福耀玻璃（600660） 2024 年年报点评：2024Q4 业绩符合预期，汽 玻龙头持续成长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 33161 | 39252 | 46168 | 54184 | 63448 | | 同比（%） | 18.02 | 18.37 | 17.62 | 17.36 | 17.10 | | 归母净利润（百万元） | 5629 | 7498 | 8835 | 10388 | 12177 | | 同比（%） | 18.37 | 33.20 | 17.84 | 17.58 | 17.22 | | EPS-最新摊薄（元/股） | 2.16 | 2.87 | 3.39 | 3.98 | 4.67 | | P/E（现价&最新摊薄） | 26.29 | 19.73 | 16.75 | 14.24 | 12.15 | 证券研究报告·公司点评报告·汽车零部件 证券分析师 黄细里 执业证书：S06 ...

[ T able_StockInfo] 2025 年 03 月 19 日 证券研究报告•2024 年年报点评 福耀玻璃（600660）汽车 目标价：——元（6 个月） 买入 （维持） 当前价：57.51 元 高附加值产品占比提升，ASP 持续增长 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 392.52 | 456.45 | 521.79 | 591.43 | | 增长率 | 18.37% | 16.29% | 14.32% | 13.35% | | 归属母公司净利润（亿元） | 74.98 | 87.78 | 101.35 | 115.68 | | 增长率 | 33.20% | 17.07% | 15.46% | 14.14% | | 每股收益 EPS（元） | 2.87 | 3.36 | 3.88 | 4.43 | | 净资产收益率 ROE | 21.03% | 22.56% | 23.58% | 24.28% | | PE | 20 | ...

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 汽车零部件 | (维持 | | --- | | 入 买 | | 评级: ) | | 总股本(百万股) | 2,609.74 | | --- | --- | | 流通股本(百万股) | 2,609.74 | | 市价(元) | 57.51 | | 市值(百万元) | 150,086.35 | | 流通市值(百万元) | 150,086.35 | 1、《Q3 再创佳绩，盈利能力持续优 异》2024-10-17 2、《【中泰汽车】福耀玻璃 24Q2 点评： Q2 超预期盈利质量向上，全球龙头 兼具成长性与确定性》2024-08-07 3、《【中泰汽车】福耀玻璃点评：Q2 盈利大超预期，全球龙头兼具成长性 与确定性》2024-07-31 福耀玻璃（600660.SH） 证券研究报告/公司点评报告 2025 年 03 月 19 日 ...

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Industry**: Automotive Glass Manufacturing Key Financial Metrics - **2024 Revenue**: CNY 39.252 billion, up 18.37% YoY [3] - **Net Profit**: CNY 7.498 billion, up 33.2% YoY [3] - **Return on Equity**: 22.72%, up 3.75 percentage points YoY [3] - **Earnings Per Share**: CNY 2.87, up 32.87% YoY [3] - **Gross Margin**: 36.23%, up 0.84 percentage points YoY [3] - **Operating Cash Flow**: CNY 8.562 billion, up 12.3% YoY [3] Business Performance Highlights - **Automotive Glass Revenue**: CNY 35.712 billion, up 19.49% YoY, with sales volume up 11.21% and price per unit up 7.45% [4] - **High-Value Products**: Proportion increased to 58.96%, up 5.02 percentage points YoY, contributing to the increase in average selling price [4][9] - **Cash Dividend**: Proposed dividend of CNY 1.8 per share, a 38.46% increase from 2023, with a payout ratio of 62.65% [10] Market Outlook - **2025 China Automotive Market Growth**: Expected to remain stable at 3-4% [11] - **Global Market Growth**: Anticipated to maintain slight growth [11] - **High-Value Product ASP Growth**: Expected annual increase of 6-7% over the next five years [11] Cost Management - **Shipping Costs**: Expected to decrease by CNY 200-250 million in 2025 [13] - **Soda Ash Prices**: Anticipated drop from CNY 2,130/ton to around CNY 1,000/ton, providing an estimated benefit of CNY 100 million [13] Product Development and Innovation - **Product Upgrades**: Continued focus on high-value products, with significant increases in sales proportions for panoramic sunroofs, HUD glass, and laminated side windows [12] - **Integration Solutions for Low-End Vehicles**: Flexos company introduced solutions using dark glass to simplify production and reduce costs [17] Competitive Positioning - **Global Market Advantage**: Strong infrastructure in both the U.S. and China, providing resilience against competitors [29] - **European Market Strategy**: Plans to enhance market share through local value-added processing [30] Challenges and Risks - **Impact of U.S. Tariffs**: Increased tariffs have been offset by price adjustments and local production capabilities [21] - **Management Costs**: Increased due to hiring for U.S. operations, but expected to stabilize [19] Future Expectations - **2025 Profitability Outlook**: Optimistic about maintaining and improving profitability, with new production facilities planned [34] - **Dividend Policy**: Commitment to high shareholder returns while balancing growth [25][26] Additional Insights - **Market Trends**: Continued growth in smart automotive technologies and high-value products expected to drive future demand [24] - **Long-Term Strategy**: Focus on R&D and innovation to enhance competitive edge in the automotive glass market [34]

Investment Rating - The investment rating for Fuyao Glass is "Recommended" (maintained) [1][10]. Core Views - Fuyao Glass reported a revenue of 39.252 billion RMB for 2024, representing a year-on-year increase of 18.37%, and a net profit of 7.498 billion RMB, up 33.20% year-on-year [4]. - The company is benefiting from an increase in both the volume and price of automotive glass, with a sales volume growth of 11.2% in area, reaching 155.9 million square meters [9]. - The introduction of high-value-added products such as smart panoramic glass and adjustable light glass has increased their proportion in sales by 5.02 percentage points [9]. - The company is expected to maintain a high dividend payout ratio due to its strong market position and profitability in the automotive glass sector [9]. Financial Summary - Revenue projections for Fuyao Glass are as follows: 45.844 billion RMB in 2025, 53.205 billion RMB in 2026, and 62.149 billion RMB in 2027, with year-on-year growth rates of 16.8%, 16.1%, and 16.8% respectively [6]. - Net profit forecasts are 8.933 billion RMB for 2025, 10.401 billion RMB for 2026, and 12.078 billion RMB for 2027, with year-on-year growth rates of 19.1%, 16.4%, and 16.1% respectively [6]. - The gross margin is projected to improve to 36.8% in 2025 and 37.0% in 2026, while the net margin is expected to reach 19.5% in both years [6]. - The company’s return on equity (ROE) is forecasted to be 22.4% in 2025, 23.3% in 2026, and 24.1% in 2027 [6]. Production Capacity and Market Position - The new production facilities in Hefei and Fuzhou are expected to enhance regional supply capabilities, with the Hefei facility projected to produce 4 million sets of automotive glass annually, contributing an estimated annual output value of 6 billion RMB [9]. - Fuyao Glass holds a strong market share and significant bargaining power within the automotive supply chain, benefiting from the ongoing increase in automotive glass demand [9].

Investment Rating - The investment rating for the company is "Recommended" [1][9]. Core Views - The report highlights that Fuyao Glass has experienced a significant increase in both volume and price of automotive glass, strengthening its bargaining power within the industry [8]. - The company reported a revenue of RMB 39.252 billion for 2024, representing a year-on-year increase of 18.37%, and a net profit of RMB 7.498 billion, up 33.20% year-on-year [4]. - The report emphasizes the ongoing growth in the automotive glass market, driven by increased vehicle glass area and higher prices, benefiting Fuyao Glass due to its global leadership and strong profitability [8]. Financial Summary - For 2024, the company achieved a revenue of RMB 39.252 billion, with a projected revenue growth of 16.8% for 2025, reaching RMB 45.844 billion [6]. - The net profit for 2024 was RMB 7.498 billion, with forecasts of RMB 8.933 billion for 2025, indicating a year-on-year growth of 19.1% [6]. - The gross margin for the company improved to over 36%, with a net margin exceeding 19% [8]. - The report projects a consistent increase in earnings per share (EPS), estimating RMB 3.42 for 2025 and RMB 4.63 for 2027 [6]. Production and Market Position - The automotive glass sales volume increased by 11.2% to 155.9 million square meters, with a 7.4% rise in average selling price to RMB 229.1 per square meter [8]. - The company is set to enhance its regional supply capabilities with the upcoming production facilities in Hefei and Fuzhou, expected to generate an annual output value of RMB 6 billion [8]. - Fuyao Glass's overseas subsidiary in the U.S. reported a revenue of RMB 6.31 billion with a net profit margin of 9.9% for 2024 [8].

Investment Rating - The investment rating for Fuyao Glass is "Buy" and is maintained [4]. Core Views - Fuyao Glass has achieved a revenue of 39.25 billion yuan in 2024, representing an 18.0% year-on-year increase, and a net profit of 7.50 billion yuan, which is a 33.2% increase year-on-year [4][6]. - The company continues to see growth in high-value-added products and an increase in global market share, with revenue growth expected to outperform the global downstream market [2][4]. - The company's profitability is bolstered by economies of scale and a decrease in raw material costs, indicating strong future investment value [2][4]. Summary by Sections Revenue and Profitability - In 2024, Fuyao Glass's revenue reached 39.25 billion yuan, up 18.0% year-on-year, with a net profit of 7.50 billion yuan, reflecting a 33.2% increase [4][6]. - The gross margin for the year was 36.2%, an increase of 0.8 percentage points, driven by improved capacity utilization and lower costs for raw materials like soda ash and natural gas [4][6]. - The company reported a net profit margin of 19.1%, up 2.1 percentage points year-on-year, indicating a significant improvement in profitability [4][6]. Market Performance - Fuyao Glass's market share and product value continue to rise, with a 5.02 percentage point increase in the share of high-value-added products in revenue [4][6]. - The company is expected to benefit from the growing demand for automotive glass, particularly in high-end applications such as panoramic sunroofs and HUDs [4][6]. Future Outlook - The company is projected to achieve net profits of 8.93 billion yuan, 10.26 billion yuan, and 11.74 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17.7X, 15.4X, and 13.4X [4][6]. - Fuyao Glass is positioned to expand its competitive advantage and maintain a high dividend payout ratio, expected to reach 62.65% in 2024 [4][6].

2024 业绩符合市场预期。 发展趋势 营收稳健增长，高附加值产品占比提升与全球化布局成核心驱动力。分业务看，2024 年汽车玻璃 收入357.12 亿元(yoy+19.5%)，浮法玻璃收入59.61 亿元(yoy+4.4%)，高附加值产品（智能天幕、镀膜玻 璃等）占比同比+5.02pct 至59%。分区域看，国内营收同比+18.5%至211.6 亿元，海外市场营收同比 +18.7%至175.6 亿元，美国工厂贡献63.1 亿元(yoy+15.3%)，营收增速跑赢行业，主要系1)全球市占率进 一步提升,2)ASP 同比+7.5%。 福耀玻璃(600660)：2024经营业绩稳健 高分红延续 2024 业绩符合市场预期 公司公布2024 业绩：2024 年实现收入392.52 亿元，同比+18%；归母净利润为74.98 亿元，同比 +33%。4Q24 实现收入109.38 亿元，同比+17%，环比+10%；归母净利润为20.19 亿元，同比+34%，环 比+2%。 会计准则调整影响4Q24 毛利率，现金流稳健支撑扩产。2024 年毛利率为36.2%，同比+0.8pct。 4Q24 毛利率为32.1%，同比-4. ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 39.252 billion RMB, representing an 18.37% year-on-year increase. The net profit attributable to shareholders is forecasted to reach 7.498 billion RMB, a 33.20% increase compared to the previous year [1][2] - The proportion of high value-added products continues to rise, with an average selling price (ASP) increase of 7.44% year-on-year, indicating a shift towards more advanced automotive glass products [6] - The company's operations in the United States are showing continuous improvement, with revenue growth of 13.32% year-on-year and a net profit increase of 26.89% [6] - The company is increasing capital expenditures significantly, with a total cash outflow of 5.481 billion RMB for fixed assets and long-term assets in 2024, indicating a strong commitment to growth [6] Financial Data and Valuation - The company’s total revenue is projected to grow from 33.161 billion RMB in 2023 to 46.709 billion RMB in 2025, with a consistent growth rate of around 18-20% annually [2][9] - The net profit is expected to increase from 5.629 billion RMB in 2023 to 8.967 billion RMB in 2025, reflecting a strong upward trend in profitability [7][10] - The company’s return on equity (ROE) is projected to improve from 22.5% in 2024 to 25.8% by 2027, indicating enhanced profitability and efficiency [3][10] - The price-to-earnings (PE) ratio is expected to decrease from 28.0 in 2023 to 12.2 by 2027, suggesting that the stock may become more attractive over time [10] Operational Performance - In Q4 2024, the company achieved a revenue of 10.938 billion RMB, a year-on-year increase of 17.17%, and a net profit of 2.019 billion RMB, reflecting a 34.33% increase [6] - The gross margin for Q4 2024 was reported at 32.12%, although it experienced a decline due to accounting policy adjustments [6] - The company’s capital expenditure for 2024 is projected at 54.81 billion RMB, with significant investments in various automotive glass projects across different regions [6]

75亿元、33.2%！福耀玻璃 最新披露 净利润75亿元，同比增长33.2%……3月18日晚，福耀玻璃（600660）披露2024年年报，公司归属于上 市公司股东的净利润再次迈上一个"十位数"台阶。 这已是福耀玻璃连续第五年实现跨步式增长。 2020年，福耀玻璃实现净利润（归属于上市公司股东净利润，下同）26亿元，2021年净利润增长至31.4 亿元，2022年净利润达到47.5亿元，2023年的成绩单是56.3亿元，再到最新披露的74.98亿元，福耀玻璃 用一份份财务报表，回答了"提质增效重回报"。 多项指标创历史新高 "超额完成全年主要生产经营指标。"福耀玻璃官微评价。 这句评述，引自福耀玻璃董事长曹德旺对股东的最新致辞。曹德旺在致辞中说，2024年全球经济跌宕起 伏，国内经济步入深度调整期，面对涉滩之险、爬坡之艰、闯关之难，我们总能战胜挑战、开创新局， 经过福耀全体员工的共同努力，公司超额完成全年主要生产经营指标，这是一件非常了不起的事情，是 大家通过奋斗换来的。 据年报，福耀玻璃2024年实现营业收入392.5亿元，比上年同期增长18.37%；实现利润总额89.91亿元， 比上年同期增长 33.87% ...