被大家诟病最多的汽车技术创新，大概要数隐藏式门把手了。出门打车遇到这种车，给我的第一印象就 很不好，要是司机一时忘记按下开门键，你只能在外面干着急，要是恰逢下雨天，还得在外面多淋一会 儿雨，这又何必呢？ 据车企说，隐藏式门把手可以减少风阻、降低油耗，经济又环保。一部经常低速行驶的家用车而已，又 不是参加F1方程式比赛，门把手降低的那点风阻，能补偿其给用户带来的麻烦吗？且不说发生事故之 后，隐藏式门把手可能因为从外面打不开，从而丧失宝贵的救援机会，单单在北方地区使用就非常麻 烦，冬季天气寒冷，要是隐藏式门把手被冻住了，司机想上车都得费半天劲！ 据悉，《汽车车门把手安全技术要求》强制性国家标准，正公开征求社会各界意见。 其中一点，令人眼前一亮：征求意见稿提到，每个车门（不包括尾门）应配置具备机械释放功能的车门 外把手。这是什么意思呢，说白了就是必须配备传统式的手拉门把手，不能仅用电打开。 类似的奇葩设计还有不少。譬如，全景天幕把汽车变成"桑拿房"，全触屏让实体键3秒钟可搞定的事非 得花上几十秒，半幅方向盘让车主"找罪受"，电子外后视镜好看不实用……当中，有些奇葩设计只是给 司机增加一点麻烦，那还是小事，习惯就好了 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [10] Core Insights - The automotive glass market is experiencing continuous upgrades driven by smart integration, with products like panoramic roofs, HUDs, and soundproof glass enhancing the per-vehicle value [2][5] - The industry is highly concentrated, with Fuyao Glass as the global leader, benefiting from a new round of capacity expansion that opens up future growth opportunities [2][7] Summary by Sections Smart Integration Driving Value Enhancement - Automotive glass is evolving from a safety component to a multifunctional platform, integrating features such as heat insulation, soundproofing, information display, smart dimming, and energy collection [19] - The penetration rate of panoramic roofs in the passenger car market is expected to rise from 10.5% in 2024 to 50% by 2030, with average per-vehicle value increasing by 30%-40% compared to traditional sunroofs [6][39] Fuyao Glass: Volume and Price Growth - Fuyao Glass's revenue and global market share are consistently increasing, with a revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in the first half of 2025 [7] - The company is expanding its high-end production capacity domestically and internationally, which is expected to enhance its global market share [7][63] Investment Recommendations - The trend of rising volume and price in automotive glass is clear, with high-value products like panoramic roofs and HUDs driving the average per-vehicle value higher [8] - Fuyao Glass is recommended for continued investment due to its strong market position and growth potential in the context of increasing demand for high-value automotive glass products [8][10] Global Competitive Landscape - The global automotive glass market is characterized by a high concentration of major players, with Fuyao Glass holding a 28% market share, followed closely by AGC and NSG [68] - Fuyao's competitive advantages include rapid local supply chain response and strong customer relationship management, solidifying its market leadership [68][70]

盈利预测与投资评级：考虑到公司2025Q2 盈利能力提升超预期，我们将公司2025-2027 年的归母净利 润预测从88.35 亿元/103.88 亿元/121.77亿元上调至98.52 亿元/111.63 亿元/130.89 亿元，对应的EPS 分别 为3.77元、4.28 元、5.02 元，市盈率分别为17.14 倍、15.13 倍、12.90 倍，维持"买入"评级。 公司2025Q2 业绩超预期，毛利率环比显著提升。营收端，2025Q2 单季度公司实现营业收入115.37 亿 元，同比增长21.39%，环比增长16.42%。 风险提示：原材料价格、能源价格以及海运费上涨超预期；汽车行业销量不及预期；新建产能爬坡不及 预期。 公司营收同比增速持续跑赢全球汽车行业，体现出公司作为全球汽车玻璃龙头企业的强大竞争优势和虹 吸效应。毛利率方面，公司2025Q2 单季度毛利率为38.49%，环比大幅提升3.08 个百分点，提升明显， 预计主要系公司产能利用率提升带来的规模效应+公司持续推进降本增效措施。期间费用方面，公司 2025Q2 单季度期间费用率为9.63%，环比下降1.01 个百分点，主要系汇兑收益导致财务 ...

Core Viewpoint - The article highlights the discomfort and practical issues faced by electric vehicle (EV) owners due to innovative designs that prioritize aesthetics and technology over user comfort and safety, particularly in extreme weather conditions [1][3][54]. Group 1: Issues with Panoramic Glass Roofs - The panoramic glass roofs, initially marketed for their spaciousness and aesthetic appeal, have become a source of discomfort, turning vehicles into "sauna rooms" during summer [4][5]. - Many EV models, including those from brands like Zhiji, Zeekr, and NIO, feature panoramic roofs, but owners report excessive heat and discomfort, leading to potential interior damage [9][11]. - The automotive industry’s focus on design has overshadowed the need for comfort, as the technology for heat insulation has not fully addressed the issue of heat retention in extreme temperatures [11][57]. Group 2: Hidden Door Handles - Hidden door handles, while designed to reduce drag and enhance aesthetics, have received significant criticism, with 69% of consumers expressing concerns about their usability and reliability [13][15]. - Issues such as freezing in winter and mechanical failures have led to frustrating experiences for users, including incidents where door handles failed to operate during emergencies [19][20]. - The repair costs for hidden door handles are significantly higher than traditional handles, leading to dissatisfaction among consumers [20]. Group 3: Full Touchscreens - The shift to full touchscreen controls has complicated user interactions, with many drivers finding it less efficient than traditional buttons, particularly for essential functions like air conditioning [22][24]. - Complaints about infotainment systems being overly complex and slow to respond have increased, with drivers reporting delays in critical situations [26][28]. - The reliance on touchscreens can also pose safety risks, as it distracts drivers from the road [28]. Group 4: Half-Width Steering Wheels - The introduction of half-width steering wheels has created operational challenges for drivers, making standard maneuvers more difficult and increasing the risk of losing grip [29][31]. - New drivers have reported difficulties adapting to this design, leading to potential safety hazards during driving [35][39]. Group 5: Electronic Side Mirrors - Electronic side mirrors, while visually appealing, have been criticized for their delayed response times and performance issues in adverse weather conditions [41][43]. - Users have reported that these mirrors can become obscured in rain or snow, compromising visibility and safety [43][46]. Group 6: Single-Pedal Driving Mode - The single-pedal driving mode, designed to simplify driving and enhance efficiency, has led to confusion and safety concerns among drivers accustomed to traditional dual-pedal systems [49][52]. - Drivers have reported instances of mistakenly treating the accelerator as a brake, resulting in near accidents [52]. Group 7: Industry Response and Future Directions - As consumer dissatisfaction grows, some manufacturers are beginning to prioritize user experience over flashy designs, with improvements in heat insulation for panoramic roofs and adjustments to door handle designs [55][57]. - Regulatory changes are also being implemented, such as new standards for hidden door handles and restrictions on single-pedal driving modes, indicating a shift towards enhancing safety and usability in EV designs [57][59].

Core Viewpoint - The article discusses the growing concerns regarding panoramic sunroofs in electric vehicles, highlighting user complaints about excessive heat and inadequate protection from UV rays, which contradicts the technological promises made by car manufacturers [3][6][9]. Group 1: User Experience Issues - Users report that panoramic sunroofs act like "sun magnifiers," causing interior temperatures to soar, particularly affecting rear passengers [3][8]. - Despite claims that glass can block over 90% of UV rays, infrared radiation still penetrates, leading to discomfort and potential health risks for users [3][9]. - The design of some vehicles eliminates sun visors to enhance visibility, further exacerbating the issue of sun exposure for drivers [9][11]. Group 2: Industry Response and Standards - The Ministry of Industry and Information Technology has initiated a review of safety standards for hidden door handles, indicating a broader trend of regulatory scrutiny in the automotive sector [4][6]. - There is a call for new standards regarding the thermal performance and UV protection of panoramic roofs, similar to existing regulations for side windows [13][14]. - Some companies are exploring innovative solutions like variable light transmission roofs and temperature control technologies to address user concerns [11][14]. Group 3: Market Dynamics and Competitive Advantage - Panoramic sunroofs have become a standard feature in many electric vehicles, appealing to younger consumers seeking a futuristic aesthetic [6][8]. - The cost advantages of panoramic roofs, such as reduced component count and assembly efficiency, make them attractive for manufacturers in a competitive market [6][8]. - The potential for increased vehicle pricing by over 5,000 yuan due to the inclusion of panoramic roofs highlights their perceived value in differentiation strategies [6][8].

Core Viewpoint - The article discusses the tension between technological features and user experience in the automotive industry, highlighting the need for optimization of certain features that are currently seen as unnecessary or problematic by consumers [1][20]. Group 1: Panoramic Sunroofs - Panoramic sunroofs are becoming standard in electric vehicles, enhancing headroom and providing a scenic view, but they can lead to excessive heat in summer, making the driving experience uncomfortable [2][3][7]. - Many consumers report that the large glass surface of panoramic sunroofs acts like a "solar collector," significantly increasing cabin temperatures, which has led to complaints on social media [3][7]. - The trend of using panoramic sunroofs is not limited to electric vehicles; even traditional fuel cars like the latest Toyota Camry and Ford Mondeo are adopting this feature [7]. - Engineers note that panoramic sunroofs save space and reduce vehicle weight, which can help improve electric vehicle efficiency, with costs for panoramic glass being lower than traditional sunroofs [8][11]. - Despite claims of UV protection, panoramic sunroofs do not effectively block infrared rays, which contribute to heat buildup in the cabin [11]. - Consumers are resorting to various methods to mitigate heat, including installing sunshades or using makeshift solutions like newspapers, which can lead to increased energy consumption due to higher air conditioning use [12][17][18]. Group 2: Disappearing Physical Buttons - The trend of replacing physical buttons with touchscreens, initiated by Tesla, is becoming prevalent in the automotive industry, with many new models lacking any physical controls [20][21]. - Research indicates that using touchscreens can significantly increase driver reaction times, raising safety concerns compared to traditional physical controls [22][24]. - A study showed that drivers using older vehicles with physical buttons could complete tasks much faster than those using modern touchscreens, which can take significantly longer [24]. - Issues with touchscreen systems, such as system failures, have raised concerns about the reliability of vehicles that depend heavily on electronic controls [24]. - Some manufacturers are beginning to reintroduce physical buttons in response to consumer feedback, emphasizing the importance of balancing technology with user experience [25][26]. - The article concludes that while innovative designs are important, safety and user experience should remain the top priorities in automotive design [27].