点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 4 汽车玻璃业务收入增长的驱动因素拆分 7 东吴证券 ■ 我们对福耀玻璃汽车玻璃业务营收增长的驱动因素进行了拆分，包括四大影响因素：【全球汽 车销量及保有量】、【福耀全球汽玻份额】、【汽玻单车面积】、【汽玻单平米价格】。其中, 后面三个因素是公司汽玻业务成长性的主要贡献来源。 正文 の东吴证券 一、汽车玻璃是具备持续升级能力的优质零部件赛道 图1:福耀汽车玻璃营收增长因素拆分 全球汽车销量 全球汽车产销量低速缓慢 增长,保有量持续提升 及保有量 汽玻销量 竞争对手扩张意愿低;福耀 福耀全球汽玻 当前仍在持续开本开支,未 份额 来市场份额有望持续提升 汽车玻璃营收 小天窗→全景天窗→全景天 汽玻单车面积 幕的升级贡献了汽车玻璃单 车面积提升的最大增量 汽玻单车ASP 汽玻单平米 汽车玻璃功能性提升带动汽 价格 玻单平米价格持续提升 数据来源:公司公告,东吴证券研究所绘制 汽车玻璃功能在行业电动智能化的趋势下持续升级 7 东吴证券 ■ 随着汽车电动智能化的发展和消费升级,汽车玻璃产品的功能也在持续升级的过程 ...

Core Viewpoints - Automotive glass is a high-quality component sector with continuous upgrade capabilities, driven by electrification, intelligence, and consumer upgrades. The product functionalities are expanding beyond traditional roles to include heat insulation, sound insulation, heating, hydrophobic properties, dimming, antennas, lightweight designs, HUD windshields, and panoramic roofs. The revenue structure of Fuyao is increasingly focused on high-value-added products, leading to a sustained increase in the price per square meter of automotive glass, projected to rise from 131.06 RMB/sqm in 2012 to 229.11 RMB/sqm in 2024, with a compound annual growth rate (CAGR) of 5% and an 8% CAGR over the last three years [2][8][20]. Group 1: Electrification Cycle - The current phase of automotive glass upgrades is centered around panoramic roofs, HUD windshields, and dual-layer side windows. Panoramic roofs are larger and more aesthetically pleasing than traditional sunroofs, with additional heat insulation features that enhance their value. HUD windshields utilize wedge-shaped PVB interlayers to significantly increase their value, while the value of side windows is enhanced through added functionalities such as sound insulation and heat insulation [3][4][8]. Group 2: Intelligence Cycle - Automotive glass is poised for significant upgrades as a medium for information transmission in the wave of intelligence. Smart dimming glass can create a more comfortable cabin environment, and as technology and costs improve, its penetration rate is expected to rise. The demand for integrated glass antennas is also increasing, as glass does not obstruct signals, allowing for seamless integration without compromising vehicle aesthetics. Glass displays represent another new direction for smart cockpits, enabling direct integration of screens or optical projections into automotive glass [4][5][60]. Group 3: Investment Recommendations - The company recommends Fuyao Glass, a global leader in the automotive glass industry. The company is actively expanding the boundaries of "one piece of glass," enhancing research on smart glass and integration trends, and continuously advancing its aluminum trim business to increase the value per vehicle. Fuyao is expected to capture more market share from competitors in overseas markets due to its high quality and cost-effective competitive advantages [5][8].

Investment Rating - The report recommends a "Buy" rating for Fuyao Glass, a leading player in the global automotive glass industry [2]. Core Insights - The automotive glass industry is experiencing continuous upgrades driven by electrification and intelligentization, with products evolving from basic functions to include features like heat insulation, soundproofing, heating, hydrophobic properties, dimming, antennas, lightweight designs, HUD windshields, and panoramic roofs [2][8]. - Fuyao's revenue structure is increasingly shifting towards high-value-added products, leading to a sustained increase in the price per square meter of automotive glass, projected to rise from 131.06 RMB/sqm in 2012 to 229.11 RMB/sqm by 2024, with a compound annual growth rate (CAGR) of 5% [2][17]. - The report highlights the significant growth potential in the market for panoramic roofs, HUD windshields, and dual-layer side windows, which are key areas of upgrade during the electrification phase [2][18]. Summary by Sections Automotive Glass Upgrade Potential - Automotive glass is identified as a high-quality component with continuous upgrade capabilities, driven by the trends of electrification and intelligentization [5][6]. - The report outlines four main drivers of revenue growth for Fuyao's automotive glass business: global automotive sales and ownership, Fuyao's global market share, the area of glass per vehicle, and the price per square meter of glass [6][7]. Electrification Cycle - The focus is on panoramic roofs, HUD windshields, and side windows, with panoramic roofs gradually replacing traditional sunroofs due to their larger area and additional functionalities [18][19]. - The value of automotive glass is significantly enhanced through the integration of features such as sound insulation, heat insulation, and hydrophobic properties [9][12]. Intelligentization Cycle - The report emphasizes the potential for smart dimming glass, integrated glass antennas, and glass displays as key areas for development in the automotive glass sector [40][50]. - Smart dimming glass is expected to improve passenger comfort by adjusting transparency based on light conditions, with anticipated increases in adoption rates as technology and costs improve [46][49]. Investment Recommendations - Fuyao Glass is positioned to expand its boundaries by enhancing research on smart glass and integration trends, while also increasing its market share globally through high-quality and cost-effective products [2][58].