平安证券：福耀玻璃盈利能力超预期，维持“推荐”评级

Core Viewpoint - Fuyao Glass is expected to achieve a net profit attributable to shareholders of 4.8 billion yuan in the first half of 2025, representing a year-on-year increase of 37% [1] - The company plans to distribute a cash dividend of 0.9 yuan per share (including tax) for the mid-term of 2025 [1] Company Performance - The net profit excluding non-recurring items is projected to be 4.7 billion yuan, reflecting a 32% year-on-year growth [1] - Fuyao Glass continues to enhance its profitability through increased unit prices of automotive glass and a growing proportion of high-value-added products [1] Market Position and Strategy - The company is expected to expand its market share through the construction of new projects both domestically and internationally [1] - Fuyao Glass maintains a strong cost transfer capability due to its market-leading position and the high barriers to entry in the automotive glass industry [1] Dividend Policy - The company has historically maintained a stable dividend payout ratio, reinforcing investor confidence [1] - The latest performance has led to an upward revision of the company's earnings forecast by the securities firm [1]