FYG,FUYAO GLASS(SH:600660) Soochow Securities·2025-03-22 00:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 39.252 billion yuan in 2024, representing a year-on-year growth of 18.37%, and a net profit attributable to shareholders of 7.498 billion yuan, up 33.20% year-on-year [8] - In Q4 2024, the company reported a revenue of 10.938 billion yuan, with a year-on-year increase of 17.17% and a quarter-on-quarter increase of 9.67%. The net profit for the same quarter was 2.019 billion yuan, reflecting a year-on-year growth of 34.32% and a quarter-on-quarter growth of 1.97% [8] - The company continues to enhance its market share and ASP (Average Selling Price) due to the ongoing upgrade of automotive glass products and the increasing proportion of high-value-added products [8] Summary by Sections Financial Performance - The company’s total revenue for 2023 was 33.161 billion yuan, with projections of 39.252 billion yuan for 2024, 46.168 billion yuan for 2025, 54.184 billion yuan for 2026, and 63.448 billion yuan for 2027, indicating a consistent growth trajectory [1] - The net profit attributable to shareholders for 2023 was 5.629 billion yuan, with forecasts of 7.498 billion yuan for 2024, 8.835 billion yuan for 2025, 10.388 billion yuan for 2026, and 12.177 billion yuan for 2027 [1] - The latest diluted EPS is projected to be 2.87 yuan for 2024, increasing to 3.39 yuan in 2025, 3.98 yuan in 2026, and 4.67 yuan in 2027 [1] Market Position - The company is positioned as a global leader in the automotive glass industry, benefiting from a concentrated market structure where major competitors have lower profitability and limited capital expenditure [8] - The company is in its third round of capital expenditure, with upcoming expansions in the U.S. and other bases expected to further enhance its global market share [8] ASP and Product Development - The ASP for automotive glass in 2024 was 229.11 yuan per square meter, reflecting a year-on-year increase of 7.45%, driven by product upgrades and a higher proportion of high-value products [8] - The ongoing development of automotive intelligence is expected to continue driving the growth of the automotive glass market and the company's value per vehicle [8]