福耀玻璃工业集团股份有限公司 2024 年第二次临时股东大会 会 议 资 料 二○二四年八月二十九日 1 目录 股东大会会议资料一：关于拟变更本公司 2024 年度审计机构的议案 ......... 3 2 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： 鉴于近期有关福耀玻璃工业集团股份有限公司（以下简称"公司"）审计机 构相关事项，结合市场信息，基于审慎原则，考虑公司现有业务状况及对未来审 计服务的需求，公司董事局同意将 2024 年度境内审计机构与内部控制审计机构 变更为安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"），由安 永华明对公司 2024 年度财务报表进行审计并出具审计报告，并对公司内部控制 的有效性进行审计并出具内部控制审计报告；公司董事局同意将 2024 年度境外 审计机构变更为安永会计师事务所（以下简称"安永香港"），由安永香港对公司 根据国际财务报告准则编制的 2024 年度财务报表进行审计并出具审计报告。具 体内容如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、安永华明 （1）基本信息 关于拟变更本公司 2024 年度 ...

Financial Performance - Revenue for the reporting period (January-June 2024) reached 18,339,730 thousand RMB, a 22.01% increase compared to the same period last year[12] - Net profit attributable to the company's owners for the reporting period was 3,498,318 thousand RMB, up 23.36% year-over-year[12] - Net profit attributable to the company's owners after deducting non-recurring gains and losses was 3,576,317 thousand RMB, a 28.05% increase compared to the same period last year[12] - Net cash flow from operating activities was 3,303,108 thousand RMB, representing a 17.21% increase year-over-year[12] - Basic earnings per share for the reporting period were 1.34 RMB per share, a 22.94% increase compared to the same period last year[14] - Return on equity (ROE) for the reporting period was 11.06%, up 1.21 percentage points compared to the same period last year[14] - Net profit attributable to the company's owners under Chinese Accounting Standards was 3,498,605 thousand yuan, an increase from 2,836,242 thousand yuan in the previous period[16] - Total revenue for the period was 18,339,730 thousand yuan, with a gross profit margin of 36.53%, up 3.17% year-over-year[21] - Fuyao's pre-tax profit for the reporting period was RMB 4,125.07 million, a year-on-year increase of 24.27%, with net profit attributable to the company's owners reaching RMB 3,498.318 million, up 23.36% year-on-year[27] - Revenue increased by 22.01% to RMB 18,339.73 million, driven by enhanced marketing efforts and a higher proportion of high-value-added products[29] - Operating cash flow increased by 17.21% to RMB 3,303.11 million, primarily due to higher revenue[29] - Revenue for the first half of 2024 reached RMB 18,339.73 million, a 22% increase compared to RMB 15,031.26 million in the same period of 2023[141] - Gross profit for the first half of 2024 was RMB 6,700.20 million, up 33.6% from RMB 5,014.57 million in the first half of 2023[141] - Operating profit for the first half of 2024 was RMB 3,771.32 million, an 18.7% increase compared to RMB 3,177.82 million in the same period of 2023[141] - Net profit attributable to the company's owners for the first half of 2024 was RMB 3,498.32 million, a 23.4% increase from RMB 2,835.95 million in the first half of 2023[141] - Basic and diluted earnings per share for the first half of 2024 were RMB 1.34, up 22.9% from RMB 1.09 in the same period of 2023[141] - Total comprehensive income for the first half of 2024 was RMB 3,597.42 million, a 17.8% increase compared to RMB 3,054.71 million in the first half of 2023[142] - Operating cash flow generated RMB 3,922,160 thousand in H1 2024, a 23.5% increase from RMB 3,175,648 thousand in H1 2023[145] - Net cash from operating activities increased to RMB 3,303,108 thousand in H1 2024, up 17.2% from RMB 2,818,087 thousand in H1 2023[145] - Profit before tax increased to RMB 4.13 billion in 2024 from RMB 3.32 billion in 2023[198] - Net profit attributable to the company's owners increased to RMB 3,498,318 thousand, up 23.4% from RMB 2,835,951 thousand in the previous year[200] - Basic earnings per share (EPS) rose to RMB 1.34, a 22.9% increase from RMB 1.09 in the same period last year[200] Assets and Liabilities - Total assets as of the end of the reporting period were 60,114,120 thousand RMB, a 6.13% increase compared to the end of the previous year[13] - The company's total equity under International Financial Reporting Standards was 31,637,764 thousand yuan, slightly higher than the 31,627,994 thousand yuan under Chinese Accounting Standards[16] - Overseas assets totaled RMB 24.246 billion, representing 40.33% of total assets, with significant contributions from subsidiaries like Fuyao Glass America[33] - Total assets increased to RMB 60,114,121 thousand from RMB 56,640,463 thousand, reflecting growth in both non-current and current assets[139][140] - Total liabilities grew to RMB 28,487,986 thousand from RMB 25,219,084 thousand, driven by increases in both non-current and current liabilities[140] - Total equity as of June 30, 2024, was RMB 31,626.14 million, a 9.8% increase from RMB 28,791.45 million as of June 30, 2023[143][144] - Total borrowings including interest payable increased to RMB 17,738,840 thousand as of June 30, 2024, up 23.0% from RMB 14,425,298 thousand as of December 31, 2023[151] - Total financial liabilities increased to RMB 25,580,569 thousand as of June 30, 2024, up 15.1% from RMB 22,231,987 thousand as of December 31, 2023[151] - Total borrowings increased from RMB 14,004,799 thousand to RMB 17,311,946 thousand, with a notable rise in current borrowings from RMB 5,491,699 thousand to RMB 8,618,546 thousand[181] Product and Market Performance - Automotive glass revenue reached 16,820,047 thousand yuan, a 25.82% increase year-over-year, with a gross margin of 31.33%[21] - Float glass revenue was 2,784,125 thousand yuan, up 8.35% year-over-year, with a gross margin of 34.34%[21] - China's automobile production and sales in the first half of 2024 were 13.891 million and 14.047 million units, up 4.9% and 6.1% year-over-year, respectively[22] - Global automotive glass and automotive-grade float glass leader, Fuyao, achieved consolidated revenue of RMB 18,339.73 million, a year-on-year increase of 22.01%, surpassing industry growth levels[27] - China's automotive production and sales from January to June 2024 were 13.891 million and 14.047 million units, respectively, representing year-on-year growth of 4.9% and 6.1%[26] - Fuyao's high-value-added products, such as smart panoramic sunroof glass, dimming glass, HUD glass, and ultra-insulated glass, are seeing increasing market share[23] - High-value-added products such as smart panoramic sunroof glass and HUD glass accounted for a 4.82 percentage point increase in product mix compared to the same period last year[28] - The company is expanding its product line with offerings such as smart panoramic sunroof glass, adjustable light glass, and HUD glass to meet evolving customer needs[60] R&D and Innovation - R&D expenses rose by 24.78% to RMB 784.11 million, reflecting increased investment in innovation and product value enhancement[29][31] - R&D expenses for the first half of 2024 were RMB 784.11 million, a 24.8% increase from RMB 628.38 million in the same period of 2023[141] - The company has developed lightweight ultra-thin glass, coated heated glass, head-up display glass, and ultra-insulated glass, among other innovative products[99] - The company has established an intelligent innovation center and a smart network innovation team to rapidly develop and break through in key automotive glass forming processes and equipment[99] Environmental and Sustainability - The company has installed distributed photovoltaic power generation systems in 11 subsidiaries with a total installed capacity of 121.55 MW, providing reliable green and clean electricity[98] - In the first half of 2024, the company saved 43,937.07 MWh of electricity through 9 sets of distributed photovoltaic power generation systems, reducing 25,730 tons of CO2 equivalent[100] - The company saved 4,199 MWh of electricity through high-temperature flue gas waste heat power generation in the first half of 2024, reducing 24,590 tons of CO2 equivalent[100] - The company purchased 2.7784 million kWh of green electricity in the first half of 2024, reducing approximately 16,269.27 tons of CO2 equivalent[100] - The company reduced electricity consumption by 1,761.5 MWh through energy-saving measures in the first half of 2024, reducing approximately 10,314 tons of CO2 equivalent[100] - The company upgraded energy-saving fans to reduce tempering power and optimized high-pressure parameters for laminated glass to reduce high-pressure time[98] - The company has been certified as a green supply chain management enterprise and green factory by the Ministry of Industry and Information Technology[99] - The company has reduced a total of 80,886.90 tons of CO2 equivalent in the first half of 2024 through various carbon reduction measures[100] Corporate Governance and Shareholder Information - The company held its 2024 first extraordinary general meeting on January 16, 2024, and the 2023 annual general meeting on April 25, 2024, with all proposals approved by shareholders[69][70] - The company's 10th board of directors, board of supervisors, and senior management completed their terms in January 2024, and new members were elected at the 2024 first extraordinary general meeting[72] - The board of directors consists of 9 members, including 3 independent non-executive directors, complying with Hong Kong Listing Rules requirements[76] - The audit committee is composed of 3 non-executive directors, including 2 independent non-executive directors, with independent non-executive director Xue Zuyun as the chairman[77] - The company has adopted the Corporate Governance Code and complies with its provisions[73][74] - The company has implemented the Model Code for Securities Transactions by Directors of Listed Issuers, with no violations reported during the reporting period[75] - The company has established a Remuneration and Assessment Committee consisting of three members, including one executive director and two independent non-executive directors, chaired by independent non-executive director Mr. Liu Jing[78] - The Nomination Committee, chaired by independent non-executive director Mr. Da Zhenghao, is responsible for recommending new directors and senior management candidates[79] - The Strategic Development Committee, chaired by executive director and chairman Mr. Cao Dewang, focuses on long-term strategic planning and major investment feasibility studies[80] - No purchase, sale, or redemption of the company's listed securities occurred during the reporting period[81] - The Audit Committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024[82] - As of June 30, 2024, the total number of shareholders was 118,088, including 118,045 A-share shareholders and 43 H-share shareholders[121] - HKSCC Nominees Limited holds 595,877,144 shares, representing 22.83% of the total shares[122] - Hong Kong Securities Clearing Company Limited holds 466,926,171 shares, representing 17.89% of the total shares[122] - Sanyi Development Co., Ltd. holds 390,578,816 shares, representing 14.97% of the total shares[122] - Chairman Cao Dewang holds 414,971,444 shares directly and indirectly, representing 15.90% of the total shares[126] - Vice Chairman Cao Hui holds 12,086,605 shares indirectly, representing 0.46% of the total shares[126] - Cao Hui indirectly holds 12,086,605 A shares (long position) through Hongqiao Overseas Holdings Limited[127] - Chen Fengying holds 414,971,444 A shares (long position), representing 20.72% of the issued shares of that class and 15.90% of the total issued share capital[129] - BlackRock, Inc. holds 35,673,212 H shares (long position) and 2,583,600 H shares (short position), representing 5.88% and 0.43% of the issued H shares respectively[129][130] - Citigroup Inc. holds 45,738,805 H shares (long position), 373,179 H shares (short position), and 44,786,143 H shares (available for lending), representing 7.53%, 0.06%, and 7.38% of the issued H shares respectively[129][130] - JPMorgan Chase & Co. holds 96,836,506 H shares (long position), 532,400 H shares (short position), and 16,185,897 H shares (available for lending), representing 15.96%, 0.08%, and 2.66% of the issued H shares respectively[129][130] - Schroders PLC holds 42,444,400 H shares (long position), representing 7.00% of the issued H shares[129][130] Related-Party Transactions - The company's related-party transactions with Fuyao Group Beijing Futong Safety Glass Co., Ltd. and Guochi (Beijing) Intelligent Connected Vehicle Research Co., Ltd. amounted to RMB 162.64 million and RMB 20.50 million, respectively[117] - The company's related-party transactions with Jinken Glass Industry Shuangsu Co., Ltd. amounted to RMB 5.00 million, with a settlement period of 30 days after the invoice date[114] - The company's related-party transactions with Jinken Glass Industry Shuangsu Co., Ltd. for iron frame rental fees amounted to RMB 30.00 million, with a settlement period of 30 days after the invoice date[114] - The company's related-party transactions with Jinken Glass Industry Shuangsu Co., Ltd. for other outflows amounted to RMB 40.00 million, with a settlement period of 30 days after the invoice date[114] - The company's related-party transactions with Fujian Sanfeng Auto Parts Development Co., Ltd. for utility fees (purchase) amounted to RMB 8.24 million, with a settlement period of 30 days after the invoice date[117] - The company's related-party transactions with Fujian Sanfeng Auto Parts Development Co., Ltd. for rental properties amounted to RMB 438.99 million, with a settlement period of 60 days after the contract signing date[117] - The company leased a factory building with an area of 20,000 square meters from Fujian Sanfeng Auto Parts Development Co., Ltd., controlled by Vice Chairman Cao Hui, with a monthly rent of RMB 500,000 (excluding VAT) for the first three years, increasing by 4% from the fourth year[119] - The company leased a second factory building with an area of 8,000 square meters, with a monthly rent and property management fee totaling RMB 200,000[119] - The company leased dormitory space of approximately 9,171.7 square meters, with a monthly rent of RMB 140,000[119] Risk Management and Future Plans - The company is focusing on technological innovation and strengthening after-sales services to ensure stable development in the Chinese market while leveraging global operations[59] - The global automotive industry is shifting towards service-oriented competition, with trends like smart, connected, and digital technologies driving demand[60] - Intensified market competition may lead to price reductions or decreased demand for some products, prompting the company to adopt a differentiation strategy[61] - Key cost components for automotive glass include float glass, PVB materials, labor, and energy, with fluctuations in raw material prices posing a risk[62] - The company is mitigating cost risks by optimizing supply chains, improving material utilization, and increasing automation[63] - Exchange rate fluctuations pose a risk as overseas sales account for about half of the company's revenue, with measures in place to manage currency exposure[64] - The company is investing in R&D to stay competitive in the face of rapid technological changes in the automotive glass industry[65] - Cybersecurity and data security risks are being addressed through enhanced information security measures and employee awareness programs[66][67] - The company 2024年下半年将加强数字化建设，推动作业数字化、数字平台化、平台智能化，提升数据透明度和共享效率[47] - The company 2024年下半年将继续加大研发投入，推动新材料、新工艺、新技术及跨领域合作，加快产品升级换代[47] - The company 2024年下半年将优化生产流程，建立敏捷管理和柔性生产机制，确保全球化交付和服务[47] - The company 2024年下半年将加强销售管理，拓展新客户并稳定老客户，优化服务水平，提高客户满意度[47] - The company 2024年下半年将加大人才培养力度，特别是在新技术、管理、自动化、数字化和国际化领域[47] Environmental Performance - Fujian Wanjian Automotive Glass Co., Ltd. generated 184.64 tons of hazardous waste, all legally disposed of by qualified vendors[83] - Guangzhou Fuyao Glass Co., Ltd. produced 73.915 tons of hazardous waste, all legally disposed of by qualified vendors[85] - The company's wastewater discharge included chemical oxygen demand (COD) at 30.70mg/L and ammonia nitrogen at 0.84t, complying with relevant standards[83] - Air emissions included non-methane total hydrocarbons at 8.06mg/m³ and toluene at 0.24mg/m³, within regulatory limits[83] - The company's environmental performance data is publicly available on its website and stock exchange platforms[83][85] - The company's wastewater treatment system achieves a pH level of 7.4 and a suspended solids concentration of 6mg/L, with chemical oxygen demand at 15mg/L[88] - The company's flue gas emissions from production lines show concentrations of 51.399mg/m³, 59.446mg/m³, and 464.826mg/m² for different lines[88] - The company's annual emissions of major pollutants are 108.400t, with a total emission of 917.668t[88] - The company uses natural gas as fuel for float glass production, with emissions treated through dust removal and denitrification before being released through

证券代码：600660 证券简称：福耀玻璃 公告编号：2024-030 福耀玻璃工业集团股份有限公司 2024 年第二次临时股东大会 召开的日期时间：2024 年 8 月 29 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 股东大会召开日期：2024年8月29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 (二) 股东大会召集人：福耀玻璃工业集团股份有限公司（以下简称"公司"、 "本公司"）董事局 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票（A 股股东适用）的系统、起止日期和投票时间。 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 8 月 29 日 关于召开 2024 年第二次临时股东大会的通知 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。 (一) 股东大会类型和届次 重要内容提示： 一、 召开会议的基本情况 至 202 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [1] Core Views - Fuyao Glass has steadily increased its global market share in the automotive glass sector, with its market share reaching approximately 33% in 2023 [2] - The company's revenue from automotive glass in 2023 was RMB 29.9 billion, significantly higher than its closest competitor, Asahi Glass, which reported RMB 25.2 billion [2] - Fuyao's U.S. operations have shown strong growth, with revenue increasing by 32% YoY in H1 2024, and net profit margin reaching 11.5%, a historical high [2] - The company is expanding its production capacity in the U.S. and overseas, with new facilities under construction to meet growing demand [2] Market Expansion and High-Value Products - The automotive glass market is expanding, driven by the adoption of high-value-added products such as panoramic sunroofs, smart glass, and HUD display glass [3] - Fuyao's average selling price (ASP) for automotive glass increased from RMB 201 per square meter in 2022 to RMB 208 per square meter in 2023, reflecting the growing contribution of high-value products [3] - The company is also expanding into the aluminum trim business, with a fully integrated supply chain and global production layout [3] Financial Projections - The report forecasts Fuyao's net profit to reach RMB 7.1 billion, RMB 8.4 billion, and RMB 9.8 billion in 2024, 2025, and 2026, respectively [4] - Earnings per share (EPS) are projected to be RMB 2.71, RMB 3.22, and RMB 3.77 for the same years [4] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of around 16-20% from 2024 to 2026 [4] Global Market Position - Fuyao has become the global leader in automotive glass, with a market share of 33% in 2023, surpassing competitors like Asahi Glass, Nippon Sheet Glass, and Saint-Gobain [11] - The company's overseas revenue has grown significantly, accounting for 44.6% of total revenue in 2023, up from 31.9% in 2013 [15] - Fuyao's U.S. operations have been a key driver of its global expansion, with revenue from the U.S. factory increasing steadily since 2017 [23] Cost Control and Profitability - Fuyao's strong cost control measures have resulted in a gross margin of over 35%, significantly higher than its competitors [27] - The company has integrated its supply chain, from raw materials to production, to reduce costs and improve efficiency [28] - Fuyao's management efficiency has also improved, with operating expenses as a percentage of revenue declining to around 15% in recent years [31] High-Value Glass Products - Fuyao is focusing on high-value glass products such as panoramic sunroofs, smart glass, and HUD display glass, which offer higher ASPs and margins [32] - The company's high-value products accounted for a significant portion of its revenue in 2023, with further growth expected as these products gain wider adoption [32] - Fuyao is also investing in advanced technologies like smart glass antennas and solar glass, which are expected to drive future growth [56]

2024年8月7日 | 3:45PM CST 2131d4eaf4cb4d50b1d51c8af07b64b4 福耀玻璃 (600660.SS/3606.HK) 2Q24业绩分析：领先的销量增长、均价改善以 及利润率上升推动业绩大幅好于预期；买入 福耀玻璃公布的2024年二季度业绩大幅超出我们和市场的预测（请参见我们基于业绩 快报的简要分析）。福耀玻璃表示，显著超预期的业绩表现主要得益于销量增速领 先、均价提升和利润率提高，我们认为这些因素在未来的经营中都具有可持续性。我 们在本文中具体分析了管理层在业绩说明会上阐述的四大利好因素，我们认为它们也 为持续的业务扩张奠定了基础：1）美国工厂最新情况：管理层重申调查对象是第三方 劳务公司，而非福耀美国，管理层认为福耀在美国运营合规，遵守当地法律法规；因 此，其扩大美国生产的业务战略保持不变；2）销量增长领先，福耀玻璃2024年上半 年汽车玻璃销量同比增长16%，而全球汽车销量同比增速不到1%；管理层预计日后将 延续类似的增长势头；3）销售均价提升符合预期，福耀玻璃销售均价同比上涨 8.3%，管理层表示有清晰的可预见性显示未来5年均价有望同比上涨7%-8%；4）国内 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - Strong Q2 2024 performance with record-high revenue and profit [2] - Revenue growth driven by increased market share, higher ASP, and larger vehicle glass area [5] - Profit growth expected to outpace revenue growth due to low raw material costs and new capacity [5] Financial Performance Revenue - H1 2024 revenue: RMB 18.34 billion, +22.01% YoY [2] - Q2 2024 revenue: RMB 9.504 billion, +19.1% YoY, +7.6% QoQ, a historical high [3] - High-value-added products accounted for +4.82 pct YoY in H1 2024 [3] Profit - H1 2024 net profit: RMB 3.499 billion, +23.35% YoY [2] - Q2 2024 net profit: RMB 2.111 billion, +9.8% YoY, +52.1% QoQ [4] - Q2 2024 gross margin: 37.73%, +2.76 pct YoY, +0.91 pct QoQ [4] - Q2 2024 net margin: 22.24%, -1.85 pct YoY, +6.53 pct QoQ [4] US Factory Performance - H1 2024 US factory revenue: RMB 3.211 billion, +26% YoY [4] - H1 2024 US factory net profit: RMB 387 million, +104% YoY [4] - H1 2024 US factory net margin: 12.05%, +4.58 pct YoY [4] Forecasts Revenue - 2024E revenue: RMB 39.825 billion, +20% YoY [5] - 2025E revenue: RMB 47.221 billion, +19% YoY [5] - 2026E revenue: RMB 55.754 billion, +18% YoY [5] Net Profit - 2024E net profit: RMB 7.473 billion, +33% YoY [5] - 2025E net profit: RMB 8.548 billion, +14% YoY [5] - 2026E net profit: RMB 9.706 billion, +14% YoY [5] Valuation - 2024E P/E: 15.76x [5] - 2025E P/E: 13.78x [5] - 2026E P/E: 12.14x [5] Key Drivers - Increased market share globally [5] - Higher ASP and larger vehicle glass area [5] - Low raw material costs (soda ash and natural gas) [5] - New capacity expected to come online post-2025 [5]

证券研究报告·公司点评报告·汽车零部件 福耀玻璃（600660） 2024 年半年度报告点评：2024Q2 业绩亮眼， 汽玻龙头强者恒强 2024 年 08 月 08 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 28099 | 33161 | 39597 | 46091 | 53892 | | 同比（%） | 19.05 | 18.02 | 19.41 | 16.40 | 16.92 | | 归母净利润（百万元） | 4756 | 5629 | 7004 | 8245 | 9586 | | 同比（%） | 51.16 | 18.37 | 24.43 | 17.71 | 16.27 | | EPS-最新摊薄（元/股） | 1.82 | 2.16 | 2.68 | 3. ...

福耀玻璃(600660.SH)/汽车 证券研究报告/公司点评 2024 年 8 月 7 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：42.87 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|---------| | 总股本(百万股) | 2,610 | | 流通股本(百万股) | 2,003 | | 市价(元) | 42.87 | | 市值(百万元) | 111,880 | | 流通市值(百万元) | 85,869 | [Table_QuotePic] 股价与行业-市场走势对比 -30% -20% -10% 0% 10% 20% 30% 40% 50% 福耀玻璃 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-06 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1][5][6] Core Views - In the first half of 2024, the company achieved revenue of 18.34 billion yuan, a year-on-year increase of 22.01%, with net profit attributable to shareholders reaching 3.499 billion yuan, up 23.35% year-on-year [1][3] - The second quarter of 2024 saw revenue of 9.504 billion yuan, with a quarter-on-quarter increase of 19.12% and a year-on-year increase of 7.56% [1][3] - The company's performance growth significantly outpaced the automotive industry's production growth, attributed to an increase in global market share and a higher proportion of high-value-added products [4][5] Financial Summary - Revenue (in million yuan) for 2023, 2024E, 2025E, and 2026E is projected at 33,161, 39,087, 44,810, and 50,768 respectively, with year-on-year growth rates of 18.0%, 17.9%, 14.6%, and 13.3% [1][12] - Net profit attributable to shareholders (in million yuan) is expected to be 5,629, 7,530, 8,834, and 10,142 for the same years, with growth rates of 18.4%, 33.8%, 17.3%, and 14.8% [1][12] - The overall gross margin for the first half of 2024 was 36.7%, with a gross margin of 37.7% in Q2 2024, reflecting improvements in product mix and cost reductions [4][5] Market Performance - Fuyao Glass's U.S. subsidiary reported a revenue of 3.36 billion yuan in the first half of 2024, a year-on-year increase of 32.1%, with net profit doubling to 390 million yuan [4][5] - The company is expected to continue benefiting from product structure upgrades, market share expansion, and stable or declining costs, leading to improved profitability [5][6]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Fuyao Glass [1][2] Core Views - The company demonstrated strong performance in 2Q24, with a year-on-year revenue increase of 22.0% to RMB 18.34 billion and a net profit increase of 23.4% to RMB 3.50 billion, indicating a robust growth trajectory [1] - The report highlights the continuous improvement in gross margin, which reached 37.7% in 2Q24, benefiting from internal efficiency improvements and economies of scale [1][2] - The company is expected to maintain a positive outlook for volume and price growth due to ongoing investments in new factories and projects, alongside an increase in high-value-added products [2] Summary by Sections Financial Performance - In 1H24, automotive glass sales increased by 16.2%, with an average selling price (ASP) growth of 8.3%, leading to a 25.8% increase in automotive glass revenue to RMB 16.8 billion [1] - The report projects net profits for 2024E, 2025E, and 2026E to be approximately RMB 6.93 billion, RMB 8.04 billion, and RMB 9.24 billion, respectively, reflecting an upward revision of 6% for 2024E and 2025E, and 9% for 2026E [2][3] Market Position and Strategy - The company is focusing on expanding its market share globally, supported by competitors facing production challenges and its own capacity advantages [2] - The report anticipates continued ASP improvement driven by the increasing penetration of high-value products such as panoramic roofs and advanced driver-assistance systems (ADAS) [2] Valuation Metrics - The target prices have been adjusted to RMB 58.40 for A-shares and HKD 52.19 for H-shares, corresponding to approximately 22x and 18x 2024E PE [2] - The expected dividend yields for 2024E are approximately 4.0% for A-shares and 4.9% for H-shares [2][3]