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福耀玻璃(600660):规模效应叠加量价齐升,业绩表现超预期,首次中期分红
Changjiang Securities· 2025-08-25 15:25
丨证券研究报告丨 公司研究丨点评报告丨福耀玻璃(600660.SH) [Table_Title] 福耀玻璃中报点评:规模效应叠加量价齐升,业 绩表现超预期,首次中期分红 报告要点 [Table_Summary] 公司高附加值产品渗透率持续增长加之全球市占率持续提升,公司 2025Q2 实现营业收入115.4 亿元,同比+21.4%;归母净利润 27.7 亿元,同比+31.5%。规模效应叠加纯碱等原材料成本下 降,公司盈利水平表现优异。展望未来,福耀作为最专注的全球汽车玻璃龙头,护城河将不断 变宽,公司中长期投资价值凸显。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC:S0490517060001 SAC:S0490524070004 SFC:BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 福耀玻璃(600660.SH) cjzqdt11111 [Table_Title 福耀玻璃中报点评:规模效应叠加量价齐升,业 2] 绩表现超预期,首次中期分红 [Table_Summary2] 事件描述 公司 2025Q2 实现营业收入 1 ...
研报掘金丨国海证券:维持福耀玻璃“增持”评级,看好公司持续向上趋势
Ge Long Hui A P P· 2025-08-25 05:53
国海证券研报指出,福耀玻璃上半年实现归母净利润48.05亿元,同比增长37.33%;营收利润持续稳健 增长,盈利能力进一步提升向上。公司收入端持续增长确定性强(主要由全球市占率+ASP+单车面积提 升驱动),利润端表现趋势向上,但会受到汇兑损益波动、SAM亏损波动、纯碱和天然气等原材料成 本影响。后续随着美国扩产项目、福清出口基地和福耀合肥基地等产能陆续释放,公司市占率提升速度 有望超预期。该行看好公司持续向上趋势,维持"增持"评级。 ...
福耀玻璃20250822
2025-08-24 14:47
Q&A 福耀玻璃在 2025 年上半年的出口情况如何?关税对出口量有何影响? 2025 年上半年,福耀玻璃的主要出口增量来自欧洲市场,欧洲的出口量约为 230 至 240 万套。美国市场主要以 AM(售后)市场为主,需求相对稳定,上 半年出口量在 70 至 80 万套之间。其他区域的总出口量约为七八十万套。今年 预计欧洲市场将实现进一步突破,美国全年预计出货量为 150 万套,而其他区 域每年浮动在 150 至 200 万套之间。总体来看,关税并未对我们的出货节奏 产生显著影响,因为汽车玻璃作为大众商品,其采购和仓储成本较高,不会因 短期政策波动而大幅调整。 2025 年上半年国内竞争格局是否发生变化?福耀玻璃如何应对? 在国内市场,我们长期保持了约 70%的市占率,并且随着高附加值产品的应用 和 AM 市场拓展,市占率有所提升。然而,由于汽车厂商平衡供应商以及我们 选择性合作策略,一些新进入者,如建材、光伏和电子玻璃企业,通过低价策 略获取订单,但这些行为不足以威胁我们的市场地位。我们认为这些新进入者 不会对整体竞争格局造成重大影响。 福耀玻璃 20250822 摘要 福耀玻璃预计 2025 年美国市场出货 ...
A股中期分红超1300亿,Top20分红名单出炉,20家股息率超5%
21世纪经济报道· 2025-08-22 09:25
Core Viewpoint - The A-share market has shown significant upward movement, with the Shanghai Composite Index surpassing 3800 points and the Sci-Tech Innovation 50 Index rising over 8%, marking a three-year high. Key sectors such as computing power, semiconductors, and securities have led the gains, with notable stocks like Cambrian and CloudWalk hitting their daily limits [1][2]. Group 1: Market Performance - On August 22, the A-share market experienced a strong rally, with the Shanghai Composite Index reaching above 3800 points and the Sci-Tech Innovation 50 Index increasing by over 8% [1]. - The computing power sector saw a broad surge, with stocks like CloudWalk hitting their daily limit, while semiconductor and securities sectors also performed well [1][2]. Group 2: Dividend Announcements - As of August 21, over 200 A-share companies have announced mid-term dividend plans, totaling over 130 billion yuan, with 14 companies planning dividends exceeding 1 billion yuan [3][5]. - China Mobile leads with a proposed dividend of 54.083 billion yuan, followed by China Telecom at 16.581 billion yuan, and China Petroleum at 10.67 billion yuan [5][6]. Group 3: High Dividend Companies - Notably, 15 companies have announced dividend ratios exceeding 100%, with Shuoshi Biological's ratio reaching an extraordinary 7142.28%, despite a net profit of only 399 million yuan [11][12]. - Companies like Jibite and Fuyou Glass have also reported significant dividends, with Jibite proposing a cash dividend of 66 yuan per 10 shares, amounting to 4.74 billion yuan [6][7]. Group 4: Dividend Yield - As of August 21, 60 companies have a dividend yield exceeding 3%, with 20 companies yielding over 5%. Notably, Thinking Control has a yield of over 10% [13][14]. - The dividend yield reflects the company's profitability and cash flow stability, indicating a potential for sustainable dividends [15].
光大证券晨会速递-20250822
EBSCN· 2025-08-22 01:12
2025 年 8 月 22 日 分析师点评 市场数据 公司研究 【非银】承保改善推动利润高增,银行板块首次扭亏为盈——众安在线(6060.HK) 2025 年半年报点评(买入) 众安在线持续领跑国内互联网财险赛道,未来随着公司研发投入赋能保险价值链成效 不断显现,盈利水平有望进一步提升。我们上调公司 2025-2027 归母净利润预测至 8.2/8.5/9.7 亿元(前值 7.4/7.9/9.0 亿元)。目前股价对应公司 25-27 年 PB 分别为 1.36/1.33/1.29,维持"买入"评级。 【石化】扣非业绩稳增长,商业航天市场开拓成果显著——九丰能源(605090.SH) 2025 年半年报点评(买入) 考虑到天然气行业景气度下行,公司天然气销量增长或将略低于我们此前预期,因此 我们小幅下调公司 2025-2026 年盈利预测,新增 2027 年盈利预测,预计公司 2025-2027 年的归母净利润分别为 17.32(下调 7%)/19.78(下调 6%)/22.45 亿 元,折合 EPS 分别为 2.60、2.97、3.37 元。维持公司"买入"评级。 风险提示:海 外天然气价格大幅波动风险、国际 ...
里昂:福耀玻璃全球市场份额有望继续增长 目标价升至77港元 重申“跑赢大市”评级
Zhi Tong Cai Jing· 2025-08-21 07:12
Core Viewpoint - Credit Lyonnais reports that Fuyao Glass (600660) will continue to gain market share globally due to capacity expansion and leading technology, raising the target price for Hong Kong shares from HKD 68 to HKD 77, aligning with the A-share target price of RMB 71, maintaining an "outperform" rating for both markets [1] Group 1: Financial Performance - Fuyao Glass's profit margin significantly expanded in the first half of the year, primarily benefiting from efficiency improvements, operational leverage, and reduced raw material costs [1] - The company announced an interim dividend of RMB 0.9 per share, indicating a payout ratio of 49%, with expectations to maintain a payout ratio exceeding 60% from 2025 onwards [1] Group 2: Future Outlook - New production facilities in Fuzhou and Hefei are set to commence operations in November, leading to a gradual decrease in capital expenditures from the RMB 8 billion guidance by 2025 [1] - Continued high R&D spending is expected to provide the company with advantages in the development and production of high value-added products, with anticipated profit improvements in the second half of this year and next year [1]
投资100亿办大学,曹德旺主业更旺了:福耀玻璃半年赚了48亿元,要给9万多股东发23亿元“大红包”,股价大涨
Mei Ri Jing Ji Xin Wen· 2025-08-21 06:44
Core Viewpoint - Fuyao Glass, a leading automotive glass manufacturer, reported strong financial performance in the first half of 2025, with significant revenue and profit growth, while also announcing a substantial cash dividend for shareholders [3][8]. Financial Performance - In the first half of 2025, Fuyao Glass achieved operating revenue of 21.447 billion yuan, a year-on-year increase of 16.94% [4]. - The net profit attributable to shareholders was 4.805 billion yuan, reflecting a 37.33% increase compared to the same period last year [4][5]. - Basic earnings per share were reported at 1.84 yuan, up 37.31% year-on-year [5]. - The company’s cash flow from operating activities saw a significant increase of 61.02%, reaching 5.354 billion yuan [4]. Product Performance - Revenue from automotive glass products was 19.538 billion yuan, a 16.16% increase year-on-year, with a gross margin of 30.90% [6]. - Float glass products generated 3.096 billion yuan in revenue, up 11.18% year-on-year, with a gross margin of 39.40% [6]. Market Outlook - The automotive market in China is experiencing a recovery, with production and sales growth of 12.5% and 11.4% respectively in the first half of 2025 [7]. - Fuyao Glass anticipates stable growth in the automotive glass industry, supported by the potential for increased vehicle ownership in China compared to developed countries [7]. Dividend Announcement - Fuyao Glass announced a cash dividend of 0.90 yuan per share, totaling approximately 2.349 billion yuan, which represents 48.88% of the net profit attributable to shareholders [8][10]. Stock Market Performance - On August 20, 2025, Fuyao Glass's A-shares hit the daily limit, closing at 61.35 yuan per share, while the Hong Kong shares reached a record high of 69.05 HKD [10]. - The stock continued to rise, reaching 65.18 yuan per share, with a total market capitalization of 169.9 billion yuan [10].
投资100亿办大学,曹德旺主业更旺了:福耀玻璃半年赚了48亿元,要给9万多股东发23亿元“大红包”,公司股价大涨创新高
Mei Ri Jing Ji Xin Wen· 2025-08-21 05:48
Core Viewpoint - Fuyao Glass, a leading automotive glass manufacturer, reported significant revenue and profit growth in the first half of 2025, driven by increased marketing efforts and a higher proportion of high-value products. Financial Performance - In the first half of 2025, Fuyao Glass achieved operating revenue of 21.45 billion yuan, a year-on-year increase of 16.94% [2] - The net profit attributable to shareholders was 4.80 billion yuan, up 37.33% compared to the previous year [2] - Basic earnings per share reached 1.84 yuan, reflecting a 37.31% increase from the same period last year [3] - The total profit for the period was 5.79 billion yuan, representing a 40.46% increase year-on-year [2] Product Performance - Revenue from automotive glass products was 19.54 billion yuan, a 16.16% increase year-on-year, with a gross margin of 30.90% [5] - Float glass products generated 3.10 billion yuan in revenue, up 11.18% year-on-year, with a gross margin of 39.40% [5] Market Outlook - The automotive market in China is experiencing a sustained recovery, with production and sales increasing by 12.5% and 11.4% respectively in the first half of 2025 [6] - Fuyao Glass anticipates stable growth in the automotive glass industry, supported by China's relatively low car ownership per capita compared to developed countries [6] Dividend Distribution - Fuyao Glass announced a cash dividend of 0.90 yuan per share, totaling 2.35 billion yuan, which represents 48.88% of the net profit attributable to shareholders [7] Stock Market Performance - On August 20, 2025, Fuyao Glass's A-shares hit the daily limit, closing at 61.35 yuan per share, while its Hong Kong shares reached a record high of 69.05 HKD [8] - The total market capitalization of Fuyao Glass was reported at 169.9 billion yuan [8]
西部证券晨会纪要-20250821
Western Securities· 2025-08-21 01:20
Group 1: Electric Equipment - Haopeng Technology - The company achieved revenue of 2.763 billion yuan in H1 2025, a year-on-year increase of 19.29% [6] - The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, increasing by 366.27% [6] - The company expects net profits of 259 million, 387 million, and 503 million yuan for 2025-2027, representing year-on-year growth of 183.9%, 49.3%, and 30.0% respectively [8] Group 2: Non-Banking Financial - Hong Kong Stock Exchange - The company reported a revenue of 14.076 billion HKD and a net profit of 8.519 billion HKD in H1 2025, reflecting year-on-year increases of 33% and 39% respectively [10] - The average daily trading volume in the Hong Kong stock market reached approximately 240.2 billion HKD, a year-on-year increase of 117.6% [11] - The company is expected to achieve a net profit of 16.623 billion HKD in 2025, with a price-to-earnings ratio of 33.6 times based on the closing price on August 20 [12] Group 3: Nonferrous Metals - Jinli Permanent Magnet - The company achieved revenue of approximately 3.507 billion yuan in H1 2025, a year-on-year increase of 4.33%, with a net profit of 305 million yuan, up 154.81% [17] - Domestic sales revenue was 2.994 billion yuan, increasing by 8.17%, while overseas sales revenue was 513 million yuan, down 13.58% [17] - The company expects EPS of 0.47, 0.59, and 0.72 yuan for 2025-2027, with corresponding price-to-book ratios of 5.1, 4.6, and 4.1 [19] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery - Lihua Co., Ltd. - The company reported revenue of 8.353 billion yuan and a net profit of 149 million yuan in H1 2025, with a year-on-year increase of 7.02% but a decrease in net profit by 74.10% [21] - The chicken business revenue was 635 million yuan, down 6.76% year-on-year, while the pig business revenue was 1.947 billion yuan, up 117.65% [22] - The company expects net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025-2027, with a year-on-year change of -61.5%, +151.5%, and +31.8% respectively [23] Group 5: Non-Banking Financial - Ruida Futures - The company achieved total revenue of 1.047 billion yuan and a net profit of 228 million yuan in H1 2025, with year-on-year increases of 4.49% and 66.49% respectively [26] - The asset management business saw a revenue increase of 223.83% to 121 million yuan, driven by product scale expansion and investment returns [26] - The company is expected to achieve a net profit of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [28] Group 6: Steel - Hualing Steel - The company reported revenue of 62.794 billion yuan in H1 2025, a year-on-year decrease of 17.02%, while net profit increased by 31.31% to 1.748 billion yuan [29] - The company’s high-end products accounted for 68.5% of total sales, with a focus on product structure optimization [30] - The company expects EPS of 0.44, 0.51, and 0.55 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13, 11, and 10 [31] Group 7: Automotive - Yixin Group - The company achieved total revenue of 5.452 billion yuan and a net profit of 549 million yuan in H1 2025, with year-on-year increases of 22% and 33.93% respectively [33] - The financing total reached 32.7 billion yuan, with a significant contribution from financial technology services, which saw a revenue increase of 124% [34] - The company is expected to achieve a net profit of 1.143 billion yuan in 2025, reflecting a year-on-year increase of 41.2% [35] Group 8: Automotive - Fuyao Glass - The company reported revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in H1 2025, with year-on-year increases of 16.9% and 37.3% respectively [36] - The company’s gross margin improved to 37.1%, with a net margin of 22.4% [37] - The company expects revenue growth of 15% annually from 2025 to 2027, with net profits of 9.3 billion, 10.6 billion, and 12.4 billion yuan [38] Group 9: Nonferrous Metals - Bowei Alloy - The company achieved revenue of 10.221 billion yuan and a net profit of 676 million yuan in H1 2025, with year-on-year increases of 15.21% and 6.05% respectively [40] - The new materials segment generated revenue of 7.935 billion yuan, up 23.83%, while the renewable energy segment saw a revenue decrease of 10.10% [41] - The company expects EPS of 1.97, 2.05, and 2.21 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13.4, 12.9, and 11.9 [42]
福耀玻璃(600660)2025年中报简析:营收净利润同比双双增长,公司应收账款体量较大
Sou Hu Cai Jing· 2025-08-20 22:19
据证券之星公开数据整理,近期福耀玻璃(600660)发布2025年中报。截至本报告期末,公司营业总收 入214.47亿元,同比上升16.95%,归母净利润48.05亿元,同比上升37.33%。按单季度数据看,第二季 度营业总收入115.37亿元,同比上升21.39%,第二季度归母净利润27.75亿元,同比上升31.47%。本报 告期福耀玻璃公司应收账款体量较大,当期应收账款占最新年报归母净利润比达110.54%。 本次财报公布的各项数据指标表现尚佳。其中,毛利率37.06%,同比增3.4%,净利率22.42%,同比增 17.4%,销售费用、管理费用、财务费用总计12.83亿元,三费占营收比5.98%,同比减28.38%,每股净 资产13.66元,同比增12.72%,每股经营性现金流2.05元,同比增61.02%,每股收益1.84元,同比增 37.31% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 183.4亿 | 214.47 乙 | 16.95% | | 归母净利润(元) | 34.99 Z | 48.05 ...