福耀玻璃(600660)：2024经营业绩稳健 高分红延续

Core Viewpoint - The company reported a solid performance for 2024, with revenue and net profit growth in line with market expectations, and plans to maintain high dividend payouts [1][2]. Financial Performance - In 2024, the company achieved revenue of 39.252 billion yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 7.498 billion yuan, up 33% year-on-year [1]. - For Q4 2024, revenue was 10.938 billion yuan, reflecting a 17% year-on-year increase and a 10% quarter-on-quarter increase, while net profit was 2.019 billion yuan, up 34% year-on-year and 2% quarter-on-quarter [1]. Development Trends - Revenue growth is driven by an increase in high-value-added products and global expansion, with automotive glass revenue reaching 35.712 billion yuan (up 19.5% year-on-year) and float glass revenue at 5.961 billion yuan (up 4.4% year-on-year) [3]. - High-value-added products accounted for 59% of total revenue, an increase of 5.02 percentage points year-on-year [3]. - Domestic revenue grew by 18.5% to 21.16 billion yuan, while overseas revenue increased by 18.7% to 17.56 billion yuan, with the U.S. factory contributing 6.31 billion yuan (up 15.3% year-on-year) [3]. Margin and Cash Flow - The overall gross margin for 2024 was 36.2%, an increase of 0.8 percentage points year-on-year, while Q4 2024 gross margin was 32.1%, down 4.4 percentage points year-on-year and 6.7 percentage points quarter-on-quarter [4]. - Operating cash flow for the year increased by 12.3% to 8.562 billion yuan, covering capital expenditures of 5.481 billion yuan (up 23.3% year-on-year) [4]. Dividend and Expansion - The company plans to distribute a dividend of 1.8 yuan per share (before tax), with a dividend payout ratio of 62.65%, reflecting strong operational quality and shareholder returns [5]. - The company announced an additional investment of 400 million USD in its North American factory to increase production capacity for automotive and float glass, and established a subsidiary in Hungary to enhance its European supply chain [5]. Profit Forecast and Valuation - The net profit forecast for 2025 has been slightly raised by 2% to 8.73 billion yuan, with an initial estimate for 2026 net profit at 10.1 billion yuan [6]. - Current A-shares are valued at 18.1 times and 15.6 times P/E for 2025 and 2026, respectively, with a target price of 68.50 yuan, indicating a potential upside of 13.3% from the current price [6].