研报掘金丨国盛证券：首予耀皮玻璃“买入”评级，汽车玻璃进入收获期

Core Viewpoint - The report from Guosheng Securities highlights that Yaopi Glass has strong technical capabilities and is actively implementing a differentiated competition strategy, leading to a 28.7% year-on-year increase in net profit attributable to shareholders, reaching 120 million yuan in the first three quarters of 2025 despite overall industry pressure [1] Company Summary - Yaopi Glass is focusing on high-value-added products such as TCO glass and laminated skylights, which are driving sales growth [1] - The company has established a strong advantage in the high-end glass sector, particularly with TCO glass technology, which is leading in the domestic market [1] - The company is expected to benefit significantly from the industrialization process of perovskite batteries [1] - In the automotive glass sector, the company is anticipated to see simultaneous increases in market share and profit margins [1] - The initial coverage of the company has been rated as "Buy" [1]