耀皮玻璃拟6.9亿投建汽车玻璃产线 扣非增超41%毛利率达18.16%

Core Viewpoint - Yao Pi Glass is actively enhancing its production capacity and competitiveness by investing approximately 690 million yuan in automotive glass production lines across four major production bases [1][2]. Investment Plans - The company plans to invest 5 billion yuan in the Yizheng production base to build a highly automated and high-quality laminated and tempered automotive glass production line, with a projected monthly capacity increase of 400,000 high-end automotive glass products by June 2027 [2][3]. - An investment of 79 million yuan is planned for the Tianjin production base to establish a tempered automotive glass production line, expected to add 800,000 pieces per month by December 2026 [2]. - A total of 76.1 million yuan will be invested in the Shanghai production base for a laminated automotive glass production line, with a monthly capacity increase of 80,000 pieces by December 2026 [3]. - The Wuhan production base will receive an investment of 35 million yuan for a laminated automotive glass production line, projected to add 50,000 pieces per month by December 2026 [3]. Financial Performance - For the first three quarters of 2025, Yao Pi Glass reported a net profit attributable to shareholders of 124 million yuan, a year-on-year increase of 28.67%, and a non-recurring net profit of 111 million yuan, up 41.23% [1][7]. - The company's gross profit margin improved to 18.16%, an increase of 2.07 percentage points compared to the same period in 2024 [7]. - Despite a slight decline in revenue to 4.069 billion yuan, the company has maintained strong profitability through strategic operational measures and cost management [6][7]. Research and Development - Yao Pi Glass has invested a total of 1.81 billion yuan in R&D for the first three quarters of 2025, reflecting a year-on-year increase of 2.73% [7]. - Over the past five years, the total R&D expenditure has reached 1.117 billion yuan, with annual investments exceeding 200 million yuan [6][7].