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]

Core Viewpoint - The company reported a 37% year-on-year increase in net profit attributable to shareholders in the first half of 2025 [2][3] Company Performance - In H1 2025, the company achieved revenue of 21.4 billion yuan, a 17% increase year-on-year, and a net profit of 4.8 billion yuan, also up 37% year-on-year, including a foreign exchange gain of 600 million yuan [3][4] - For Q2 2025, the company recorded revenue of 11.5 billion yuan, a 21% increase year-on-year and a 16% increase quarter-on-quarter, with a net profit of 2.8 billion yuan, up 31% year-on-year and 37% quarter-on-quarter [3][4] - The gross margin for Q2 2025 was 38.49%, up 3.09 percentage points quarter-on-quarter, and the net profit margin was 24.05%, up 1.84 percentage points year-on-year [4][16] Shareholder Returns - The company plans to distribute a cash dividend of 0.90 yuan per share (before tax) in mid-2025, totaling 2.349 billion yuan, which represents 49% of the net profit for the period [5][6][36] Industry Trends - The automotive glass industry is expected to enter a new growth phase, driven by the increasing size of glass used in vehicles and the acceleration of smart glass applications [7][44] - The company holds a global market share of over 36% in automotive glass, with a year-on-year increase of 1.88 percentage points, and is expected to continue expanding its production capacity [8][39] Competitive Advantages - The company's competitive edge stems from economies of scale, high automation, a vertically integrated supply chain, and low labor costs [8][37] - The company is actively expanding production in Fuzhou, Anhui, and North America, which is anticipated to initiate a new capacity cycle and enhance market share [8][38] Product Development - The company is focusing on high-value-added products, with the price per square meter of automotive glass increasing from 174 yuan in 2020 to 229 yuan in 2024, reflecting a compound annual growth rate (CAGR) of 7% [8][44] - The company has a robust R&D team and invests over 4% of its revenue annually in innovation, leading to significant advancements in high-value products [44][49] Future Outlook - The automotive glass market is projected to grow, with the global automotive OEM glass market expected to reach 105.2 billion yuan by 2026, reflecting a steady increase in average selling price (ASP) per vehicle [45][51] - The company is well-positioned to benefit from the rising demand for smart glass technologies, including HUD-compatible windshields and advanced glazing solutions [50][51]

| 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].

证券研究报告 | 2025年04月20日 福耀玻璃（600660.SH） 优于大市 归母净利润同比增长 46%，持续推进提质增效 2025Q1 归母净利润同比增长 46%。福耀玻璃 2025Q1 实现营收 99.1 亿元，同 比增长 12.16%（中汽协口径，一季度国内汽车销量同比增长 11.2%），环比下 降 9.40%；实现归母净利润 20.3 亿元，同比增长 46.25%，环比增长 0.52%； 实现归母扣非净利润 19.87 亿,同比增长 30.90%，环比增长 4.83%。 2025Q1 毛利率为 35.40%，环比+3.28pct。公司 2025Q1 毛利率为 35.40%，同 比存在会计准则调整影响，环比+3.28pct；净利率为 20.50%，同比+4.79pct， 环比+2.02pct。公司持续推进提质增效，考虑核心利润（营业收入-营业成本- 税金-销售费用-管理费用-研发费用），2025Q1 核心利润率为 20.44%，同比提 升 0.96pct，环比提升 0.32pct。同时 25Q1 国内重质纯碱价格基本维持 1500-1600 元/吨水平，同比去年一季度 2936-2000 元/吨价 ...

| 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 ...