福耀玻璃系列专题报告(四)：福耀玻璃在北美市场的发展展望

Market Overview - The North American automotive glass market is experiencing slow and stable growth, with the overall market size projected to increase from 19.3 billion in 2024 to 24.2 billion in 2030, reflecting a compound annual growth rate (CAGR) of approximately 4% [1] - The market includes both OEM and aftermarket segments, with stable rates of vehicle scrappage and windshield damage contributing to this growth [1] Competitive Landscape - The automotive glass industry has high entry barriers due to the need for a comprehensive production and sales network, stringent technical and quality requirements, and significant capital investment [1] - The North American market is characterized by a high concentration of suppliers, with major players including Fuyao Glass, Asahi Glass, Saint-Gobain, and Nippon Sheet Glass, where Fuyao has become the leading supplier in market share [1] Company Insights - Fuyao Glass is expected to achieve both volume and profit growth in the North American market, as its main competitors are not solely focused on automotive glass and are currently in a low-profit state [2] - Fuyao's profitability significantly outpaces that of its competitors, and ongoing investments in its U.S. facilities are anticipated to enhance its market share further [2] - The company's net profit margin is expected to improve due to higher product yield, reduced depreciation and amortization ratios, enhanced management efficiency, and an increased proportion of high-value-added products [2] Investment Recommendation - Fuyao Glass is recommended as a leading player in the global automotive glass industry, with ongoing efforts to expand its product boundaries and enhance the value of its offerings [3] - The company is expected to maintain an upward trend in global market share, leveraging its competitive advantages in quality and cost-effectiveness to capture more market share from competitors [3] - Profit forecasts for Fuyao Glass indicate net profits of 8.835 billion, 10.388 billion, and 12.177 billion for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 16.13, 13.72, and 11.70 [3]