全球汽车玻璃企业复盘与展望：一超多强，福耀全球份额提速

Investment Rating - The investment rating for Fuyao Glass is "Buy" [1][2]. Core Viewpoints - Fuyao Glass is expected to accelerate its global market share expansion, contrary to market concerns that its share may be nearing a ceiling. The report suggests that foreign competitors are currently reducing capacity or adopting a cautious investment approach, while Fuyao continues to increase capital expenditures for new factory expansions [1][6][21]. - The global automotive glass market is highly concentrated, with Fuyao Glass, Asahi Glass, Pilkington, and Saint-Gobain accounting for approximately 93% of the market share in 2023 [7][12]. - Fuyao Glass has demonstrated superior profitability and investment returns compared to foreign competitors, with a net profit margin of 17.0% in 2023, while foreign players are struggling to achieve profitability [22][24]. Summary by Sections 1. Global Automotive Glass Participants Comparison - The competitive landscape is characterized by one dominant player (Fuyao Glass) and several strong competitors. Fuyao's market share in China has reached 70%, with significant potential for further growth in the aftermarket [5][6]. - Foreign competitors are generally adopting a strategy of reducing production capacity and focusing on high-value-added products, while Fuyao is expanding its production capacity both domestically and internationally [16][17]. 2. Operational Review - Asahi Glass is restructuring its automotive glass business, focusing on improving profitability and reducing capacity in Europe [31][32]. - Pilkington aims to enhance profitability through a focus on high-value products, but anticipates that automotive glass revenue will not return to pre-pandemic levels [35][36]. - Saint-Gobain is maintaining a cautious investment strategy, with a focus on high-performance products and a target operating profit margin of 13%-14% [16][17]. 3. Investment Recommendations - The report expresses confidence in Fuyao Glass's ability to increase its global market share, driven by strong order support and a favorable competitive environment due to foreign competitors' struggles [1][6][21]. - Fuyao's capital expenditures are expected to continue rising, with plans to invest 9 billion yuan in automotive safety glass projects, aiming for an annual production capacity of 46.6 million square meters [17][21].