证券简称：福耀玻璃 证券代码：600660 公告编号：2024-028 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于近期有关公司审 计机构相关事项，结合市场信息，基于审慎原则，考虑福耀玻璃工业集团股份有限公司 （以下简称"公司"或"本公司"）现有业务状况及对未来审计服务的需求，公司拟聘 任安永华明会计师事务所（特殊普通合伙）为公司2024年度境内审计机构与内部控制审 计机构，拟聘任安永会计师事务所为公司2024年度境外审计机构。公司已就变更会计师 事务所事宜与原聘任审计机构普华永道中天和罗兵咸永道进行了充分沟通，普华永道中 天和罗兵咸永道对本次变更会计师事务所事宜无异议。 公司董事局审计委员会、董事局已审议通过了本次拟变更会计师事务所事项， 本次拟变更会计师事务所事项尚需提交公司股东大会审议。 一、拟聘任会计师事务所的基本情况 福耀玻璃工业集团股份有限公司 关于拟变更会计师事务所的公告 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： 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙）（以下 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q2 2024, with revenue of 9.504 billion yuan, a year-on-year increase of 19.11% and a quarter-on-quarter increase of 7.56%. The net profit attributable to the parent company for Q2 2024 was 2.111 billion yuan, reflecting a year-on-year growth of 9.83% and a quarter-on-quarter growth of 52.09% [3] - The company is positioned as a global leader in the automotive glass industry, with increasing market share and average selling price (ASP) per vehicle, driven by the ongoing development of automotive intelligence and the introduction of high-value-added products [3] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 18.34 billion yuan, a year-on-year increase of 22.01%, and a net profit of 3.499 billion yuan, up 23.35% year-on-year [3] - The company's Q2 2024 net profit margin was 22.21%, showing a slight year-on-year decrease of 1.88 percentage points but an increase of 6.50 percentage points compared to the previous quarter [3] - The company's revenue and net profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 7.004 billion yuan, 8.245 billion yuan, and 9.586 billion yuan for 2024, 2025, and 2026 respectively [4] Market Position and Growth Drivers - The global automotive glass industry is concentrated, with major competitors facing lower profitability and limited capital expenditure, while the company is in a capital expenditure cycle that will enhance its global market share [3] - The increasing penetration of advanced automotive glass features, such as HUD windshields and panoramic roofs, is expected to drive growth in ASP per vehicle [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2024年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

上 市 公 司 汽车 2024 年 08 月 01 日 福耀玻璃 (600660) ——Q2 业绩超预期，公司经营效率进一步提高 | --- | --- | |------------------------------------|---------------------| | 市场数据： | 2024 年 07 月 31 日 | | 收盘价（元） | 45.01 | | 一年内最高/最低（元） | 52.18/35.90 | | 市净率 | 3.6 | | 息率（分红/股价） | 2.89 | | 流通 A 股市值（百万元） | 90,154 | | 上证指数/深证成指 | 2,938.75/8,754.09 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 03 月 31 日 | | 每股净资产（元） | 12.59 | | 资产负债率% | 44.95 | | 总股本/流通 A 股（百万） | 2,610/2,003 | | 流通 B ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q2 earnings that significantly exceeded expectations, showcasing both growth potential and certainty as a global leader in the automotive glass industry [1][4] - The revenue for Q2 reached 9.5 billion yuan, representing a year-on-year growth of 19.1%, while the net profit attributable to shareholders was 2.11 billion yuan, up 9.8% year-on-year [3][4] - The company is expected to benefit from product upgrades, increased market share, and new business opportunities, particularly in high-value automotive glass products [4] Financial Summary - Revenue projections for the company are as follows: - 2022A: 28,099 million yuan (19% growth) - 2023A: 33,161 million yuan (18% growth) - 2024E: 39,634 million yuan (20% growth) - 2025E: 46,606 million yuan (18% growth) - 2026E: 53,651 million yuan (15% growth) [1] - Net profit projections are: - 2022A: 4,756 million yuan - 2023A: 5,629 million yuan - 2024E: 7,075 million yuan - 2025E: 8,319 million yuan - 2026E: 9,997 million yuan [1] - Earnings per share (EPS) are projected to increase from 1.82 yuan in 2022 to 3.83 yuan in 2026 [1] Market Position and Growth Drivers - The company is experiencing a strong growth trajectory driven by the increasing share of high-value products such as panoramic roofs and HUD windshields, which are expected to enhance average selling prices (ASP) [4] - The company plans to invest significantly in expanding production capacity, with a total capital expenditure of approximately 8.12 billion yuan in 2024, marking a five-year high [4] - The aluminum trim business is anticipated to enter a growth phase, with new orders expected to ramp up production [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q2 2024, achieving record high quarterly revenue and profit, with Q2 revenue reaching 9.504 billion yuan, a year-on-year increase of 19.1% and a quarter-on-quarter increase of 7.6% [2][3] - The growth in revenue is attributed to increased domestic customer volume, improved overseas market share, and a higher proportion of high-value-added products [2][4] - The company’s net profit for Q2 2024 was 2.111 billion yuan, reflecting a year-on-year increase of 9.8% and a quarter-on-quarter increase of 52.1% [4] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 18.340 billion yuan, a year-on-year increase of 22.01%, and a net profit attributable to shareholders of 3.499 billion yuan, up 23.35% year-on-year [3] - The Q2 net profit margin was 22.2%, with a significant increase in profitability driven by scale effects, low raw material prices, and improved cost control [4] Earnings Forecast and Investment Rating - The company is expected to continue its revenue growth, driven by global market share, average selling price (ASP) increases, and larger vehicle area [4] - The earnings forecast for 2024-2026 projects revenues of 38.714 billion yuan, 45.554 billion yuan, and 53.694 billion yuan, with year-on-year growth rates of 17%, 18%, and 18% respectively [6] - The projected net profit for the same period is 6.857 billion yuan, 7.755 billion yuan, and 9.325 billion yuan, with year-on-year growth rates of 22%, 13%, and 20% respectively [6] - The report maintains a positive outlook on the company's upward trend and reiterates the "Buy" rating [4]

Investment Rating - The investment rating for Fuyao Glass (600660.SH) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and future outlook [2][4]. Core Insights - Fuyao Glass reported a strong performance in H1 2024, with revenue of approximately 18.34 billion yuan, a year-on-year increase of 22.0%, and a net profit of 3.50 billion yuan, up 23.3% year-on-year [2][3]. - The company's Q2 2024 revenue reached 9.50 billion yuan, reflecting a 19.1% year-on-year growth and a 7.6% quarter-on-quarter increase, with a net profit of 2.11 billion yuan, which is a 9.8% increase year-on-year and a 52.1% increase quarter-on-quarter [3][4]. - Fuyao Glass's leading position in the automotive glass market is reinforced by its continuous market share growth and improved profitability due to scale effects, internal efficiency enhancements, and declining raw material costs [3][4]. Summary by Sections Financial Performance - In H1 2024, Fuyao Glass achieved a total revenue of 18.34 billion yuan, with a net profit of 3.50 billion yuan, and a non-recurring net profit of 3.69 billion yuan, marking increases of 22.0%, 23.3%, and 32.1% respectively year-on-year [3][5]. - For Q2 2024, the company reported revenue of 9.50 billion yuan and a net profit of 2.11 billion yuan, with a net profit margin of 22.2%, showing a year-on-year decline of 1.9 percentage points but a quarter-on-quarter increase of 6.5 percentage points [3][5]. Investment and Expansion Plans - Fuyao Glass plans to invest a total of 9 billion yuan in expanding production capacity, including 3.25 billion yuan for a new automotive safety glass project in Fujian and 5.75 billion yuan for projects in Anhui [3][4]. - The company is focusing on high-value-added products, such as lightweight ultra-thin glass and smart panoramic roof glass, which are expected to enhance its average selling price (ASP) and profit margins [3][4]. Earnings Forecast - The forecast for Fuyao Glass indicates a revenue growth trajectory with expected revenues of 39.3 billion yuan, 46.6 billion yuan, and 54.8 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 18.5%, 18.5%, and 17.6% [4][5]. - The projected net profit for the same period is 7.07 billion yuan, 8.71 billion yuan, and 10.72 billion yuan, with corresponding growth rates of 25.6%, 23.2%, and 23.1% [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Q2 2024 performance exceeded expectations with significant growth in revenue and net profit [2] - Revenue for H1 2024 reached 183.4 billion yuan, up 22% YoY, while net profit attributable to shareholders was 34.99 billion yuan, up 23.4% YoY [2] - Q2 2024 revenue was 95.04 billion yuan, up 19.1% YoY and 7.6% QoQ, with net profit of 21.11 billion yuan, up 9.8% YoY and 52.1% QoQ [2] - Profitability continues to improve, with H1 2024 total profit reaching 41.25 billion yuan, up 24.3% YoY [2] - High-value-added products are driving ASP growth, with automotive glass ASP increasing by 5.94% YoY to 213.24 yuan per square meter in 2023 [2] - The company's market share is expanding, with global automotive glass sales reaching 140.16 million square meters in 2023, up 10.24% YoY [2] - Capital expenditure for 2024 is planned at 8.123 billion yuan to support capacity expansion [2] Financial Forecasts - EPS for 2024-2026 is projected to be 2.55/2.99/3.51 yuan, with a CAGR of 17.6% for net profit attributable to shareholders [3] - Revenue for 2024-2026 is forecasted to be 396.73/461.25/525.83 billion yuan, with growth rates of 19.64%/16.26%/14.00% [4] - Net profit attributable to shareholders for 2024-2026 is expected to be 66.65/78.10/91.59 billion yuan, with growth rates of 18.39%/17.19%/17.27% [4] - ROE is projected to increase from 19.68% in 2024 to 22.77% in 2026 [4] Industry and Market Position - The automotive glass industry is highly concentrated, and the company benefits from stable supply chains and cost advantages [2] - The company's focus on high-value-added products, cost control, and R&D investment gives it a competitive edge [2] - The trend towards automotive electrification and intelligence is driving market expansion, benefiting the company's product mix and ASP growth [2]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company reported strong performance in H1 2024, achieving revenue of 18.34 billion yuan, a year-on-year increase of 22.01%, and a net profit of 3.499 billion yuan, up 23.35% year-on-year [1][4]. - The company is positioned as a leading player in the automotive glass industry, with a domestic market share exceeding 70% and a global market share of approximately 30% [1][4]. - The report highlights the company's strategic investments and collaborations, particularly in high-value-added products and smart glass technologies, which are expected to drive future growth [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 18.34 billion yuan, with a net profit of 3.499 billion yuan, and a non-recurring net profit of 3.689 billion yuan, reflecting year-on-year growth rates of 22.01%, 23.35%, and 32.07% respectively [1][4]. - Q2 2024 saw a revenue of 9.504 billion yuan, a year-on-year increase of 19.12%, and a net profit of 2.111 billion yuan, up 9.86% year-on-year [1][4]. Market Position - The company is recognized as a global leader in automotive glass, with significant market presence in China, the US, Russia, and Europe [1][4]. - The report notes the company's strong vertical integration capabilities in the supply chain, enhancing its competitive advantage [1][4]. Growth Drivers - The increasing demand for smart and functional glass in the automotive sector, driven by trends in electric and intelligent vehicles, is expected to boost the company's average glass usage per vehicle [2][4]. - The integration of SAM, which specializes in aluminum trim products, is anticipated to improve profitability and contribute to revenue growth [2][4]. Future Projections - The report projects revenue growth for 2024-2026, estimating revenues of 39.931 billion yuan, 46.635 billion yuan, and 53.692 billion yuan, with corresponding net profits of 6.931 billion yuan, 8.271 billion yuan, and 9.605 billion yuan [4][5].

Q2 业绩表现强劲 汽玻二次成长 2024 年 07 月 30 日 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com ➢ 事件概述：公司披露 2024 半年度业绩快报：2024H1 实现营收 183.40 亿 元，同比+22.01%；归母净利润 34.99 亿元，同比+23.35%；扣非归母净利润 36.89 亿元，同比+32.07%。 ➢ 业绩超预期 收入&利润创历史新高。公司 2024H1 实现营收 183.40 亿元， 同比+22.01%；归母净利润 34.99 亿元，同比+23.35%；扣非归母净利润 36.89 亿元，同比+32.07%。其中 2024Q2 实现营收 95.04 亿元，同比+19.12%，环 比+7.57%，单季度营收创历史新高；实现归母净利 21.11 亿元，同比+9.86%， 环比+52.12%；实现扣非归母净利 21.71 亿元，同比+13.38%，环比+43.04%， 净利润同样创历史新高。此外，公司 2024H1 汇兑损失人民币 1,421.02 万元， 去年同期汇兑收益人民币 59,920.89 万元 ...