福耀玻璃点评：成本改善及规模效应推动盈利能力增强，业绩超预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's revenue growth in Q2 exceeded the performance of the domestic downstream market, driven by the increasing penetration of high-value-added products and a rising global market share [2][6] - Cost improvements and economies of scale have significantly enhanced the company's profitability, leading to better-than-expected performance [6][7] - The company is positioned as a leading global automotive glass manufacturer, with a widening competitive moat and significant long-term investment value [2][7] Financial Performance - For the first half of 2024, the company achieved operating revenue of 18.34 billion yuan, a year-on-year increase of 22.0%, and a net profit attributable to shareholders of 3.50 billion yuan, up 23.4% year-on-year [6] - In Q2, the company reported operating revenue of 9.50 billion yuan, a year-on-year increase of 19.1% and a quarter-on-quarter increase of 7.6% [6] - The net profit for Q2 was 2.11 billion yuan, representing a year-on-year increase of 9.9% and a quarter-on-quarter increase of 52.1% [6] Future Outlook - The company is expected to benefit from the increasing penetration of panoramic roofs and HUD technologies, with a projected rapid expansion of the global market over the next decade [6] - The share of high-value-added products in the company's revenue has increased by 9.54 percentage points year-on-year [6] - The company is anticipated to maintain a strong growth trajectory, with projected net profits of 7.09 billion, 8.05 billion, and 9.43 billion yuan for 2024, 2025, and 2026, respectively [7]