Core Viewpoint - Fuyao Glass (600660) shares rose over 4%, reaching a historical high of 79.45 HKD, driven by positive operational updates and earnings forecasts from UBS [1] Group 1: Operational Performance - Domestic factory capacity utilization reached approximately 87% this quarter, an increase of about 2 percentage points year-on-year and 3 percentage points quarter-on-quarter [1] - The capacity utilization of the first phase of the U.S. factory remains at a relatively high level of around 80% [1] - The second phase of the U.S. factory is progressing smoothly, with expected capacity utilization to reach about 40% in the second half of the year [1] Group 2: Cost and Profitability - Transportation costs in the third quarter have significantly decreased year-on-year, which will help improve profit margins [1] - UBS raised the company's earnings forecast for this year through 2030 by up to 13%, reflecting faster-than-expected new capacity increases and price adjustments in the U.S. market [1] Group 3: Pricing and Market Trends - The average selling price of automotive glass is expected to continue rising, driven by increased adoption of functional products in the domestic market, such as all-glass roofs, coated glass, and smart glass [1] - The contribution of high-value-added products is increasing with the realization of electric vehicle orders in the European market [1] - In the U.S. aftermarket, product prices have been raised to pass on most of the tariff increases, with average selling prices in local U.S. factories increasing by 3% to 5% year-to-date [1]

智通财经APP获悉，瑞银发布研报称，福耀玻璃(03606)管理层更新第三季度营运情况，国内工厂产能利 用率本季至今达到约87%，同比增长约2个百分点，按季增长约3个百分点;美国一期工厂产能利用率维 持约80%相对高水平;美国二期工厂产能提升顺利，预计该工厂产能利用率在下半年将达到约40%;第三 季度运输成本同比显著下降，将有助利润率改善。该行上调对公司今年至2030年盈利预测最多13%，反 映新产能提升速度快于预期及美国市场价格上调。对该股目标价由84港元上调至95港元，维持"买入"评 级。 该行预计公司汽车玻璃平均售价将持续上升。主要驱动因素包括国内市场功能性产品的采用率不断提 高，如全玻璃车顶、涂层玻璃和调光玻璃;随着欧洲市场电动车订单实现，高附加值产品贡献增加;美国 后市场产品价格上调，以转嫁大部分关税增长;值得注意的是，福耀玻璃还提高美国本地工厂供应的产 品平均售价，年初至今平均售价同比升3%至5%。 ...

瑞银发表报告指，福耀玻璃管理层更新第三季度营运情况，国内工厂产能利用率本季至今达到约87%， 按年增长约2个百分点，按季增长约3个百分点；美国一期工厂产能利用率维持约80%相对高水平；美国 二期工厂产能提升顺利，预计该工厂产能利用率在下半年将达到约40%；第三季度运输成本按年显著下 降，将有助利润率改善。 该行预计公司汽车玻璃平均售价将持续上升，主要驱动因素包括国内市场功能性产品的采用率不断提 高，如全玻璃车顶、涂层玻璃和调光玻璃；随着欧洲市场电动车订单实现，高附加值产品贡献增加；美 国后市场产品价格上调，以转嫁大部分关税增长；值得注意的是，福耀玻璃还提高美国本地工厂供应的 产品平均售价，年初至今平均售价按年升3%至5%。 该行上调对公司今年至2030年盈利预测最多13%，反映新产能提升速度快于预期及美国市场价格上调， 对该股目标价由84港元上调至95港元，维持"买入"评级。 ...