Zhi Tong Cai Jing·2025-10-28 01:49Core Viewpoint - Fuyao Glass (06865) reported strong Q3 results, with revenue and net profit exceeding expectations, leading to a significant stock price increase [1] Company Performance - In Q3, Fuyao Glass achieved revenue of 4.73 billion yuan, representing a year-on-year growth of 21% and a quarter-on-quarter growth of 29% [1] - The company reported a net profit attributable to shareholders of 376 million yuan, marking a turnaround from losses and a quarter-on-quarter increase of 143% [1] Industry Insights - According to Guojin Securities, Fuyao Glass's photovoltaic glass shipment volume significantly increased quarter-on-quarter, indicating accelerated inventory reduction [1] - By the end of Q3, the company's inventory balance decreased by 751 million yuan to 1.207 billion yuan [1] - The photovoltaic glass industry experienced accelerated cold repairs in June and July, with production capacity dropping to 89,000 tons per day [1] - Despite rising prices in August and September, there was no large-scale resumption of production, maintaining low domestic production capacity [1] - The photovoltaic glass sector, being less oversupplied compared to other segments, is expected to see market clearing accelerate as weaker companies exit [1]