FYG,FUYAO GLASS(600660) Southwest Securities·2024-10-18 03:00Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [1] Core Views - The company reported a revenue of 9.974 billion yuan in Q3 2024, representing a year-on-year increase of 13.4% and a quarter-on-quarter increase of 4.9% [2] - The net profit attributable to the parent company for Q3 2024 was 1.98 billion yuan, up 53.5% year-on-year but down 6.2% quarter-on-quarter [2] - The gross margin for Q3 2024 was 38.8%, an increase of 2.5 percentage points year-on-year and 1.1 percentage points quarter-on-quarter, marking seven consecutive quarters of improvement [2] - The company experienced a foreign exchange loss of 138 million yuan in the first three quarters of 2024, compared to a foreign exchange gain of 335 million yuan in the same period last year, which negatively impacted total profit [2] - The average selling price (ASP) of automotive glass increased to 213.24 yuan per square meter in 2023, a year-on-year increase of 5.94% [2] - The company’s capital expenditure in H1 2024 was 2.346 billion yuan, indicating ongoing capacity expansion [2] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 28.31 billion yuan, a year-on-year increase of 18.8%, and a net profit of 5.48 billion yuan, up 32.8% year-on-year [2] - The projected earnings per share (EPS) for 2024-2026 are 2.16, 2.92, and 3.38 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26, 19, and 17 [3][4] - The company’s net profit is expected to grow at a compound annual growth rate (CAGR) of 21.6% [3] - The projected revenue for 2024 is 33.161 billion yuan, with a growth rate of 19.64% [4]