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。 福耀玻璃工业集团股份有限公司（以下简称"公司"、"本公司"、"福耀"或"福耀集团"）为深入贯彻落实 上海证券交易所（以下简称"上交所"）《关于开展沪市公司"提质增效重回报"专项行动的倡议》，公司 将持续优化经营、规范治理和积极回报投资者，以新质生产力推动高质量发展，持续开展"提质增效重 回报"行动。具体举措如下： 一、坚守实业，聚焦核心能力建设，实现规模经济效益与集群协同效应双轮驱动 福耀集团自1987年成立以来，始终以"为中国人做一片属于自己的玻璃"为初心使命，经过三十余年的探 索，走出了一条"创新引领、应用研发、开放包容"的路线，目前已建成从砂矿资源、优质浮法玻璃技 术、工艺设备研发制造、多功能集成玻璃、延伸到铝饰件产业的完善产业生态，形成系统化的产业优 势"护城河"。 当前汽车"电动化、网联化、智能化、共享化"（新四化）已成为汽车产业发展的潮流和趋势，汽车市场 进入需求多元、结构优化的新发展阶段，新能源汽车渗透率不断提升，智 ...

尊敬的各位嘉宾 各位投资者朋友 大家上午好欢迎大家参加福耀玻璃2024年度业绩说明会为了让投资者更加了解福耀玻璃2024年度经营情况和业绩表现我们通过上证路言中心召开本次业绩说明会 首先由我向大家介绍今天出席本次业绩说明会的董事局成员及管理层他们是公司董事兼总经理叶书先生董事兼财务总监陈向明先生独立董事薛祖云先生我是公司董事局秘书李小西 现在我们请公司总经理叶书先生为本次业绩说明会致辞尊敬的各位投资者大家上午好欢迎大家参加福耀玻璃2024年年度业绩说明会 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艰迟则可缘让我们怀揣共同的梦想以坚定的步伐稳步前行携手创造更加辉煌的明天谢谢感谢叶总的致辞下面我们有请公司财务总监陈向明先生向大家介绍福耀玻璃2024年度经营情况及财务表现 下面我跟各位股东报告一下我们2024年的主要的财务数据和财务指标整体来说我们今天介绍是按照中国会计准 ...

March 20, 2025 11:04 PM GMT Fuyao Glass Industry Group | Asia Pacific 4Q24 NDR Takeaways Fuyao expects overall capacity UT rate to stay at 80% in 1Q25 (vs. 85% in 2H24) amid the low season, while benefit from falling input costs should also kick in during the quarter. Steady US operating margin at 13% in 2025: Management expects improving profitability in US plant phase 1 capacity to fully offset the loss associated with the ramp of phase 2 capacity in the initial stage, where UT rate will only reach 30-50% ...

| 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 ...

[ T able_StockInfo] 2025 年 03 月 19 日 证券研究报告•2024 年年报点评 福耀玻璃（600660）汽车 目标价：——元（6 个月） 买入 （维持） 当前价：57.51 元 高附加值产品占比提升，ASP 持续增长 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 392.52 | 456.45 | 521.79 | 591.43 | | 增长率 | 18.37% | 16.29% | 14.32% | 13.35% | | 归属母公司净利润（亿元） | 74.98 | 87.78 | 101.35 | 115.68 | | 增长率 | 33.20% | 17.07% | 15.46% | 14.14% | | 每股收益 EPS（元） | 2.87 | 3.36 | 3.88 | 4.43 | | 净资产收益率 ROE | 21.03% | 22.56% | 23.58% | 24.28% | | PE | 20 | ...

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Industry**: Automotive Glass Manufacturing Key Financial Metrics - **2024 Revenue**: CNY 39.252 billion, up 18.37% YoY [3] - **Net Profit**: CNY 7.498 billion, up 33.2% YoY [3] - **Return on Equity**: 22.72%, up 3.75 percentage points YoY [3] - **Earnings Per Share**: CNY 2.87, up 32.87% YoY [3] - **Gross Margin**: 36.23%, up 0.84 percentage points YoY [3] - **Operating Cash Flow**: CNY 8.562 billion, up 12.3% YoY [3] Business Performance Highlights - **Automotive Glass Revenue**: CNY 35.712 billion, up 19.49% YoY, with sales volume up 11.21% and price per unit up 7.45% [4] - **High-Value Products**: Proportion increased to 58.96%, up 5.02 percentage points YoY, contributing to the increase in average selling price [4][9] - **Cash Dividend**: Proposed dividend of CNY 1.8 per share, a 38.46% increase from 2023, with a payout ratio of 62.65% [10] Market Outlook - **2025 China Automotive Market Growth**: Expected to remain stable at 3-4% [11] - **Global Market Growth**: Anticipated to maintain slight growth [11] - **High-Value Product ASP Growth**: Expected annual increase of 6-7% over the next five years [11] Cost Management - **Shipping Costs**: Expected to decrease by CNY 200-250 million in 2025 [13] - **Soda Ash Prices**: Anticipated drop from CNY 2,130/ton to around CNY 1,000/ton, providing an estimated benefit of CNY 100 million [13] Product Development and Innovation - **Product Upgrades**: Continued focus on high-value products, with significant increases in sales proportions for panoramic sunroofs, HUD glass, and laminated side windows [12] - **Integration Solutions for Low-End Vehicles**: Flexos company introduced solutions using dark glass to simplify production and reduce costs [17] Competitive Positioning - **Global Market Advantage**: Strong infrastructure in both the U.S. and China, providing resilience against competitors [29] - **European Market Strategy**: Plans to enhance market share through local value-added processing [30] Challenges and Risks - **Impact of U.S. Tariffs**: Increased tariffs have been offset by price adjustments and local production capabilities [21] - **Management Costs**: Increased due to hiring for U.S. operations, but expected to stabilize [19] Future Expectations - **2025 Profitability Outlook**: Optimistic about maintaining and improving profitability, with new production facilities planned [34] - **Dividend Policy**: Commitment to high shareholder returns while balancing growth [25][26] Additional Insights - **Market Trends**: Continued growth in smart automotive technologies and high-value products expected to drive future demand [24] - **Long-Term Strategy**: Focus on R&D and innovation to enhance competitive edge in the automotive glass market [34]

Investment Rating - The investment rating for Fuyao Glass is "Recommended" (maintained) [1][10]. Core Views - Fuyao Glass reported a revenue of 39.252 billion RMB for 2024, representing a year-on-year increase of 18.37%, and a net profit of 7.498 billion RMB, up 33.20% year-on-year [4]. - The company is benefiting from an increase in both the volume and price of automotive glass, with a sales volume growth of 11.2% in area, reaching 155.9 million square meters [9]. - The introduction of high-value-added products such as smart panoramic glass and adjustable light glass has increased their proportion in sales by 5.02 percentage points [9]. - The company is expected to maintain a high dividend payout ratio due to its strong market position and profitability in the automotive glass sector [9]. Financial Summary - Revenue projections for Fuyao Glass are as follows: 45.844 billion RMB in 2025, 53.205 billion RMB in 2026, and 62.149 billion RMB in 2027, with year-on-year growth rates of 16.8%, 16.1%, and 16.8% respectively [6]. - Net profit forecasts are 8.933 billion RMB for 2025, 10.401 billion RMB for 2026, and 12.078 billion RMB for 2027, with year-on-year growth rates of 19.1%, 16.4%, and 16.1% respectively [6]. - The gross margin is projected to improve to 36.8% in 2025 and 37.0% in 2026, while the net margin is expected to reach 19.5% in both years [6]. - The company’s return on equity (ROE) is forecasted to be 22.4% in 2025, 23.3% in 2026, and 24.1% in 2027 [6]. Production Capacity and Market Position - The new production facilities in Hefei and Fuzhou are expected to enhance regional supply capabilities, with the Hefei facility projected to produce 4 million sets of automotive glass annually, contributing an estimated annual output value of 6 billion RMB [9]. - Fuyao Glass holds a strong market share and significant bargaining power within the automotive supply chain, benefiting from the ongoing increase in automotive glass demand [9].

Investment Rating - The investment rating for the company is "Recommended" [1][9]. Core Views - The report highlights that Fuyao Glass has experienced a significant increase in both volume and price of automotive glass, strengthening its bargaining power within the industry [8]. - The company reported a revenue of RMB 39.252 billion for 2024, representing a year-on-year increase of 18.37%, and a net profit of RMB 7.498 billion, up 33.20% year-on-year [4]. - The report emphasizes the ongoing growth in the automotive glass market, driven by increased vehicle glass area and higher prices, benefiting Fuyao Glass due to its global leadership and strong profitability [8]. Financial Summary - For 2024, the company achieved a revenue of RMB 39.252 billion, with a projected revenue growth of 16.8% for 2025, reaching RMB 45.844 billion [6]. - The net profit for 2024 was RMB 7.498 billion, with forecasts of RMB 8.933 billion for 2025, indicating a year-on-year growth of 19.1% [6]. - The gross margin for the company improved to over 36%, with a net margin exceeding 19% [8]. - The report projects a consistent increase in earnings per share (EPS), estimating RMB 3.42 for 2025 and RMB 4.63 for 2027 [6]. Production and Market Position - The automotive glass sales volume increased by 11.2% to 155.9 million square meters, with a 7.4% rise in average selling price to RMB 229.1 per square meter [8]. - The company is set to enhance its regional supply capabilities with the upcoming production facilities in Hefei and Fuzhou, expected to generate an annual output value of RMB 6 billion [8]. - Fuyao Glass's overseas subsidiary in the U.S. reported a revenue of RMB 6.31 billion with a net profit margin of 9.9% for 2024 [8].

Investment Rating - The investment rating for Fuyao Glass is "Buy" and is maintained [4]. Core Views - Fuyao Glass has achieved a revenue of 39.25 billion yuan in 2024, representing an 18.0% year-on-year increase, and a net profit of 7.50 billion yuan, which is a 33.2% increase year-on-year [4][6]. - The company continues to see growth in high-value-added products and an increase in global market share, with revenue growth expected to outperform the global downstream market [2][4]. - The company's profitability is bolstered by economies of scale and a decrease in raw material costs, indicating strong future investment value [2][4]. Summary by Sections Revenue and Profitability - In 2024, Fuyao Glass's revenue reached 39.25 billion yuan, up 18.0% year-on-year, with a net profit of 7.50 billion yuan, reflecting a 33.2% increase [4][6]. - The gross margin for the year was 36.2%, an increase of 0.8 percentage points, driven by improved capacity utilization and lower costs for raw materials like soda ash and natural gas [4][6]. - The company reported a net profit margin of 19.1%, up 2.1 percentage points year-on-year, indicating a significant improvement in profitability [4][6]. Market Performance - Fuyao Glass's market share and product value continue to rise, with a 5.02 percentage point increase in the share of high-value-added products in revenue [4][6]. - The company is expected to benefit from the growing demand for automotive glass, particularly in high-end applications such as panoramic sunroofs and HUDs [4][6]. Future Outlook - The company is projected to achieve net profits of 8.93 billion yuan, 10.26 billion yuan, and 11.74 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17.7X, 15.4X, and 13.4X [4][6]. - Fuyao Glass is positioned to expand its competitive advantage and maintain a high dividend payout ratio, expected to reach 62.65% in 2024 [4][6].

Group 1 - The Ministry of Transport, National Development and Reform Commission, and Ministry of Finance support the scrapping and updating of old commercial vehicles that meet National III and IV emission standards, providing differentiated subsidies for early scrapping and purchasing new vehicles [2] - Xiaomi Group has raised its 2025 annual delivery target for electric vehicles to 350,000 units from the previous target of 300,000 units, indicating progress in production capacity [5] - The new stock N Hongjing listed on the ChiNext surged 282% on its debut, making it the most profitable new stock of the year with a profit of 59,100 yuan per lot [6] Group 2 - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with total revenue of 389.59 billion yuan, a 4.6% increase [11] - Daodaoquan achieved a net profit growth of 133.5% year-on-year for 2024, despite a 15.12% decline in revenue, and plans to distribute a cash dividend of 1.28 yuan per 10 shares [12] - Fuyou Glass reported a 33.2% increase in net profit for 2024, with revenue of 39.252 billion yuan, a growth of 18.37%, and plans to distribute a cash dividend of 1.8 yuan per share [14]