FYG,FUYAO GLASS(600660) 平安证券·2025-03-19 12:00Investment Rating - The investment rating for Fuyao Glass is "Recommended" (maintained) [1][10]. Core Views - Fuyao Glass reported a revenue of 39.252 billion RMB for 2024, representing a year-on-year increase of 18.37%, and a net profit of 7.498 billion RMB, up 33.20% year-on-year [4]. - The company is benefiting from an increase in both the volume and price of automotive glass, with a sales volume growth of 11.2% in area, reaching 155.9 million square meters [9]. - The introduction of high-value-added products such as smart panoramic glass and adjustable light glass has increased their proportion in sales by 5.02 percentage points [9]. - The company is expected to maintain a high dividend payout ratio due to its strong market position and profitability in the automotive glass sector [9]. Financial Summary - Revenue projections for Fuyao Glass are as follows: 45.844 billion RMB in 2025, 53.205 billion RMB in 2026, and 62.149 billion RMB in 2027, with year-on-year growth rates of 16.8%, 16.1%, and 16.8% respectively [6]. - Net profit forecasts are 8.933 billion RMB for 2025, 10.401 billion RMB for 2026, and 12.078 billion RMB for 2027, with year-on-year growth rates of 19.1%, 16.4%, and 16.1% respectively [6]. - The gross margin is projected to improve to 36.8% in 2025 and 37.0% in 2026, while the net margin is expected to reach 19.5% in both years [6]. - The company’s return on equity (ROE) is forecasted to be 22.4% in 2025, 23.3% in 2026, and 24.1% in 2027 [6]. Production Capacity and Market Position - The new production facilities in Hefei and Fuzhou are expected to enhance regional supply capabilities, with the Hefei facility projected to produce 4 million sets of automotive glass annually, contributing an estimated annual output value of 6 billion RMB [9]. - Fuyao Glass holds a strong market share and significant bargaining power within the automotive supply chain, benefiting from the ongoing increase in automotive glass demand [9].