毛利率短期承压，核心利润率预期保持上升趋势。第一季度综合毛利率35.4%，同比下降1.42pcts，主要 受以下因素影响：1）包装费用核算科目调整影响-0.94 pcts；2）美国工厂产能爬坡、人员薪酬及国内工 厂培训费用增加影响-0.4pcts；3）天然气、纯碱等原材料价格波动正向贡献0.6pcts；4）海运成本影 响-0.2pcts。剔除短期扰动因素，核心利润率保持上行趋势。 产品结构优化推动ASP 提升，经营质量持续改善。受益于收入规模扩大、运营效率提升及汇兑收益同 比增加，利润端呈现显著增长。公司战略层面释放积极信号：1）高附加值产品（不含注塑包边）利润 贡献度达49.13%，占比同比提升4.5pcts，平方米单价提升3.4pcts；2）未来五年产品均价预计保持6-7% 的年度复合增长；3）美国产能建设按计划推进，全年利润率预期超过13.1%。此外，成本端海运费用 下降效应预计自二季度逐步释放，SAM业务板块亏损预计控制在1000 万欧元区间，美国出口业务关税 成本由客户承担，预计公司利润持续改善。 风险提示：原材料价格波动风险；行业竞争加剧风险；地缘政治风险。 事件：2025 年4 月17 日，公司 ...

Core Viewpoint - The company reported a steady increase in revenue and net profit for Q1 2025, indicating improved operational quality and effective cost control [1][3]. Financial Performance - Q1 2025 revenue reached 9.91 billion yuan, a year-on-year increase of 12.2% but a quarter-on-quarter decrease of 9.4% [1] - Net profit attributable to shareholders was 2.03 billion yuan, up 46.3% year-on-year and up 0.5% quarter-on-quarter [1] - Gross margin was 35.4%, down 1.4 percentage points year-on-year but up 3.3 percentage points quarter-on-quarter [1] - Net margin was 20.5%, an increase of 4.8 percentage points year-on-year and 2 percentage points quarter-on-quarter [1] Cost Management - The decline in gross margin year-on-year was primarily due to changes in accounting standards, which reclassified packaging costs from selling expenses to operating costs [1] - The significant increase in net margin was attributed to higher foreign exchange gains, a substantial decrease in financial expense ratio, and increased investment income [1] - The expense ratio for Q1 2025 was 10.6%, down 5.3 percentage points year-on-year and up 1.2 percentage points quarter-on-quarter [1] Product Development and Market Trends - The proportion of high-value-added products is increasing, with the average selling price (ASP) of automotive glass in 2024 reaching 229.11 yuan per square meter, a year-on-year increase of 7.5% [2] - The penetration of high-value-added products such as smart panoramic glass and lightweight ultra-thin glass is driving ASP and gross margin growth [2] - The company’s automotive glass sales volume in 2024 was 15.58 million square meters, a year-on-year increase of 11.2% [2] Capacity Expansion and Profitability - The company is expanding its production capacity, with capital expenditures of 5.481 billion yuan in 2024 [2] - The U.S. subsidiary achieved revenue of 6.312 billion yuan in 2024, a year-on-year increase of 13.3%, with a net profit of 627 million yuan, up 26.9% year-on-year [2] - The company is expected to continue gaining market share due to its focus on business, profitability, cost control, and R&D investment [2] Earnings Forecast - The company’s EPS is projected to be 3.46 yuan, 3.92 yuan, and 4.40 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16, 14, and 12 times [3] - The compound annual growth rate (CAGR) of net profit attributable to shareholders is estimated at 15.3% [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事局、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 ■ 二、股东信息 (一)普通股股东总数和 ...

每经记者 赵李南 每经编辑 文多 4月17日，一年一度的福耀玻璃（SH600660，股价54.88元，市值1365.43亿元）年度股东大会在福清市召开。公司董事长曹德旺参加了会议，并回答了股东 的问题。 《每日经济新闻》记者在现场注意到，今年福耀玻璃股东大会的参会人数相较于往年有所增加，股东们最关注的问题就是美国新关税政策造成的影响。 曹德旺表示，美国的关税政策对于福耀玻璃影响不大。目前，福耀玻璃供应美国的产品中，美国本土生产率达到了70%。 图片来源：每经记者 赵李南 摄 "要团结起来，要克服困难" "要团结起来，不要内耗，但是要做好思想准备去克服困难。"曹德旺说道。 股东问起他对宏观经济的看法时，曹德旺表示，企业家应当关心宏观经济，但更要关心具体的企业经营。曹德旺表示，福耀玻璃此前在美国的投资布局，目 前显现出了效果。 "关税对福耀影响不大，福耀供应美国的产品（中），本土生产的占70%，这个可以避免关税。"曹德旺表示。 曹德旺还表示，美国新的关税政策在一段时间内会影响很多企业。"作为中国人，坚决支持国家的决定。'关税战'，对它（指美国）比我们更难。我们肯定 有困难，但要克服困难。"曹德旺表示。 此外，有股 ...

1Q25 业绩符合市场预期 公司公布1Q25 业绩：1Q25 实现收入99.1 亿元，同比+12%，环比-9%;归母净利润为20.3 亿元，同比 +46%，环比+1%。1Q25 业绩符合市场预期。 发展趋势 营收增速跑赢行业，产品升级驱动增长。1Q25 营收99.1 亿元，同比+12%，跑赢乘用车行业。量端： 1Q25 国内乘用车零售/批发累计销量达到512.7/627.6 万辆，同比分别+6.0/11.3%。价端：高附加值天幕 玻璃、镀膜玻璃等产品占比提升，带动单车配套价值增加约3.4%。我们认为，公司全球市场份额稳步 增长，行业龙头地位稳固。 盈利能力环比提升，现金流充沛支撑资本开支。4Q24 毛利率为35.4%，同比-1.4pct；环比+3.3pct。同比 下降主要是因为会计准则调整，我们预计还原后毛利率同比持平，核心成本端影响因素：1）1Q25 纯碱 价格同环比下降，2）北美工厂盈利同比有所下滑，新工厂提前招工及折旧增加拖累盈利。费用端，精 益化管理持续推进，1Q25 销管研费用率同比-2.5ppt 至14.2%。现金流表现亮眼，1Q25 经营活动产生的 现金流量净额达20.08 亿元，同比大幅增长5 ...

Market Overview - The North American automotive glass market is experiencing slow and stable growth, with the overall market size projected to increase from 19.3 billion in 2024 to 24.2 billion in 2030, reflecting a compound annual growth rate (CAGR) of approximately 4% [1] - The market includes both OEM and aftermarket segments, with stable rates of vehicle scrappage and windshield damage contributing to this growth [1] Competitive Landscape - The automotive glass industry has high entry barriers due to the need for a comprehensive production and sales network, stringent technical and quality requirements, and significant capital investment [1] - The North American market is characterized by a high concentration of suppliers, with major players including Fuyao Glass, Asahi Glass, Saint-Gobain, and Nippon Sheet Glass, where Fuyao has become the leading supplier in market share [1] Company Insights - Fuyao Glass is expected to achieve both volume and profit growth in the North American market, as its main competitors are not solely focused on automotive glass and are currently in a low-profit state [2] - Fuyao's profitability significantly outpaces that of its competitors, and ongoing investments in its U.S. facilities are anticipated to enhance its market share further [2] - The company's net profit margin is expected to improve due to higher product yield, reduced depreciation and amortization ratios, enhanced management efficiency, and an increased proportion of high-value-added products [2] Investment Recommendation - Fuyao Glass is recommended as a leading player in the global automotive glass industry, with ongoing efforts to expand its product boundaries and enhance the value of its offerings [3] - The company is expected to maintain an upward trend in global market share, leveraging its competitive advantages in quality and cost-effectiveness to capture more market share from competitors [3] - Profit forecasts for Fuyao Glass indicate net profits of 8.835 billion, 10.388 billion, and 12.177 billion for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 16.13, 13.72, and 11.70 [3]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [71]. Core Insights - The North American automotive glass market is projected to grow steadily, with an overall market size increasing from 19.3 billion yuan in 2024 to 24.2 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of approximately 4% [2][8]. - Fuyao Glass is expected to achieve both volume and profit growth in the North American market, driven by its competitive advantages and ongoing investments in production capacity [58][60]. - The competitive landscape in the North American automotive glass market is characterized by high barriers to entry, leading to a favorable competitive environment with a high concentration of major suppliers [9][13]. Market Size - The North American automotive glass market is experiencing low-speed stable growth, with the overall market size projected to reach 24.2 billion yuan by 2030 from 19.3 billion yuan in 2024, with a CAGR of about 4% [2][8]. - The average selling price (ASP) of automotive glass per vehicle is expected to increase from 960.23 yuan in 2024 to 1146.56 yuan by 2030, with a year-on-year growth rate of 3% [6][8]. - The North American automotive production volume is forecasted to grow from 16.34 million units in 2024 to 17.35 million units by 2030, with a year-on-year growth rate of 1% [6][8]. Competitive Landscape - The North American automotive glass market has a favorable competitive structure, with high entry barriers due to the need for extensive production and sales networks, stringent quality requirements, and significant capital investment [9][13]. - Fuyao Glass has become the leading automotive glass supplier in the U.S. market, with a market share of 30% [12]. - Major competitors in the North American market include Asahi Glass, Saint-Gobain, and Nippon Sheet Glass, all of which have lower profitability in their automotive glass segments compared to Fuyao [59]. Investment Recommendations - The report recommends investing in Fuyao Glass, highlighting its proactive expansion into smart glass and integrated solutions, as well as its ability to capture more market share due to its high-quality and cost-effective products [63][65]. - Profit forecasts for Fuyao Glass indicate a net profit of 8.84 billion yuan in 2025, 10.39 billion yuan in 2026, and 12.18 billion yuan in 2027, with corresponding price-to-earnings (PE) ratios of 16.13, 13.72, and 11.70 [65].

显著提高全球保供能力赢得了客户的广泛信赖加大技术创新投入引领行业前沿推动企业核心竞争力不断提升我们运用了统计分析评估纠正的方法论推行各种精益管理方法以优越的管理水平和高效的运营模式提高经营韧性 推动公司持续稳定发展在全体福耀人的共同努力下我们不仅克服了重重困难更超额完成了全年的主要生产经营指标2024年公司合并实现营业收入人民币392.52亿元比上年同期增长18.37%实现利润总额人民币89.91亿元 比上年同期增长33.87%实现归属于上市公司股东的净利润人民币74.98亿元比上年同期增长33.20%实现每股收益人民币2.87元比上年同期增长32.87%2025年经济不确定性将贯穿前年 并对全球经济产生深远影响但我们具备得天独厚的优势我们有足够的生产能力有全球同行业最优秀的团队有一大批忠诚度非常高的用户有一支卓越的研发团队及兵团作战的能力等等我们相信只要充分发挥优势我们就能够在2025年实现目标行走在时代的前沿 当今世界风云变幻机遇与挑战并存在这个充满不确定性的时代唯有深刻认识自我才能以更清晰的视野洞察世界唯有勇于探索敢于创新才能在激烈的竞争中立于不败之地赢得未来梦虽遥追则能达愿虽坚迟则可缘 尊敬的各位嘉宾 ...

【开篇：中国"玻璃大王"硬刚美国关税】 "关税加到100%我也不怕，不赚钱的生意我绝对不做！" 2024年5月，76岁的福耀玻璃董事长曹德旺在美国俄亥俄州工厂撂下这句狠话时，现场的美方代表脸都绿了。 这个被美国人称为"中国玻璃暴君"的老头，正用最朴素的生意经给白宫上一课——你们想用关税逼我低头？我曹德旺宁可把机器砸了也不当冤大头！ 这一幕发生在中美贸易战升级的关键时刻。 美国刚刚宣布对中国汽车玻璃加征35%关税，而福耀作为全球第二大汽车玻璃制造商，首当其冲。 但让华盛顿没想到的是，这个中国老板不仅没跪，反而反手就关闭了两条生产线，裁掉300名美国工人，直接放话："要么让我赚钱，要么我撤资走人！" 曹德旺的"美国噩梦"与绝地反击 墨西哥工厂紧急扩产，专门承接原属美国的订单。因为美墨自贸协定，从墨西哥出口玻璃到美国关税为零。" 从中国运玻璃要交35%税，但从墨西哥运过去免税，你说我把厂建在哪？"曹德旺笑得像个老狐狸。 时间拨回2014年，曹德旺投资5亿美元在美国建厂时，曾被捧为"中美经贸合作典范"。 俄亥俄州政府给他送上1.8亿美元补贴，时任副总统拜登亲自剪彩，媒体欢呼"中国制造在美国重生"。 但蜜月期没过多久就 ...

福耀玻璃 20250414 摘要 Q&A 福耀玻璃在北美市场的整体发展趋势如何？ 根据东吴证券汽车行业分析师刘立宇的最新报告，福耀玻璃在北美市场的发展 展望主要从市场格局、竞争格局和中期展望三个方面进行分析。首先，北美汽 车玻璃市场规模仍然在持续低速增长。2024 年北美汽车玻璃单套均价约为 960 元人民币，并假设未来增速为 3%。此外，北美汽车产量和销量的复合增速预计 为 1%，前挡风玻璃价格约为 323 元每片，后续增速可能在 2%左右。整体来看， 2024 年北美汽车 OEM 市场规模约 157 亿元人民币，更换市场规模约 36 亿元， • 北美汽车玻璃市场规模庞大，2024 年总体市场规模约 193 亿元人民币，预 计未来几年保持 3-4%的低速增长，主要驱动力为单车 ASP 提升及保有量和 新车销量增加。 • 福耀玻璃在北美市场占据领先地位，市场份额达 40%，主要竞争优势在于 覆盖主要客户主机厂的生产和销售网络、汽车玻璃技术要求高及重资产投 入形成的高壁垒。 • 福耀玻璃北美产能持续扩张，目前已建成 680 万套标准产能，预计 2025 年 底至 2026 年初俄亥俄工厂二期将新增 150 万套 ...