FYG,FUYAO GLASS(SH:600660) Guohai Securities·2024-03-17 16:00Investment Rating - The report assigns an "Accumulate" rating for Fuyao Glass [1][8] Core Views - Fuyao Glass achieved record high revenue and profit in 2023, with a revenue of 33.161 billion yuan, up 18.02% year-on-year, and a net profit of 5.629 billion yuan, up 18.37% year-on-year [3][4] - The company focuses on enhancing product quality and operational efficiency, with plans to invest 9 billion yuan in new projects to meet market demand [6][8] - The report anticipates steady growth in revenue and profit for the company, driven by the electric and intelligent transformation of the automotive industry [6][8] Financial Performance Summary - In Q4 2023, Fuyao Glass reported revenue of 9.335 billion yuan, a year-on-year increase of 21.89%, and a net profit of 1.503 billion yuan, up 75.88% year-on-year [4][5] - The company's gross margin for 2023 was 35.39%, an increase of 1.36 percentage points year-on-year, with a net profit margin of 16.98% [5][8] - The average selling price of automotive glass reached 213 yuan per square meter, up 5.94% year-on-year, benefiting from a higher proportion of high-value-added products [4][5] Future Projections - Revenue projections for 2024-2026 are 38.069 billion yuan, 45.481 billion yuan, and 53.021 billion yuan, with year-on-year growth rates of 15%, 19%, and 17% respectively [7][8] - Net profit projections for the same period are 6.291 billion yuan, 7.541 billion yuan, and 9.098 billion yuan, with growth rates of 12%, 20%, and 21% respectively [7][8] - The report estimates earnings per share (EPS) of 2.41 yuan, 2.89 yuan, and 3.49 yuan for 2024, 2025, and 2026 respectively [7][8]