Investment Rating - The report maintains an "Outperform the Market" rating for Fuyao Glass [5][3][48] Core Viewpoints - Fuyao Glass achieved a 37% year-on-year growth in net profit attributable to shareholders in the first half of 2025, with revenue reaching 21.4 billion yuan, a 17% increase [1][7] - The company plans to distribute a mid-term dividend of 0.90 yuan per share, totaling 2.349 billion yuan, which represents 49% of the net profit for the period [2][25] - The automotive glass industry is expected to enter a new growth phase driven by the increasing size and technological upgrades of automotive glass, with Fuyao positioned to benefit from these trends [2][26] Financial Performance - In Q2 2025, Fuyao Glass reported revenue of 11.5 billion yuan, a 21% increase year-on-year, and a net profit of 2.8 billion yuan, up 31% year-on-year [1][7] - The gross margin for Q2 2025 was 38.49%, reflecting a 3.09 percentage point increase from the previous quarter [19][21] - The company’s net profit margin for Q2 2025 was 24.05%, up 1.84 percentage points year-on-year [19] Market Position and Growth Potential - Fuyao Glass holds a global market share of over 36% in automotive glass, with a year-on-year increase of 1.88 percentage points [2][29] - The company is expanding production capacity in various locations, including Fuzhou and Anhui, which is expected to enhance its market position [2][26] - The average price of automotive glass per square meter has increased from 174 yuan in 2020 to 229 yuan in 2024, with a projected compound annual growth rate (CAGR) of 7% [2][36] Future Earnings Forecast - The report projects net profits for Fuyao Glass to reach 9.984 billion yuan, 11.228 billion yuan, and 12.992 billion yuan for the years 2025, 2026, and 2027 respectively, reflecting an upward revision from previous estimates [3][48] - The company is expected to maintain a high dividend payout ratio of over 60% from 2021 to 2024 [3][48] Technological Advancements - Fuyao is focusing on high-value-added products, including smart glass and advanced coatings, which are anticipated to drive future revenue growth [2][35][46] - The company has invested significantly in R&D, with expenditures increasing from 155 million yuan in 2010 to 1.678 billion yuan in 2024, representing a CAGR of 18.5% [35][39]

核心观点 公司上半年归母净利润同比增长37% 公司2025H1实现营收214亿元，同比+17%（marklines口径，全球汽车产量同比+2%）；归母净利润48亿元，同比+37%；其中汇兑收益6亿元。单季度，25Q2公司收入 115亿元，同比+21%（全球汽车产量同比+1.8%），环比+16%；归母净利润28亿元，同比+31%，环比+37%。 20 25Q2毛利率为38.49%，环比+3.09pct 2025Q2公司毛利率为38.49%，同比+0.76pct，环比+3.09pct；归母净利率为24.05%，同比+1.84pct，环比+3.57pct。核心受益于1）Q2原材料纯碱价格1300-1500元/吨， 环比一季度1500-1600元/吨价格持续回落，同比去年二季度2000-2400元/吨价格明显下降。2）北美子公司上半年营业利润率15%，较去年全年13%水平进一步提升；3） 公司降本增效加速推进，规模效应持续兑现。 重视股东汇报，中期分红率49% 公司2025年中期拟向全体股东（含A+H）每股分红0.90元（含税），合计派发股利23.49亿元，占当期归母净利润49%。 | 福耀玻璃系列 车中旭霞 | | ...

| 福耀玻璃系列 车中旭霞 | | --- | | 公司深度 | | 《福耀玻璃-600660-深度报告：全球汽车玻璃龙头的复盘与展望》——2024-09-26 | | 《福耀玻璃-600660-深度报告：海外扩张进入收获，玻璃产品价量齐升》——2017-05-22 | | 行业深度 | | 《汽车玻璃行业专题之一：量变与质变，汽车玻璃添灵魂》——2020-07-10 | | 行业专题 | | 《汽车玻璃行业跟踪专题之五：调光玻璃接棒天幕，前景可期》——2021-12-25 | | 《汽车玻璃行业跟踪点评之四：广汽埃安光感浩瀚天幕首发，电致变色调光玻璃尽显风采 | | 》——2021-06-14 | | 《汽车玻璃行业跟踪专题之三：兼顾美学和实用，测算玻璃车顶2021渗透率有望超5%》——2021- 03-25 | | 《汽车玻璃行业跟踪点评之二：岚图FREE重磅发布，智能调光玻璃普及加速》——2020-12-22 | | 公司点评 | | 《 福耀玻璃（600660.SH） -归母净利润同比增长46%，持续推进提质增效》 -20250420 | | 《福耀玻璃（600660.SH）- 单季度收入创新高，全年 ...

| 福耀玻璃系列 车中旭霞 | | --- | | 公司深度 | | 《福耀玻璃-600660-深度报告：全球汽车玻璃龙头的复盘与展望》——2024-09-26 | | 《福耀玻璃-600660-深度报告：海外扩张进入收获，玻璃产品价量齐升》——2017-05-22 | | 行业深度 | | 《汽车玻璃行业专题之一：量变与质变，汽车玻璃添灵魂》——2020-07-10 | | 行业专题 | | 《汽车玻璃行业跟踪专题之五：调光玻璃接棒天幕，前景可期》——2021-12-25 | | 《汽车玻璃行业跟踪点评之四：广汽埃安光感浩瀚天幕首发，电致变色调光玻璃尽显风采 | | 》——2021-06-14 | | 《汽车玻璃行业跟踪专题之三：兼顾美学和实用，测算玻璃车顶2021渗透率有望超5%》——2021- 03-25 | | 《汽车玻璃行业跟踪点评之二：岚图FREE重磅发布，智能调光玻璃普及加速》——2020-12-22 | | 公司点评 | | 《 福耀玻璃（600660.SH） -归母净利润同比增长46%，持续推进提质增效》 -20250420 | | 《福耀玻璃（600660.SH）- 单季度收入创新高，全年 ...

Investment Rating - The report maintains an "Outperform" rating for Fuyao Glass [5][48]. Core Views - Fuyao Glass achieved a 46% year-on-year growth in net profit for Q1 2025, with revenue reaching 9.91 billion yuan, a 12.16% increase year-on-year [1][9]. - The company is positioned as a global leader in automotive glass, benefiting from trends in smart glass technology and an expected increase in vehicle glass area and value per vehicle [2][48]. - Fuyao's competitive advantages include scale effects, high automation, a vertical supply chain, and low labor costs, which are expected to drive growth in high-value products and international expansion [2][48]. Financial Performance - In Q1 2025, Fuyao Glass reported a gross margin of 35.40%, a year-on-year decrease due to accounting adjustments but a quarter-on-quarter increase of 3.28 percentage points [1][15]. - The net profit margin for Q1 2025 was 20.50%, reflecting a year-on-year increase of 4.79 percentage points [1][15]. - The company forecasts revenue growth from 33.16 billion yuan in 2023 to 60.50 billion yuan in 2027, with net profit expected to rise from 5.63 billion yuan to 11.85 billion yuan over the same period [4]. Market Trends - The automotive glass market is expected to enter a new growth phase driven by the increasing integration of smart glass technologies, with Fuyao's high-value product share projected to rise [2][48]. - The global automotive glass market is anticipated to grow from 617 billion yuan in 2020 to 1,157 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 8.77% [36]. - Fuyao's global market share in automotive glass is estimated to exceed 36%, with a projected increase in sales volume to 156 million square meters in 2024 [2][27]. Production Capacity and Expansion - Fuyao is actively expanding production capacity in various regions, including North America and China, to meet growing demand [2][27]. - The company plans significant investments in new production facilities, including a 3.25 billion yuan investment in Fuzhou and a 5.75 billion yuan investment in Hefei for automotive glass production [28][30]. - The company has established a strong presence in North America, with ongoing expansions aimed at capturing high-value product segments [32].

| 福耀玻璃系列 车中旭霞 | | --- | | 公司深度 | | 《福耀玻璃-600660-深度报告：全球汽车玻璃龙头的复盘与展望》——2024-09-26 | | 《福耀玻璃-600660-深度报告：海外扩张进入收获，玻璃产品价量齐升》——2017-05-22 | | 行业深度 | | 《汽车玻璃行业专题之一：量变与质变，汽车玻璃添灵魂》——2020-07-10 | | 行业专题 | | 《汽车玻璃行业跟踪专题之五：调光玻璃接棒天幕，前景可期》——2021-12-25 | | 《汽车玻璃行业跟踪点评之四：广汽埃安光感浩瀚天幕首发，电致变色调光玻璃尽显风采 | | 》——2021-06-14 | | 《汽车玻璃行业跟踪专题之三：兼顾美学和实用，测算玻璃车顶2021渗透率有望超5%》——2021- 03-25 | | 《汽车玻璃行业跟踪点评之二：岚图FREE重磅发布，智能调光玻璃普及加速》——2020-12-22 | | 公司点评 | | 《福耀玻璃（600660.SH）- 单季度收入创新高，全年净利率同比提升2.14pct》-20250322 | | 《福耀玻璃（600660.SH）-规模效应持续体现，三 ...