福耀玻璃 20251217 摘要 福耀玻璃预计 2026 年北美市场将在较低基数上实现复苏性增长，同时 受益于欧洲和美国市场份额的持续增长，有助于对冲国内潜在下滑风险， 总体运营预期稳定，收入将保持稳定增长。 2025 年第四季度，福耀玻璃原有产能利用率预计提升约两个百分点至 88%左右，为近五年来单季度最高水平，主要由于订单饱满，新建产能 尚未完全释放。 美国电价上涨对福耀玻璃成本端有一定影响，电价占美国工厂生产成本 约 4%，但公司正在评估后续电价走势，并考虑与客户沟通成本转移， 总体而言，即使美国电价持续上涨，对整体盈利能力影响有限。 预计 2026 年福耀玻璃的 ASP 复合增长率将保持在 6-7%左右，中国市 场调光玻璃产品的大幅应用和上量，欧洲市场新车型搭载高附加值产品 进入量产交付阶段，将推动 ASP 进一步加速增长。 由于关税问题，福耀玻璃预计明年美国市场涨价是大概率事件，预计涨 幅在 6-7 个百分点，公司自身承担的关税影响不大。 Q&A 对于 2026 年国内及全球汽车玻璃行业的销量增速有何展望？ 2026 年，全球汽车玻璃行业预计将有 2-3%的增量。具体来看，国内市场在出 口保持增长的 ...

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Industry**: Automotive Glass Manufacturing Key Points Market Performance and Projections - Fuyao Glass expects to ship 1.5 million units in the U.S. market and 1.5-2 million units in other regions by 2025, with tariffs having a minimal impact on shipment pace due to high procurement and storage costs for automotive glass [2][4] - The company maintains a domestic market share of approximately 70%, with an increase in market share driven by high-value products and expansion in the aftermarket (AM) sector [2][5] - In the first half of 2025, the utilization rate of Fuyao's U.S. factory's first phase exceeded 85%, while the second phase is in the early ramp-up stage at only 20%, affecting overall profitability [2][7] Financial Performance - The operating profit margin for the first phase of the U.S. factory reached 17.6%, with a net profit margin close to 15%, indicating potential for future profit improvement [2][7] - The average selling price (ASP) in Q2 2025 saw significant growth due to currency fluctuations and price increases in the U.S. market, with an expected annual ASP growth exceeding the initial forecast of 6-7% [3][25] Regional Developments - Fuyao's revenue in Europe grew by over 20% year-on-year, with at least a 10% increase in sales volume, and plans to establish a new factory with an annual capacity of 5 million units to meet European demand [2][10] - The company is adjusting its project construction plans in Fujian and Anhui, aiming for a phased completion of 6 million units by the end of 2025, with the remaining equipment to be assembled in 2026 [2][12] Competitive Landscape - Despite new entrants using low-price strategies, Fuyao's market position remains strong, with no significant threat to its overall competitive landscape [5][6] - The U.S. market is characterized by a fragmented competitive landscape, with potential benefits from new tariff policies affecting imports from Japan and Europe [9] Product and Technology Trends - The company is focusing on high-value products, particularly in the U.S. where the second phase of the factory is designed for new functional products, although ramp-up may take around two years [8][9] - The introduction of smart dimming glass technology is gaining traction, with significant contributions expected to ASP growth and high-value product revenue [21][22] Profitability and Cost Management - Fuyao's profitability improvement in the first half of 2025 is attributed to cost reduction and expense control measures, alongside a favorable local cost environment [30] - The company does not provide long-term order statistics due to past discrepancies between guidance and actual performance, preferring to offer short-term guidance instead [31] Future Outlook - Fuyao anticipates that the U.S. factory's capacity utilization will reach over 70% in 2026 and 85% in 2027, with expectations for profitability to improve significantly by 2028 [8][13] - The company is optimistic about the European market, with plans to leverage its established relationships with OEMs and high-value functional products to capture growth opportunities [28][29] Additional Insights - The domestic AM market is gradually maturing, with Fuyao's market share expected to increase by approximately 5 percentage points annually, reaching 35% by the end of 2024 [17] - The pricing dynamics between AM and OEM markets in the U.S. show that AM prices are currently higher due to tariff impacts, but overall profitability remains similar across both segments [16][18] This summary encapsulates the key insights from Fuyao Glass's conference call, highlighting the company's market position, financial performance, competitive landscape, and future strategies.