2024年度A 股权益分派实施公告 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。 重要内容提示： 证券代码：600660 证券简称：福耀玻璃 公告编号：2025-016 福耀玻璃工业集团股份有限公司 每股分配比例 A 股每股现金红利人民币1.80元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/8 | － | 2025/5/9 | 2025/5/9 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经福耀玻璃工业集团股份有限公司（以下简称"本公司"、"公司"）于 2025 年 4 月 17 日召开的2024年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体 A 股股东。 四 ...

Group 1 - The core narrative revolves around the challenges faced by Fuyao Glass and its founder, Cao Dewang, during the construction of the Fuyao Industrial Village, highlighting issues with contractor performance and legal disputes [1][2][3] - Fuyao Glass, after a successful stock issuance in 1991, aimed to expand its industrial base by establishing the Fuyao Industrial Village, which was expected to enhance production capacity and create local jobs [1] - The initial contractor, Fujian Yijian, faced difficulties in project execution, leading to delays and subpar construction quality, which prompted Cao Dewang to demand rework [2] Group 2 - The construction project was plagued by multiple subcontractors, resulting in inconsistent quality and further delays, which frustrated Cao Dewang [2] - A legal dispute arose when Fujian Yijian demanded additional funds to continue work, claiming that the initial payment had been exhausted, leading to a court case initiated by the contractor against Cao Dewang [2][3] - In court, Cao Dewang challenged the fairness of the proceedings, alleging potential corruption involving the judge, which led to a more favorable outcome for Fuyao Glass in the subsequent legal battle [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 9.91 billion yuan in Q1 2025, representing a year-on-year increase of 12.2%, and a net profit attributable to shareholders of 2.03 billion yuan, up 46.3% year-on-year. The strong performance is attributed to the growth in high-value-added products and a decrease in raw material costs [2][4]. - The company is positioned as a leading global automotive glass manufacturer, with an expanding competitive moat and significant long-term investment value [2]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company reported a revenue of 9.91 billion yuan, a 12.2% increase year-on-year, and a net profit of 2.03 billion yuan, reflecting a 46.3% year-on-year growth. The gross profit margin was 35.4%, with a slight year-on-year decrease of 1.4 percentage points but a quarter-on-quarter increase of 3.3 percentage points [2][4]. - The company’s operating profit reached 2.49 billion yuan, a 46.7% increase year-on-year, while the net profit after deducting non-recurring items was 1.99 billion yuan, up 30.9% year-on-year [4]. Market Position and Growth Drivers - The company benefits from the increasing penetration of high-value products such as panoramic sunroofs and HUDs, with expectations for rapid market expansion over the next decade. The revenue share of high-value products increased by 5.02 percentage points year-on-year [4]. - The company’s profitability in automotive glass significantly exceeds that of competitors, which have shifted focus due to poor glass business profitability. This positions the company for continued market share growth [4]. Future Outlook - The company is expected to maintain rapid growth, with projected net profits of 8.9 billion, 10.27 billion, and 11.72 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are estimated at 16.4X, 14.2X, and 12.5X [4].

Investment Rating - The report maintains an "OUTPERFORM" rating for Fuyao Glass Industry Group with a target price of Rmb62.27, down from the previous target of Rmb63.05 [2][6]. Core Views - The company's Q1 2025 results show a revenue of Rmb997 million, a year-on-year increase of 12.2%, and a gross profit of Rmb3.508 billion, reflecting a 7.8% year-on-year growth. The gross profit margin stands at 35.40% [4][15]. - The automotive glass business outperformed the industry, with revenue growth of 12.16% year-on-year and a sales volume increase of 7.84% [5][16]. - The competitive landscape is improving, with capacity expansion supporting market share gains. The company is expected to benefit from declining raw material and freight costs, which will help offset the impact of new capacity ramp-up [6][17]. Financial Summary - Revenue projections for Fuyao Glass are as follows: Rmb39.252 billion for 2024, Rmb45.217 billion for 2025, Rmb51.677 billion for 2026, and Rmb58.540 billion for 2027, indicating a growth rate of 18%, 15%, 14%, and 13% respectively [3][10]. - Net profit estimates are Rmb7.498 billion for 2024, Rmb8.553 billion for 2025, Rmb10.154 billion for 2026, and Rmb11.780 billion for 2027, with growth rates of 33%, 14%, 19%, and 16% respectively [3][10]. - The diluted EPS is projected to be Rmb2.87 for 2024, Rmb3.28 for 2025, Rmb3.89 for 2026, and Rmb4.51 for 2027 [3][10]. Operational Insights - The company has successfully ramped up new capacity, including 1.5 million sets of high-value-added products in the U.S. and additional projects in China, which are expected to enhance overall production efficiency and market presence [6][17]. - The gross profit margin is expected to recover throughout the year, benefiting from lower costs of raw materials and shipping [5][16].

Investment Rating - The investment rating for Fuyao Glass Industry Group is Equal-weight [5]. Core Viewpoints - Fuyao's 1Q25 earnings increased by 46% year-over-year (YoY) and 1% quarter-over-quarter (QoQ) to Rmb20.3 billion, surpassing market expectations due to higher finance income driven by USD appreciation against CNY [1]. - The group's revenue for 1Q rose by 12% YoY but fell by 9% QoQ to Rmb9.9 billion, outperforming the global light vehicle production trend [2]. - The gross margin decreased by 1.6 percentage points YoY to 34.6%, attributed to ongoing price pressure, although there was a sequential increase due to foreign exchange (FX) tailwinds [2]. - The operating profit rose by 18% YoY to Rmb2.0 billion, aligning with top-line growth, resulting in an EBIT margin of 20.4% [2]. Summary by Sections Financial Performance - 1Q25 earnings: Rmb20.3 billion, +46% YoY, +1% QoQ [1] - Revenue: Rmb9.9 billion, +12% YoY, -9% QoQ [2] - Gross margin: 34.6%, -1.6ppt YoY, +3.2ppt QoQ [2] - Operating profit: Rmb2.0 billion, +18% YoY [2] Market Outlook - Domestic demand in China is expected to remain crucial, with a focus on US auto demand post-tariff hikes [3]. - Key areas of focus include the 2Q vehicle production outlook, average selling price (ASP) pressure, and the adoption of high-value products amid pricing competition [3]. Valuation Metrics - Price target set at HK$51.50, with a 5% upside from the current price of HK$49.15 [5]. - Market capitalization currently stands at Rmb136,943 million [5]. - Projected EPS for the fiscal year ending December 2025 is Rmb3.55 [5].

长江商报消息 ●长江商报记者 沈右荣 "玻璃大王"曹德旺又赚了20亿元！ 4月17日晚间，福耀玻璃（600660.SH，03606.HK）发布2025年第一季度报告。公司实现营业收入接近 百亿元，同比增长逾10%；归属母公司股东的净利润（以下简称"归母净利润"）逾20亿元，同比增长约 46%。 今年第一季度，公司营收净利均创了历史新高。公司解释，收入增长较快，同时汇兑收益同比增加，持 续研发创新，产品附加值提升，规模效应进一步显现。 今年第一季度，福耀玻璃研发投入4.23亿元，同比增长12.50%。 作为全球知名汽车玻璃企业，福耀玻璃全球市场占有率约34%，中国市场占有率约68%。2021年以来， 公司营收净利持续双增。 在2024年年报中，福耀玻璃实际控制人、董事长曹德旺表示，2025 年，经济不确定性将贯穿全年，内 外部形势严峻复杂，公司具备得天独厚的优势，相信只要充分发挥优势，就能够实现目标，行走在时代 的前沿。 在分析人士看来，福耀玻璃完成了全球化布局，且国内外业务收入均衡增长，抗风险能力较强。 首季营收净利创新高 福耀玻璃经营业绩继续快速稳健增长。 根据最新披露的第一季度报告，今年前三个月，福耀玻璃 ...

| 福耀玻璃系列 车中旭霞 | | --- | | 公司深度 | | 《福耀玻璃-600660-深度报告：全球汽车玻璃龙头的复盘与展望》——2024-09-26 | | 《福耀玻璃-600660-深度报告：海外扩张进入收获，玻璃产品价量齐升》——2017-05-22 | | 行业深度 | | 《汽车玻璃行业专题之一：量变与质变，汽车玻璃添灵魂》——2020-07-10 | | 行业专题 | | 《汽车玻璃行业跟踪专题之五：调光玻璃接棒天幕，前景可期》——2021-12-25 | | 《汽车玻璃行业跟踪点评之四：广汽埃安光感浩瀚天幕首发，电致变色调光玻璃尽显风采 | | 》——2021-06-14 | | 《汽车玻璃行业跟踪专题之三：兼顾美学和实用，测算玻璃车顶2021渗透率有望超5%》——2021- 03-25 | | 《汽车玻璃行业跟踪点评之二：岚图FREE重磅发布，智能调光玻璃普及加速》——2020-12-22 | | 公司点评 | | 《 福耀玻璃（600660.SH） -归母净利润同比增长46%，持续推进提质增效》 -20250420 | | 《福耀玻璃（600660.SH）- 单季度收入创新高，全年 ...

| 福耀玻璃系列 车中旭霞 | | --- | | 公司深度 | | 《福耀玻璃-600660-深度报告：全球汽车玻璃龙头的复盘与展望》——2024-09-26 | | 《福耀玻璃-600660-深度报告：海外扩张进入收获，玻璃产品价量齐升》——2017-05-22 | | 行业深度 | | 《汽车玻璃行业专题之一：量变与质变，汽车玻璃添灵魂》——2020-07-10 | | 行业专题 | | 《汽车玻璃行业跟踪专题之五：调光玻璃接棒天幕，前景可期》——2021-12-25 | | 《汽车玻璃行业跟踪点评之四：广汽埃安光感浩瀚天幕首发，电致变色调光玻璃尽显风采 | | 》——2021-06-14 | | 《汽车玻璃行业跟踪专题之三：兼顾美学和实用，测算玻璃车顶2021渗透率有望超5%》——2021- 03-25 | | 《汽车玻璃行业跟踪点评之二：岚图FREE重磅发布，智能调光玻璃普及加速》——2020-12-22 | | 公司点评 | | 《 福耀玻璃（600660.SH） -归母净利润同比增长46%，持续推进提质增效》 -20250420 | | 《福耀玻璃（600660.SH）- 单季度收入创新高，全年 ...

证券研究报告 | 2025年04月20日 投资建议：维持盈利预测，维持"优于大市"评级。公司是全球汽玻龙头， 智能化大趋势下，汽车玻璃有望 1）单车玻璃面积从 4 ㎡增长到 6 ㎡；2）单 平方米价值量提升（HUD、调光、镀膜、隔热、包边、5G 通信等），单车价值 从 600 元提升至今年约 1000 元，远期展望 2000 元以上。后续调光玻璃、P-HUD、 智能化产品打开新天地，行业 ASP 有望持续提升。考虑公司高附加值产品份额 增长、海外进展顺利，我们维持盈利预测，预计 25-27 年归母利润 88.1/100.9/118.5 亿元，低估值、高分红（21-24 年分红比例维持 60%+）的 全球汽车玻璃龙头，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 33,161 | 39,252 | 45,442 | 52,499 | 60,495 | | (+/-%) | 18.0% | 18.4% | 15.8% | 15.5 ...

证券研究报告 | 2025年04月20日 福耀玻璃（600660.SH） 优于大市 归母净利润同比增长 46%，持续推进提质增效 2025Q1 归母净利润同比增长 46%。福耀玻璃 2025Q1 实现营收 99.1 亿元，同 比增长 12.16%（中汽协口径，一季度国内汽车销量同比增长 11.2%），环比下 降 9.40%；实现归母净利润 20.3 亿元，同比增长 46.25%，环比增长 0.52%； 实现归母扣非净利润 19.87 亿,同比增长 30.90%，环比增长 4.83%。 2025Q1 毛利率为 35.40%，环比+3.28pct。公司 2025Q1 毛利率为 35.40%，同 比存在会计准则调整影响，环比+3.28pct；净利率为 20.50%，同比+4.79pct， 环比+2.02pct。公司持续推进提质增效，考虑核心利润（营业收入-营业成本- 税金-销售费用-管理费用-研发费用），2025Q1 核心利润率为 20.44%，同比提 升 0.96pct，环比提升 0.32pct。同时 25Q1 国内重质纯碱价格基本维持 1500-1600 元/吨水平，同比去年一季度 2936-2000 元/吨价 ...