Investment Rating - The investment rating for Fuyao Glass is "Buy" (maintained) [1] Core Views - The company reported a record high quarterly revenue, with a 37% year-on-year profit growth in the first half of 2025 [4] - The revenue for H1 2025 reached 21.447 billion yuan, up 16.95% year-on-year, while the net profit attributable to shareholders was 4.805 billion yuan, reflecting a 37.33% increase [4] - The company achieved a net profit margin of 24.05% in Q2 2025, with core profit margin improving to 22.12%, driven by operational efficiency enhancements [6] - High-value-added glass products accounted for 50.73% of revenue in H1 2025, up 4.81% year-on-year, contributing to a 6.24% increase in average selling price [6] - The company’s U.S. operations generated revenue of 3.852 billion yuan with a net profit margin of 11.24%, showcasing strong global management capabilities [6] - The company has a strong growth trajectory, with a projected revenue increase from 39.252 billion yuan in 2024 to 62.771 billion yuan by 2027, reflecting a compound annual growth rate of 18.5% [6][7] - The forecast for net profit attributable to shareholders is set to rise from 7.498 billion yuan in 2024 to 12.972 billion yuan by 2027 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 47.077 billion yuan, with a year-on-year growth rate of 19.9% [5] - The projected net profit for 2025 is 9.949 billion yuan, with a growth rate of 32.7% [5] - Earnings per share are expected to increase from 1.84 yuan in H1 2025 to 3.81 yuan for the full year [5] - The gross margin is anticipated to remain stable around 37.2% for 2025 [5]