1]. Profitability Analysis - In 2Q25, the company's non-recurring net profit reached 2.720 billion, reflecting a year-on-year increase of 32.1% and a quarter-on-quarter increase of 36.9% [2]. - The gross profit margin for 2Q25 was 38.5%, showing an increase of 0.8 percentage points year-on-year and 3.1 percentage points quarter-on-quarter [2]. - The company benefited from scale effects, product structure optimization, and reduced losses in the aluminum trim business [2]. Capacity Expansion and Product Upgrade - The company plans to invest 8.5 billion in capital expenditures in 2025, with significant investments in new automotive safety glass production facilities [3]. - The company is focusing on high-value-added products such as smart panoramic glass and adjustable light glass, which are expected to increase their market share [3]. - The extension into automotive trim business is anticipated to create synergies with the automotive glass segment [3]. Investment Outlook - The company is expected to achieve revenues of 46.21 billion, 52.57 billion, and 60.57 billion in 2025, 2026, and 2027, respectively, with corresponding net profits of 9.53 billion, 10.75 billion, and 12.53 billion [3].

Core Viewpoint - The automotive industry in China is experiencing a significant rally in stock prices, driven by liquidity support from the central bank, consumer stimulus policies, and positive mid-year earnings reports [2][3][18]. Group 1: Market Conditions - The central bank has implemented large-scale reverse repos and MLF operations, injecting substantial liquidity into the banking system, which positively impacts the stock market [3]. - On August 15, the central bank conducted a 500 billion yuan reverse repo operation, followed by a 600 billion yuan MLF operation on August 25, resulting in a net injection of 300 billion yuan [3]. - There is a trend of retail investors leveraging their positions in the stock market, with some funds shifting from bank deposits and wealth management products to equities due to improved market sentiment [5]. Group 2: Automotive Sector Performance - Over 70% of the 102 Chinese automotive stocks tracked saw price increases, with an average rise of 4.05%, closely following the Shenzhen Composite Index's 4.57% gain [5]. - The total market capitalization of Chinese automotive stocks increased by over 410 billion yuan, reaching 11.56 trillion yuan [5]. - The passenger vehicle sector outperformed other segments, with a 7.05% increase, driven by stocks like NIO, Xpeng Motors, and Great Wall Motors [7]. Group 3: Notable Stock Performances - NIO's stocks surged by 31.81% in the US and 27.75% in Hong Kong, attributed to the favorable pricing strategy for its new ES8 model [9]. - Cao Cao Mobility's stock rose by 26.1%, influenced by a reduction in driver commission rates and positive market expectations regarding its inclusion in the Hong Kong Stock Connect [9]. - Xpeng Motors reported a nearly 57% reduction in losses and provided optimistic revenue guidance for Q3, leading to stock increases of 20.56% in the US and 18.73% in Hong Kong [11]. Group 4: Financial Results - Fuyao Glass reported a revenue of 21.44 billion yuan for the period, a 16.94% increase year-on-year, with a net profit of 4.80 billion yuan, up 37.33% [12]. - Great Wall Motors benefited from the launch of new models and significant overseas expansion, contributing to positive market expectations [13]. - Tuhu's revenue for the first half of the year was 7.88 billion yuan, reflecting a 10.5% year-on-year growth [13]. Group 5: Stock Declines - Despite the overall market rally, 23 stocks experienced declines, primarily in the dealer/retail, smart mobility, and new energy sectors, with declines generally limited to under 10% [14]. - Ganfeng Lithium and Hesai Technology saw the largest declines, with Ganfeng down 9.52% and Hesai down 9.11% [15][17].

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 21.447 billion yuan, a year-on-year increase of 16.95%, and a net profit attributable to shareholders of 4.805 billion yuan, up 37.33% year-on-year, indicating robust growth driven by favorable policies and market demand [1] Financial Performance - H1 2025 revenue reached 21.447 billion yuan, up 16.95% year-on-year - H1 2025 net profit attributable to shareholders was 4.805 billion yuan, an increase of 37.33% year-on-year - Q2 2025 single-quarter revenue was 11.537 billion yuan, up 21.39% year-on-year and 16.42% quarter-on-quarter - H1 2025 gross margin was 37.06%, a decrease of 0.23 percentage points year-on-year; net margin was 22.42%, an increase of 3.33 percentage points year-on-year [1] Business Segments - Automotive glass revenue in H1 2025 was 19.538 billion yuan, up 16.16% year-on-year, accounting for 92.52% of main business revenue - Float glass revenue in H1 2025 was 3.096 billion yuan, up 11.18% year-on-year, accounting for 14.66% of main business revenue - Other business revenue in H1 2025 was 2.255 billion yuan, accounting for 10.68% of main business revenue [1] Market Drivers - The introduction of policies such as vehicle trade-in programs, tax exemptions for new energy vehicles, and incentives for rural purchases has boosted automotive glass sales - The company is leveraging its technological leadership and increasing marketing efforts to capitalize on structural opportunities in the automotive glass market [1] Demand and Supply Dynamics - The shift towards electric and intelligent vehicles is expanding the market for automotive glass, with new functionalities such as heat insulation, soundproofing, and HUD integration driving demand - The company is enhancing its production capacity with new manufacturing bases in China and expanding its facility in the U.S., which will improve regional support and global delivery capabilities [2] Investment Outlook - The company's performance in the second half of 2025 is expected to benefit from various stimulating policies, accelerated capacity release, and an increase in high-value-added products - Revenue projections for 2025-2027 are 46.4 billion, 53.1 billion, and 60.8 billion yuan, with net profits of 9.127 billion, 10.261 billion, and 11.397 billion yuan respectively, indicating a positive growth trajectory [3]

福耀玻璃工业集团股份有限公司 会 议 资 料 二○二五年九月十六日 福耀玻璃股东大会会议资料一： 福耀玻璃工业集团股份有限公司 尊敬的各位股东及股东代理人： 司"）按中国企业会计准则编制的合并财务报表中归属于母公司普通股股东的净 利润为人民币 4,804,711,711 元，按国际财务报告准则编制的合并财务报表中归 属于母公司普通股股东的净利润为人民币 4,804,424,175 元。 民币 5,489,977,256 元，加上 2025 年年初未分配利润人民币 8,717,965,322 元， 扣减当年已分配的 2024 年度利润人民币 4,697,538,358 元，截至 2025 年 6 月 综合考虑投资者的合理回报，兼顾公司可持续发展，本公司拟进行 2025 年 中期利润分配。本公司拟订的 2025 年中期利润分配方案为：公司拟以实施 2025 年中期权益分派的股权登记日登记的总股数为基数，向 2025 年中期权益分派的 股权登记日登记在册的本公司 A 股股东和 H 股股东派发现金股利，每股分配现金 股利人民币 0.90 元（含税），本公司剩余未分配利润结转入 2025 年下半年。截 至 2025 年 ...