证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 车身附件及饰件 ＃investSuggestion＃ ＃ ＃d福yCo耀mpa玻ny＃璃 （ 600660 ） investSug 买入 ( 维ges持tionC）h 600660 ＃title＃ 2023Q4 业绩符合预期，看好公司份额扩张与产品升级 ange＃ ＃createTime1＃ 2024年 03月 17日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃2023年全年公司营收为 331.6亿元，同比+18.0%；归母净利润为 56.3亿 元，同比+18.4%；每股收益为 2.2元，同比+18.68%。其中 2023Q4营收为 93.4亿 市场数据日期 2024-03-15 元，同环比分别+21.9%/+6.1%；归母净利润为 15.0 亿元，同环比分别 收盘价（元） 43.65 +75.9%/+16.5%；扣非归母净利润为 14.7亿元，同环比分别+72.2%/+15.5%。 总股本（百万股） 2609.74  2023Q4业绩符合预期，实现同比高增长。2023年中国汽车产量为 3016.1万辆，同 比+11 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1] Core Views - The company reported strong Q4 performance with a revenue of 93.35 billion yuan, up 21.89% year-on-year, and a net profit of 15 billion yuan, up 75.9% year-on-year [2] - The gross margin for 2023 was 35.39%, an increase of 1.36 percentage points year-on-year, indicating continuous improvement in profitability [2] - The company is benefiting from the growing penetration of high-value-added products, with the average selling price (ASP) of automotive glass reaching 213.24 yuan per square meter, up 5.94% year-on-year [2] - Fuyao Glass is expanding its production capacity with a planned capital expenditure of 81.23 billion yuan in 2024, aiming to increase its market share in a highly concentrated industry [2] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 331.61 billion yuan, a year-on-year increase of 18%, and a net profit of 56.29 billion yuan, up 18.37% year-on-year [2][4] - The company’s automotive glass sales volume reached 140.16 million square meters, an increase of 10.24% year-on-year [2] Growth Projections - The forecast for EPS from 2024 to 2026 is 2.33, 2.80, and 3.41 yuan, respectively, with a compound annual growth rate (CAGR) for net profit of 16.54% [3][4] - Revenue growth rates are projected at 17.22%, 16.46%, and 16.16% for the years 2024 to 2026 [4] Market Position - Fuyao Glass continues to outperform the industry, with the domestic automotive production and sales growing by 11.6% and 12% respectively in 2023 [2] - The company is expected to maintain its competitive edge through cost control, research and development investment, and a focus on high-value products [2]

Investment Rating - The investment rating for Fuyao Glass is not explicitly stated in the provided documents, but it suggests continuous attention to the company due to its strong performance and growth potential [4]. Core Insights - Fuyao Glass reported a revenue of 33.16 billion yuan in 2023, representing an 18.02% year-on-year increase, with a net profit of 5.63 billion yuan, up 18.37% year-on-year [1][2]. - The company experienced significant growth in Q4 2023, with revenue reaching 9.33 billion yuan, a 21.89% increase year-on-year, and a net profit of 1.50 billion yuan, up 75.88% year-on-year [2]. - The company has a high dividend payout ratio, proposing a cash dividend of 1.3 yuan per share, totaling 3.39 billion yuan, which is approximately 60.27% of the net profit attributable to shareholders [3]. Financial Performance Summary - In 2023, Fuyao Glass achieved sales of 140 million square meters of automotive glass and 183,000 tons of float glass, with respective year-on-year growth rates of 10.24% and 13.04% [2]. - The average selling price for automotive glass increased by 58.27% to 213 yuan per square meter, while the gross margin improved to 30.59% [2]. - The projected revenues for 2024, 2025, and 2026 are estimated at 40.14 billion yuan, 48.19 billion yuan, and 57.87 billion yuan, respectively, with year-on-year growth rates of 21.1%, 20.1%, and 20.1% [4][5]. Valuation Metrics - The earnings per share (EPS) for 2023 was 2.16 yuan, with projections of 2.41 yuan, 3.01 yuan, and 3.68 yuan for 2024, 2025, and 2026, respectively [5]. - The price-to-earnings (P/E) ratio for 2023 is 20.2, with expected declines to 18.1 in 2024 and further to 14.5 in 2025 [5]. - The company maintains a strong balance sheet with an asset-liability ratio of 44.53% [6].

Investment Rating - The report maintains a "Recommendation" rating for Fuyao Glass [2][7]. Core Views - Fuyao Glass achieved a revenue of 33.2 billion RMB in 2023, representing an 18% year-on-year increase, and a net profit of 5.6 billion RMB, also up 18% year-on-year [3]. - The company is entering a capital expenditure expansion cycle, planning to invest 8.12 billion RMB in 2024, with significant investments in Fujian and Hefei to enhance production capacity [3][4]. - The proportion of high-value-added glass products continues to rise, with a 9.5 percentage point increase in 2023 [3]. Financial Performance - In 2023, the sales area of OEM glass increased by 12.4%, and the average price per square meter of automotive glass rose by 5.9% to 213.3 RMB [3]. - The gross margin for automotive glass business was 30.59%, up 0.94 percentage points year-on-year, with an overall net margin close to 17% [3]. - The forecast for net profit in 2024 and 2025 is 6.37 billion RMB and 7.57 billion RMB, respectively, with a first-time forecast for 2026 at 9.03 billion RMB [7]. Market Position and Strategy - Fuyao Glass holds a leading market position and has strong cost transfer capabilities, benefiting from the high barriers to entry in the automotive glass industry [7]. - The company’s investments in new projects are expected to further increase its market share, particularly in the context of the automotive industry's new technologies [4][7].

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1] Core Views - Fuyao Glass achieved a revenue of 33.16 billion yuan in 2023, representing an 18.02% year-on-year increase, with a net profit of 5.63 billion yuan, up 18.37% year-on-year. Q4 2023 revenue reached 9.335 billion yuan, with a year-on-year growth of 21.89% and a net profit of 1.503 billion yuan, reflecting a significant increase of 75.88% year-on-year [2][3] - The company is expected to maintain a steady growth trajectory, with projected revenues of 36.68 billion yuan in 2024 and 41.14 billion yuan in 2025, alongside net profits of 6.12 billion yuan and 7.28 billion yuan respectively [4] Summary by Sections Financial Performance - In Q4 2023, domestic automobile production reached 9.086 million units, showing a year-on-year increase of 23.32%. Fuyao's gross margin improved to 36.54%, up 3.70% year-on-year, driven by scale effects [3] - The company sold 1.4016 million square meters of automotive glass and 1.8276 million tons of float glass in 2023, with revenues of 29.887 billion yuan and 5.708 billion yuan respectively, and gross margins of 30.59% and 28.71% [3] Future Outlook - For 2024, Fuyao anticipates a total funding requirement of 41 billion yuan, with operational expenditures of 29.5 billion yuan and a dividend payout of 3.393 billion yuan, indicating a dividend rate of 60.27% [4] - The company aims to enhance its competitiveness in the automotive glass sector by expanding its product offerings and maintaining a focus on high-value products [4] Earnings Forecast and Valuation - The report maintains the forecast for Fuyao's net profit at 6.1 billion yuan for 2024 and 7.3 billion yuan for 2025, with projected earnings per share (EPS) of 2.34 yuan, 2.79 yuan, and 3.17 yuan for 2024, 2025, and 2026 respectively [4] - The price-to-earnings (P/E) ratios are expected to be 18.62, 15.64, and 13.79 for the years 2024, 2025, and 2026 respectively [4]

Financial Performance - The company achieved a total revenue of RMB 33,160.997 million in 2023, representing an 18.02% increase compared to the previous year[10]. - The total profit for the year was RMB 6,716.022 million, reflecting a growth of 20.38% year-on-year[10]. - The net profit attributable to shareholders was RMB 5,629.256 million, which is an 18.37% increase from the previous year[4]. - Earnings per share (EPS) reached RMB 2.16, marking an 18.68% growth compared to the prior year[10]. - The company reported a net profit growth rate of 18.44% for 2023, compared to 51.22% in 2022[25]. - The company's operating revenue for 2023 reached CNY 33.16 billion, an increase of 18.02% compared to CNY 28.10 billion in 2022[15]. - The net cash flow from operating activities for 2023 was CNY 7.62 billion, up 29.38% from CNY 5.89 billion in 2022[15]. - The gross profit margin improved to 35.39% in 2023, up from 34.03% in 2022[25]. - The weighted average return on equity for 2023 was 18.97%, an increase of 1.32 percentage points from 17.65% in 2022[16]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.30 per share, totaling RMB 3,392.667 million, which accounts for 60.27% of the net profit[4]. - The proposed cash dividend represents 60.27% of the net profit attributable to ordinary shareholders of the parent company, which is RMB 5,629,256,054 for the year[166]. - The cash dividend distribution date for A shares is set for May 18, 2023, and for H shares on June 16, 2023[164]. Investment and Growth Strategy - The board has approved an investment of RMB 9 billion in Fujian Fuzhou and RMB 9 billion in Anhui Hefei to support future growth[10]. - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth[15]. - The company aims to increase R&D investment to drive the development of new products such as smart glass and high-performance glass, enhancing its core competitiveness[31]. - The company is focusing on digital transformation and intelligent upgrades by exploring AI applications in glass development, manufacturing, and quality control[31]. - The company is committed to expanding its market presence by optimizing sales management and enhancing customer satisfaction[31]. Operational Efficiency - The company has maintained a strong cash flow position, which supports its ongoing investment strategies and potential acquisitions[15]. - The company is focusing on cost management strategies, including optimizing supplier relationships and enhancing production efficiency to mitigate cost fluctuations[32]. - The company emphasizes the importance of research and development, planning to increase investment to maintain competitive advantages in new automotive glass technologies[33]. - The company is leveraging its strong R&D capabilities and flexible production to meet the high demands of the automotive industry's new trends[29]. Market Trends and Industry Position - The automotive industry in China saw production and sales both exceed 30 million units in 2023, with year-on-year growth of 11.6% and 12% respectively[27]. - The penetration rate of new energy vehicles continues to rise, presenting new opportunities for the automotive glass industry[27]. - The company maintains a leading position in technology within the automotive glass sector, which is expected to drive structural opportunities for sales growth[27]. - The company is focusing on developing high-value products such as smart panoramic glass and adjustable light glass, aligning with the trend of automotive "electrification, connectivity, intelligence, and sharing"[27]. Risk Management and Compliance - The company has established a risk management internal control system that aligns with international standards and regulatory requirements[170]. - The company has not faced any significant administrative penalties related to environmental protection during the reporting period[54]. - The company has not engaged in any violations regarding guarantees during the reporting period[198]. - The company has not reported any new competitive businesses from major shareholders in 2023[197]. Corporate Governance - The company has established a whistleblower system to report fraud and misconduct, ensuring protection for whistleblowers[103]. - The company has complied with the Hong Kong Listing Rules and Corporate Governance Code during the reporting period[49]. - The board of directors consists of 9 members, including 3 independent non-executive directors, with a term of 3 years[128]. - The company emphasizes investor relations, appointing a dedicated secretary to manage information disclosure and investor communications[103]. Environmental Responsibility - The company invested 118.23 million yuan in environmental protection during the reporting period[174]. - The company has achieved compliance with national emission standards for key pollutants, with total emissions below the limits set by environmental authorities[186]. - The company has established an intelligent innovation center to enhance R&D capabilities in key automotive glass technologies, contributing to energy-efficient and environmentally friendly products[189]. - The company has committed to social responsibility, with a total investment of RMB 94,808,000 in public welfare projects, including the establishment of the He Ren Charity Foundation[193].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3606） 2023年年度業績公告 福 耀 玻 璃 工 業 集 團 股 份 有 限 公 司（「本公司」）董 事 局（「董事局」）欣 然 宣 佈 本公司及其附屬公司截至2023年12月31日 止 年 度 的 經 審 計 年 度 業 績。本 公告列載本公司2023年 年 度 報 告 全 文，並 符 合《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》中 有 關 年 度 業 績 初 步 公 告 附 載 的 資 料 的 要 求。本 公 司 2023年年度報告的印刷版本將於2024年4月底前寄發予本公司的H股 股 東，並 可 於 屆 時 在 香 港 聯 合 交 易 所 有 限 公 司 的 網 站http://www.hkexnews.hk 及本公司的網站http://ww ...

福耀玻璃工业集团股份有限公司 董事局审计委员会对会计师事务所 履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律 法规的要求，福耀玻璃工业集团股份股份有限公司（以下简称"公司"、"本公 司"）对会计师事务所 2023 年度审计履职情况进行评估，具体情况如下： 一、会计师事务所机构信息 机构名称：普华永道中天会计师事务所（特殊普通合伙）（以下简称"普华 永道中天"）、罗兵咸永道会计师事务所（以下简称"罗兵咸永道"）。 成立日期：普华永道中天前身为 1993 年 3 月 28 日成立的普华大华会计师事 务所，于 2013 年 1 月 18 日转制为普华永道中天会计师事务所（特殊普通合伙）。 注册地址：中国（上海）自由贸易试验区陆家嘴环路 1318 号星展银行大厦 507 单元 01 室。 首席合伙人：李丹。 二、聘任会计师事务所履行的程序 公司于 2023 年 3 月 16 日召开第十届董事局审计委员会第十次会议、第十届 董事 ...

Financial Performance - The company achieved a consolidated revenue of RMB 33,160,997,000, representing an 18.02% increase compared to the previous year[6]. - The pre-tax profit reached RMB 6,715,450,000, marking a 20.38% growth year-on-year[6]. - The net profit attributable to the company's shareholders was RMB 5,628,684,000, reflecting an 18.37% increase from the previous year[6]. - Earnings per share (EPS) stood at RMB 2.16, which is an 18.68% rise compared to the prior year[6]. - The company reported a net profit of RMB 3,497,072,186 for the parent company, with a total distributable profit of RMB 7,732,348,937 as of December 31, 2023[2]. - The net cash generated from operating activities was RMB 7,479,742, up 33.80% from RMB 5,590,337 in 2022[14]. - Total assets at the end of 2023 amounted to RMB 56,640,463, an increase of 11.55% from RMB 50,778,126 in 2022[14]. - Equity attributable to the owners of the company increased to RMB 31,436,239, an 8.35% rise from RMB 29,013,638 in the previous year[14]. - The gross profit margin for 2023 was 34.14%, up from 32.73% in 2022[24]. - The company's asset-liability ratio as of December 31, 2023, was 44.52%, indicating strong solvency[24]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.30 per share, totaling RMB 3,392,666,591.60, which accounts for 60.27% of the net profit attributable to shareholders[2]. - The company will not issue bonus shares or convert capital reserves into share capital for the year 2023, maintaining a focus on cash dividends[42]. - The company plans to distribute a cash dividend of RMB 1.30 per share (tax included), totaling RMB 3,392,666,591.60, which represents 60.27% of the annual profit attributable to the shareholders of the parent company[185]. Investment and Growth Strategy - The company has made a decision to invest a total of RMB 9 billion in Fuzhou and Hefei to support future growth[6]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[14]. - The company is focused on enhancing its technological capabilities and exploring potential mergers and acquisitions to strengthen its market position[14]. - The company aims to enhance product quality and ensure stable production process control to eliminate customer complaints[30]. - The company plans to increase R&D investment to drive the development of new products such as smart glass, high-performance glass, and high-value glass[30]. - The company is exploring the application of artificial intelligence in glass development, manufacturing, and quality control to drive digital transformation[28]. Market and Industry Trends - The Chinese automotive market achieved record production and sales of 30.16 million and 30.09 million vehicles, respectively, in 2023, marking a year-on-year growth of 11.6% and 12%[26]. - The penetration rate of new energy vehicles is continuously increasing, presenting new opportunities for the automotive glass industry[26]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[132]. - The company is actively pursuing mergers and acquisitions to enhance its product portfolio and market presence[141]. Risk Management and Compliance - The company has established a risk management internal control system that aligns with international standards and regulatory requirements[189]. - The internal audit department conducts independent evaluations of the internal control implementation, ensuring effective risk management[190]. - The company has implemented a self-check mechanism for internal control operations across business and functional departments[189]. - The company emphasizes strict compliance with information disclosure regulations set by regulatory bodies[174]. Corporate Governance - The company adheres to the corporate governance standards set by the Hong Kong Stock Exchange and has established a long-term mechanism to prevent asset occupation by controlling shareholders[114]. - The company has implemented strict information disclosure practices, ensuring that all shareholders have equal access to information[114]. - The company has a dedicated investor relations team to manage communications and maintain relationships with stakeholders, emphasizing social responsibility and sustainable development[114]. - The company has established a whistleblowing system to report fraud and misconduct, ensuring protection for whistleblowers[114]. Environmental Responsibility - The company is committed to green development, social responsibility, and creating value for customers through a complete industrial ecosystem[22]. - The company has implemented a standard internal control system in accordance with regulatory requirements[195]. - The company has invested 118.23 million yuan in environmental protection during the reporting period[196]. - The company complies with national regulations and emission standards for wastewater, waste gas, noise, and solid waste, ensuring all pollutants are discharged within legal limits[199].

福耀玻璃工業集團股份有限公司 環境、社會及管治報告 目錄 | 關於本報告 | | --- | | 關於本報告 | 4 | | --- | --- | | 報告範圍 | 4 | | 指代說明 | 4 | | 編制依據 | 5 | | 報告資料說明 | 5 | | 報告查詢指引 | 5 | | 關於福耀 | 6 | | --- | --- | | 公司簡介 | 6 | | 年度營運情況 | 7 | | | | | ESG 亮點績效 | 10 | | --- | --- | | 公司榮譽 | 12 | | 01 | | | --- | --- | | 責任管理 | 16 | | ESG 理念 | 18 | | ESG 管理機制 | 19 | | 利益相關方溝通 | 20 | | 重大性議題判定 | 21 | | 董事局聲明 | 22 | | 02 | | | --- | --- | | 誠信經營 | | | 打造全球公眾的信賴品牌 | 24 | | 鞏固治理根基 | 26 | | 深化風險合規 | 27 | | 堅持誠信經營 | 28 | 品質為先 打造全球客戶的忠實夥伴 精益質量管理 優化客戶體驗 聚焦產品創新 ...