福耀玻璃工業集團股份有限公司 重要提示 五. 董事局決議通過的本報告期利潤分配預案或公積金轉增股本預案 2025年上半年本公司按中國企業會計準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,711,711元，按國際財務報告準則編製的合併財務報表中歸屬於母公司普通股股東的淨利潤為人民幣 4,804,424,175元。 2025年上半年本公司按中國企業會計準則編製的母公司報表的淨利潤為人民幣5,489,977,256元，加上2025 年年初未分配利潤人民幣8,717,965,322元，扣減當年已分配的2024年度利潤人民幣4,697,538,358元，截至 2025年6月30日可供股東分配的利潤為人民幣9,510,404,220元。 綜合考慮投資者的合理回報，兼顧公司可持續發展，本公司擬進行2025年中期利潤分配。本公司擬訂的2025 年中期利潤分配方案為：公司擬以實施2025年中期權益分派的股權登記日登記的總股數為基數，向2025年中 期權益分派的股權登記日登記在冊的本公司A股股東和H股股東派發現金股利，每股分配現金股利人民幣0.90 元（含稅），本公司剩餘未分配利潤結轉入2025年下 ...

Company Overview - Fuyao Glass Industry Group Co., Ltd. is located in Fuzhou, Fujian Province, and was established on June 21, 1992. It was listed on June 10, 1993. The company specializes in the design, production, sales, and service of automotive-grade float glass and automotive glass [1][2]. Financial Performance - For the first half of 2025, Fuyao Glass achieved operating revenue of 21.447 billion yuan, representing a year-on-year growth of 16.94%. The net profit attributable to shareholders was 4.805 billion yuan, reflecting a year-on-year increase of 37.33% [2]. - As of June 30, 2025, the company had a total of 93,300 shareholders, a decrease of 7.65% from the previous period. The average circulating shares per person increased by 8.29% to 21,486 shares [2]. Stock Performance - On August 26, Fuyao Glass's stock price rose by 2.01%, reaching 64.09 yuan per share, with a trading volume of 890 million yuan and a turnover rate of 0.70%. The total market capitalization stood at 167.258 billion yuan [1]. - Year-to-date, the stock price has increased by 5.76%, with a 14.92% rise over the last five trading days, a 16.46% increase over the last 20 days, and a 10.37% increase over the last 60 days [1]. Shareholder Information - Since its A-share listing, Fuyao Glass has distributed a total of 33.334 billion yuan in dividends, with 11.352 billion yuan distributed in the last three years [3]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 373 million shares, an increase of 15.9981 million shares from the previous period. Huatai-PineBridge CSI 300 ETF ranked sixth among the top shareholders with 28.4765 million shares, an increase of 2.3031 million shares [3].

丨证券研究报告丨 公司研究丨点评报告丨福耀玻璃（600660.SH） [Table_Title] 福耀玻璃中报点评：规模效应叠加量价齐升，业 绩表现超预期，首次中期分红 报告要点 [Table_Summary] 公司高附加值产品渗透率持续增长加之全球市占率持续提升，公司 2025Q2 实现营业收入115.4 亿元，同比+21.4%；归母净利润 27.7 亿元，同比+31.5%。规模效应叠加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。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 福耀玻璃（600660.SH） cjzqdt11111 [Table_Title 福耀玻璃中报点评：规模效应叠加量价齐升，业 2] 绩表现超预期，首次中期分红 [Table_Summary2] 事件描述 公司 2025Q2 实现营业收入 1 ...

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market position in the global automotive glass industry [3][4]. Financial Performance - In the first half of 2025, the company achieved 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 [3]. - For Q2 2025, the company reported revenue of 11.537 billion yuan, reflecting a year-on-year growth of 21.39% and a quarter-on-quarter increase of 16.42%. The net profit for the same quarter was 2.775 billion yuan, with a year-on-year growth of 31.47% and a quarter-on-quarter increase of 36.72% [4]. Margin and Cost Efficiency - The gross margin for Q2 2025 was 38.49%, showing a significant increase of 3.08 percentage points from the previous quarter, attributed to improved capacity utilization and ongoing cost reduction initiatives [4]. - The operating expense ratio for Q2 2025 decreased to 9.63%, down 1.01 percentage points from the previous quarter, primarily due to a reduction in financial expenses [4]. Market Position and Growth Drivers - The company is a leading player in the global automotive glass industry, benefiting from a concentrated market structure where major competitors have lower profitability and limited expansion plans. The company is in its third capital expenditure cycle, with upcoming capacity expansions in the U.S. and other locations expected to enhance its global market share [5][6]. - The increasing penetration of high-value automotive glass products, driven by advancements in vehicle intelligence, is expected to boost the average selling price (ASP) per vehicle, further supporting the company's growth [6]. Earnings Forecast and Investment Rating - Due to the better-than-expected profitability in Q2 2025, the company's net profit forecasts for 2025-2027 have been revised upward to 9.852 billion yuan, 11.163 billion yuan, and 13.089 billion yuan, respectively. Corresponding earnings per share (EPS) estimates are 3.77 yuan, 4.28 yuan, and 5.02 yuan, with price-to-earnings (P/E) ratios of 17.14x, 15.13x, and 12.90x [7].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3] Core Views - The company is entering a new growth cycle driven by capacity expansion and product upgrades, with significant capital expenditures planned for new production lines [2] - The company achieved revenue of 21.447 billion and a net profit of 4.805 billion in the first half of 2025, reflecting year-on-year growth of 16.9% and 37.3% respectively [6] - The company is expected to benefit from an increase in global market share and product average selling price (ASP) [6] Financial Summary - Revenue is projected to grow from 33.161 billion in 2023 to 60.569 billion in 2027, with a compound annual growth rate (CAGR) of approximately 15.2% [1] - Net profit is expected to increase from 5.629 billion in 2023 to 12.532 billion in 2027, with a CAGR of about 16.6% [1] - The company's return on equity (ROE) is forecasted to rise from 17.9% in 2023 to 22.1% in 2027 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 29.3 in 2023 to 13.2 in 2027, indicating potential undervaluation [1] Revenue and Profit Growth - In the second quarter of 2025, the company reported revenue of 11.537 billion, a year-on-year increase of 21.4% [6] - The gross profit margin for the second quarter of 2025 was 38.5%, reflecting improvements due to scale effects and product structure optimization [6] - The company is expected to achieve revenues of 46.212 billion, 52.574 billion, and 60.569 billion in 2025, 2026, and 2027 respectively [7]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Group 1: Automotive Sector - The automotive industry is entering a concentrated period of mid-year performance disclosures, with expectations for strong performance from previously undervalued auto parts companies leading to valuation upgrades [1] - Xpeng's Q2 gross margin exceeded market expectations, while Great Wall Motors reported better-than-expected orders for its new Tank 500 model, indicating a positive sales outlook [2] - The high-end domestic brand market remains a blue ocean, with significant growth expected in the 300,000 yuan and above segment by 2026, driven by new product capabilities and brand strength [2] Group 2: Auto Parts Sector - Companies like Fuyao Glass and Songyuan Safety have seen significant stock price increases following strong mid-year reports, with traditional auto parts firms now trading at a PE ratio below 20 times [3] - The overseas expansion is becoming a core growth driver for quality auto parts companies, with those possessing global competitive advantages expected to achieve growth alpha [3] - The intelligent driving sector, particularly L4 autonomous driving, is anticipated to experience a turning point in costs and technology this year, with ongoing evolution in technology iterations and new business models [3] Group 3: Robotics Sector - The market is optimistic about Tesla's Optimus robot industrialization progress, with potential for additional small batch orders from Tier 1 suppliers [4] - Nvidia is expected to showcase its first humanoid robot in November, indicating advancements in the robotics sector [4] - The robotics sector is characterized by strong industry trends and high liquidity, with a focus on leading companies in the supply chain, particularly those achieving breakthroughs in the 0-1 stage of development [4]

Core Viewpoint - Fuyao Glass achieved a net profit attributable to shareholders of 4.805 billion yuan in the first half of the year, representing a year-on-year increase of 37.33%, indicating strong and stable revenue growth and improved profitability [1] Revenue and Profit Performance - The company's revenue growth is driven by global market share, average selling price (ASP), and increased area per vehicle, showing strong certainty in revenue growth [1] - Profit performance is on an upward trend, although it may be affected by fluctuations in foreign exchange gains and losses, SAM losses, and raw material costs such as soda ash and natural gas [1] Future Growth Potential - With the upcoming release of production capacity from expansion projects in the U.S., the Fuzhou export base, and the Hefei base, the company's market share growth rate is expected to exceed expectations [1] - The firm maintains a positive outlook on the company's upward trend and has reiterated an "overweight" rating [1]

快评 福耀玻璃-A 2Q25业绩全面超预期 Global Research abc 2025 年 08 月 20 日 2Q25净利润同比+31.5%至27.7亿元 福耀1H25收入同比+16.9%至214.5亿元，净利润同比+37.3%至48.0亿 元。2Q25收入同比+21.4%/环比+16.4%至115.4亿元，净利润同比+31.5% 至27.7亿元。我们认为二季度公司收入的高速增长主要是由于：1）因公司 对美国市场产品提价以传导关税的影响及国内市场高附加值产品占比持续提 升，2Q25公司汽车玻璃单平米价格同比提升8.8%；2）全球市场份额进一 步扩张，国内在手订单饱满，海外订单持续落地。 2Q25利润率明显提升 尽管美国工厂二期产能爬坡仍对公司利润率产生拖累，2Q25公司核心营业 利润率同比提升2.9个百分点/环比提升3.1个百分点至23.6%。我们认为公司 核心利润率的提升主要是受益于：1）纯碱价格下滑带来原材料成本的下 降；2）美国市场提价及二期产能持续爬坡，2Q25美国工厂营业利润率同比 提升2.2个百分点/环比提升4.9个百分点至17.6%。 看好全球汽车玻璃龙头的业绩增长韧性 我们认为福耀在关 ...

Summary of the Conference Call for Fuyao Glass Industry Group Co., Ltd. (福耀玻璃-A) Company Overview - Fuyao Glass is a leading supplier of safety glass solutions for various transportation vehicles, including automotive-grade float glass, automotive glass, and locomotive glass design, production, sales, and services. It is currently the largest automotive glass supplier in China [11]. Key Financial Performance - **2Q25 Performance**: - Net profit increased by 31.5% year-on-year to RMB 2.77 billion [1] - Revenue for 1H25 rose by 16.9% year-on-year to RMB 21.45 billion, with net profit up by 37.3% to RMB 4.80 billion [1] - 2Q25 revenue grew by 21.4% year-on-year and 16.4% quarter-on-quarter to RMB 11.54 billion [1] Revenue Drivers - The significant revenue growth in 2Q25 is attributed to: 1. Price increases in the U.S. market to offset tariff impacts and a higher proportion of high-value-added products in the domestic market, with a year-on-year increase of 8.8% in the price per square meter of automotive glass [1] 2. Further expansion of global market share, with a full order book domestically and ongoing overseas orders [1] Profitability and Margin Improvement - **Profit Margin**: - Core operating profit margin improved by 2.9 percentage points year-on-year and 3.1 percentage points quarter-on-quarter to 23.6% in 2Q25 [2] - The increase in core profit margin is mainly due to: 1. Decrease in raw material costs from falling soda ash prices [2] 2. Price increases in the U.S. market and ongoing ramp-up of second-phase capacity, with U.S. factory operating profit margin rising by 2.2 percentage points year-on-year and 4.9 percentage points quarter-on-quarter to 17.6% [2] Market Outlook and Strategic Positioning - The company is viewed positively for its resilience in performance amid rising tariffs in the U.S. market, showcasing its pricing power as a global leader in automotive glass [3] - The trends of electrification and intelligence in the global automotive market are expected to continue, with an anticipated increase in the proportion of high-value-added products, enhancing the per-vehicle value [3] - Management expects that the impact of new factories in Fujian and Anhui on 2025 will mainly be from increased personnel costs, with depreciation from fixed assets primarily affecting 2026 [3] Valuation and Target Price Adjustment - The target price has been raised from RMB 80.00 to RMB 85.00 based on the strong performance in 2Q25, with a 5%-10% upward revision of profit forecasts for 2025-2027 [4] Investment Rating - The stock is rated as "Buy" with a 12-month target price of RMB 85.00, reflecting a significant upside potential from the current price of RMB 55.77 [5] Important Financial Metrics - Market capitalization: RMB 146 billion (approximately USD 20.3 billion) [5] - Average daily trading volume: 10.655 million shares [5] - Projected earnings per share (EPS) for 12/25E: RMB 3.67, representing a 10% increase from previous estimates [7] Risks and Challenges - Potential risks include: 1. Slower-than-expected growth in high-value-added product sales [12] 2. Order cancellations or delays from customers [12] 3. Quality issues leading to product recalls [12] 4. Slowdown in the passenger vehicle industry affecting demand for automotive parts [12] 5. Increased competition from overseas manufacturers in China [12] 6. Rising labor or raw material costs [12] 7. Macroeconomic slowdown impacting the passenger vehicle sector [12] Conclusion - Fuyao Glass demonstrates strong financial performance and resilience in a challenging market environment, with positive growth prospects driven by strategic pricing and product innovation. The upward revision of the target price reflects confidence in the company's ability to navigate industry challenges and capitalize on growth opportunities.