福耀玻璃：点评报告：龙头地位确立，毛利率稳步提升

Investment Rating - The investment rating for Fuyao Glass is "Buy" and is maintained [5] Core Views - Fuyao Glass reported a total revenue of 18.34 billion and a net profit attributable to shareholders of 3.499 billion for the first half of 2024, representing a year-on-year growth of 22.01% and 23.35% respectively [2] - The company's gross profit margin and net profit margin have improved, with gross profit margin at 37.29%, an increase of 3.15 percentage points year-on-year, and net profit margin at 19.09%, an increase of 0.22 percentage points year-on-year [2] - The proportion of high-value automotive glass products has increased, driving up product prices, with automotive glass business revenue reaching 16.82 billion, a year-on-year increase of 25.82% [2] - The gross profit margin for the automotive glass business was 31.84%, an increase of 2.47 percentage points year-on-year, despite a cost-cutting environment in the automotive industry [2] - The gross profit margin for float glass has also increased significantly, reaching 35.55%, an increase of 8.34 percentage points year-on-year, supporting the company's vertical integration strategy [2] Financial Summary - The total assets of Fuyao Glass reached 60.104 billion, a growth of 6.13% compared to the end of the previous year [2] - The overall expense ratio for the reporting period was 14.07%, an increase of 2.66 percentage points year-on-year, primarily due to financial expenses related to exchange rate fluctuations [3] - The company has established new subsidiaries in Hungary and other regions to expand its global footprint [4] - Revenue forecasts for 2024-2026 are projected at 40.07 billion, 46.695 billion, and 53.636 billion respectively, with net profits of 7.027 billion, 8.565 billion, and 9.714 billion respectively [4][8]