Soochow Securities·2025-08-21 23:30Investment Rating - The investment rating for Fuyao Glass is "Buy" (maintained) [1] Core Views - The company's Q2 2025 performance exceeded expectations, with a significant increase in revenue and net profit, showcasing its strong competitive advantage in the global automotive glass industry [7] - Fuyao Glass is expected to continue benefiting from market share growth and an increase in average selling price (ASP) per vehicle due to the ongoing development of automotive intelligence and high-value-added products [7] Financial Summary - For Q2 2025, the company achieved total revenue of 11.537 billion yuan, a year-on-year increase of 21.39% and a quarter-on-quarter increase of 16.42% [7] - The net profit attributable to shareholders for Q2 2025 was 2.775 billion yuan, reflecting a year-on-year growth of 31.47% and a quarter-on-quarter growth of 36.72% [7] - The gross margin for Q2 2025 was 38.49%, up 3.08 percentage points from the previous quarter, attributed to improved capacity utilization and cost reduction measures [7] - The net profit margin for Q2 2025 was 24.05%, an increase of 3.57 percentage points from the previous quarter [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been revised upwards to 9.852 billion yuan, 11.163 billion yuan, and 13.089 billion yuan, respectively [7] - Corresponding EPS for the same period is projected to be 3.77 yuan, 4.28 yuan, and 5.02 yuan, with P/E ratios of 17.14, 15.13, and 12.90, respectively [7]