智通财经网·2025-10-17 02:26Core Viewpoint - CITIC Securities has raised the target price for Fuyao Glass (03606) by 6.5% to HKD 82 and for Fuyao Glass (600660.SH) by 5.6% to CNY 75, maintaining an "outperform" rating [1] Financial Performance - Fuyao Glass is expected to achieve a revenue and profit growth of 19% and 14% year-on-year in Q3 2025 [1] - Despite a decrease in shipping costs and an increase in capacity utilization, the gross margin has declined by 0.6 percentage points due to increased OEM discounts and seasonal fluctuations in profit margins from the U.S. business [1] Pricing and Market Trends - The company aims for an average selling price increase of 6-7% in 2025 [1] - The penetration of new energy vehicles in the global market is expected to enhance the revenue contribution from high-value-added products [1] Profitability Forecast - CITIC Securities has adjusted the profit forecasts for Fuyao Glass for 2025, 2026, and 2027 upwards by 6.5%, 6.5%, and 6.4% respectively, citing improved bargaining power in OEM and efficient management to control expenses [1]