Zhi Tong Cai Jing·2025-09-03 06:59Core Viewpoint - Fuyao Glass (600660) has seen a significant stock price increase, reaching a historical high of 73.65 HKD, driven by strong financial performance in the first half of the year [1] Financial Performance - In the first half of the year, Fuyao Glass achieved operating revenue of approximately 21.447 billion CNY, representing a year-on-year growth of 16.94% [1] - The net profit attributable to shareholders was around 4.805 billion CNY, with a year-on-year increase of 37.33% [1] - For the second quarter, the company reported revenue of 11.54 billion CNY, up 21.39% year-on-year, and a net profit of 2.775 billion CNY, reflecting a growth of 31.47% [1] - The company declared a cash dividend of 0.90 CNY per share [1] Market Position and Growth Drivers - Southwest Securities highlighted Fuyao Glass's competitive advantage in the global automotive glass sector, with expectations for increased market share due to the upcoming production from domestic bases in Hefei and Fuzhou, as well as expansion projects in the U.S. [1] - The company is expected to benefit from several domestic policies aimed at stimulating automotive consumption, including trade-in programs and tax exemptions for new energy vehicles, which will likely boost automotive glass sales [1] - The acceleration of domestic and international production capacity release is enhancing regional support capabilities and global delivery capabilities [1] - The increasing proportion of high-value-added products, such as smart panoramic glass, adjustable light glass, head-up display glass, and ultra-insulating glass, is expected to drive the growth of the average selling price (ASP) [1]