Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [10] Core Insights - The automotive glass market is experiencing continuous upgrades driven by smart integration, with products like panoramic roofs, HUDs, and soundproof glass enhancing the per-vehicle value [2][5] - The industry is highly concentrated, with Fuyao Glass as the global leader, benefiting from a new round of capacity expansion that opens up future growth opportunities [2][7] Summary by Sections Smart Integration Driving Value Enhancement - Automotive glass is evolving from a safety component to a multifunctional platform, integrating features such as heat insulation, soundproofing, information display, smart dimming, and energy collection [19] - The penetration rate of panoramic roofs in the passenger car market is expected to rise from 10.5% in 2024 to 50% by 2030, with average per-vehicle value increasing by 30%-40% compared to traditional sunroofs [6][39] Fuyao Glass: Volume and Price Growth - Fuyao Glass's revenue and global market share are consistently increasing, with a revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in the first half of 2025 [7] - The company is expanding its high-end production capacity domestically and internationally, which is expected to enhance its global market share [7][63] Investment Recommendations - The trend of rising volume and price in automotive glass is clear, with high-value products like panoramic roofs and HUDs driving the average per-vehicle value higher [8] - Fuyao Glass is recommended for continued investment due to its strong market position and growth potential in the context of increasing demand for high-value automotive glass products [8][10] Global Competitive Landscape - The global automotive glass market is characterized by a high concentration of major players, with Fuyao Glass holding a 28% market share, followed closely by AGC and NSG [68] - Fuyao's competitive advantages include rapid local supply chain response and strong customer relationship management, solidifying its market leadership [68][70]