福耀玻璃（600660）：汽玻量价齐升，产业链话语权强

Investment Rating - The investment rating for the company is "Recommended" [1][9]. Core Views - The report highlights that Fuyao Glass has experienced a significant increase in both volume and price of automotive glass, strengthening its bargaining power within the industry [8]. - The company reported a revenue of RMB 39.252 billion for 2024, representing a year-on-year increase of 18.37%, and a net profit of RMB 7.498 billion, up 33.20% year-on-year [4]. - The report emphasizes the ongoing growth in the automotive glass market, driven by increased vehicle glass area and higher prices, benefiting Fuyao Glass due to its global leadership and strong profitability [8]. Financial Summary - For 2024, the company achieved a revenue of RMB 39.252 billion, with a projected revenue growth of 16.8% for 2025, reaching RMB 45.844 billion [6]. - The net profit for 2024 was RMB 7.498 billion, with forecasts of RMB 8.933 billion for 2025, indicating a year-on-year growth of 19.1% [6]. - The gross margin for the company improved to over 36%, with a net margin exceeding 19% [8]. - The report projects a consistent increase in earnings per share (EPS), estimating RMB 3.42 for 2025 and RMB 4.63 for 2027 [6]. Production and Market Position - The automotive glass sales volume increased by 11.2% to 155.9 million square meters, with a 7.4% rise in average selling price to RMB 229.1 per square meter [8]. - The company is set to enhance its regional supply capabilities with the upcoming production facilities in Hefei and Fuzhou, expected to generate an annual output value of RMB 6 billion [8]. - Fuyao Glass's overseas subsidiary in the U.S. reported a revenue of RMB 6.31 billion with a net profit margin of 9.9% for 2024 [8].