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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 9.91 billion yuan in Q1 2025, representing a year-on-year increase of 12.2%, and a net profit attributable to shareholders of 2.03 billion yuan, up 46.3% year-on-year. The strong performance is attributed to the growth in high-value-added products and a decrease in raw material costs [2][4]. - The company is positioned as a leading global automotive glass manufacturer, with an expanding competitive moat and significant long-term investment value [2]. Summary by Relevant Sections Financial Performance - In Q1 2025, the company reported a revenue of 9.91 billion yuan, a 12.2% increase year-on-year, and a net profit of 2.03 billion yuan, reflecting a 46.3% year-on-year growth. The gross profit margin was 35.4%, with a slight year-on-year decrease of 1.4 percentage points but a quarter-on-quarter increase of 3.3 percentage points [2][4]. - The company’s operating profit reached 2.49 billion yuan, a 46.7% increase year-on-year, while the net profit after deducting non-recurring items was 1.99 billion yuan, up 30.9% year-on-year [4]. Market Position and Growth Drivers - The company benefits from the increasing penetration of high-value products such as panoramic sunroofs and HUDs, with expectations for rapid market expansion over the next decade. The revenue share of high-value products increased by 5.02 percentage points year-on-year [4]. - The company’s profitability in automotive glass significantly exceeds that of competitors, which have shifted focus due to poor glass business profitability. This positions the company for continued market share growth [4]. Future Outlook - The company is expected to maintain rapid growth, with projected net profits of 8.9 billion, 10.27 billion, and 11.72 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are estimated at 16.4X, 14.2X, and 12.5X [4].

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, indicating resilience and potential for continued profitability in the automotive glass sector [1][2]. Financial Performance - Q1 2025 revenue reached 9.97 billion yuan, with a year-on-year increase of 12.2% and a quarter-on-quarter decrease of 9.4% [1] - Gross profit was 3.508 billion yuan, reflecting a year-on-year increase of 7.8% and a quarter-on-quarter decrease of 0.2%, with a gross margin of 35.40% [1] - Net profit attributable to shareholders was 2.03 billion yuan, up 46.3% year-on-year and 0.5% quarter-on-quarter, with a net margin of 20.48% [1] - Non-GAAP net profit was 1.987 billion yuan, representing a year-on-year increase of 30.9% and a quarter-on-quarter increase of 4.8% [1] Business Segment Performance - The automotive glass business generated revenue of 9.91 billion yuan in Q1 2025, a year-on-year increase of 12.16%, with sales volume up 7.84% and average selling price (ASP) up 3.36% [1] - High-value-added products accounted for 49.13% of total sales, an increase of 4.5 percentage points year-on-year, indicating an ongoing optimization of product structure [1] Regional Performance - Domestic automotive glass revenue increased by 11.73% year-on-year, and after accounting for unrecognized sales to car manufacturers, the revenue growth was 17.1% [1] - Overseas automotive glass revenue grew by 11.15% year-on-year, both figures outperforming the overall automotive industry growth rates [1] Margin and Cost Outlook - Q1 2025 gross margin was 35.4%, with a year-on-year decline of 1.42 percentage points, primarily due to accounting adjustments and new capacity ramp-up [2] - Financial expenses contributed 350 million yuan in revenue, significantly higher than the 70 million yuan from the same period last year, mainly due to substantial foreign exchange gains [2] - The company is expected to benefit from declining prices of raw materials and shipping costs throughout the year, which may offset the impact of new capacity ramp-up [2] Competitive Landscape and Capacity Expansion - The competitive landscape is improving as the penetration of high-value-added glass products and aluminum components in new energy vehicles increases [2] - The company is expanding capacity, with new production lines in the U.S. and China expected to enhance market share [2] - New projects in Fujian and Anhui are entering the capacity release phase, supporting overall capacity optimization and export expansion [2] Profit Forecast and Investment Rating - The company is projected to strengthen its competitive position, with expected EPS of 3.28, 3.89, and 4.51 yuan for 2025-2027 [3] - The target price is set at 62.27 yuan, based on a 19x PE ratio for 2025, maintaining an "outperform" rating [3]

竞争格局：北美汽车玻璃市场格局好，竞争温和。汽车玻璃行业拥有较高的行业壁垒，例如需要拥有完 善的生产和销售网络；汽玻属于安全件，技术和质量要求严苛，主机厂准入认证周期较长；且汽玻和浮 法均属于重资产投入等。因此，高壁垒塑造出汽车玻璃行业良好的竞争格局，全球以及北美的汽车玻璃 行业均已经形成了高集中度的市场。北美市场主要的汽车玻璃供应商包括福耀玻璃、旭硝子、圣戈班和 板硝子等，其中福耀已经成为美国汽玻市场市占率排名第一的汽车玻璃供应商。 市场规模：北美汽玻市场规模呈现低速稳定增长状态。我们对北美汽车玻璃市场（包括OEM+AM市 场）当前及未来的市场规模进行了测算。在汽车报废率和前挡破损率保持稳定的情况下，随着产销量和 汽玻单车ASP保持低速稳定增长，北美汽车玻璃市场规模也呈现出低速稳定增长的状态，整体市场规模 （包括OEM+AM市场）将从2024年的193亿元持续增长至2030年的242亿元，复合增长率约为4%。 看好福耀玻璃中期维度在北美市场实现量利齐升。份额方面，北美主要竞争对手（旭硝子、板硝子和圣 戈班等）均不是单一汽玻主业经营，且当前汽玻业务均处于低盈利状态，整体扩张意愿较低，未来的主 要发展目标主要集 ...

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].