Ge Long Hui A P P·2025-08-21 05:54Core Viewpoint - Fuyao Glass has significantly expanded its profit margins in the first half of the year, primarily due to efficiency improvements, operational leverage, and reduced raw material costs [1] Financial Performance - The company declared an interim dividend of 0.9 yuan per share, indicating a payout ratio of 49% [1] - It is expected that the payout ratio will exceed 60% starting from 2025 and in the future [1] Future Outlook - The company is projected to see continued profit improvement in the second half of this year and into next year [1] - High ongoing R&D expenditures are believed to give the company an advantage in the development and production of high value-added products [1] Target Price Adjustment - The target price for H-shares has been raised from 68 HKD to 77 HKD due to improved trading sentiment in the Hong Kong stock market [1] - The target price for A-shares remains at 71 yuan, with a reaffirmation of the "outperform" rating [1]