2023全年业绩稳健增长，加码资本开支彰显发展信心

Investment Rating - The report maintains a rating of "Accumulate" for Fuyao Glass [4] Core Views - Fuyao Glass achieved a revenue of 33.16 billion RMB in 2023, representing an 18.0% year-on-year growth, with a net profit of 5.63 billion RMB, up 18.4% year-on-year [1][2] - The company plans to increase capital expenditure significantly in 2024 to 8.12 billion RMB, reflecting confidence in future growth [3][8] Revenue Summary - In 2023, the company sold automotive glass with a sales area increase of 10.24%, aligning with the industry growth of 12% in domestic automobile sales [2] - The average price of automotive glass increased by 5.9% year-on-year, driven by product upgrades with high-value glass products accounting for a 9.54 percentage point increase [2] Profit Summary - The gross margin for 2023 was 35.4%, an increase of 1.4 percentage points year-on-year, with the highest margin of 36.5% achieved in Q4 2023 [2] - The net profit margin for 2023 was 17.0%, reflecting a 0.1 percentage point increase year-on-year, primarily supported by improved gross margins [2] Capacity Expansion and Product Upgrade - The company plans to invest 8.12 billion RMB in capital expenditures in 2024, with significant investments in new production lines for automotive safety glass [3] - The proportion of high-value products such as smart panoramic glass and adjustable light glass is continuously increasing, contributing to long-term growth potential [3] Financial Projections - The report forecasts revenues of 40.42 billion RMB, 45.63 billion RMB, and 51.88 billion RMB for 2024, 2025, and 2026, respectively, with corresponding net profits of 6.66 billion RMB, 7.82 billion RMB, and 9.12 billion RMB [8]