10月16日，福耀玻璃（600660.SH）发布公告，79岁的"玻璃大王"曹德旺正式提交辞职报告，卸任公司董事长职务。 作者|深水财经社 乌海 老一代民营企业家逐渐老去，中国已经迎二代接班的高潮。 这场酝酿十年的权力交接终落定局，标志着这家全球汽车玻璃巨头正式迈入"曹晖时代"。 公告显示，卸任后他并未完全淡出，仍将担任公司董事及部分子公司的董事、董事长和法定代表人职务，同时被委任为"终身荣誉董事长"，继续为企业发展 提供战略指导。 对于这位将毕生心血倾注于福耀的实业家而言，离开肯定是舍不得的，公司还有很多方面需要他亲自指导亲自部署。 董事会同时决议，将曹德旺的长子曹晖推至台前，出任公司第十一届董事局董事长，同时兼任法定代表人和董事局战略发展委员会主任。 现年55岁的曹晖，其接班之路堪称是马拉松长跑。公开履历显示，他与福耀的羁绊始于1989年11月，从底层岗位起步，一路积累实战经验。1994年起，他先 后担任福耀香港总经理、财务总监等职，掌控了公司的财政和资本运作大权。 2001年，31岁的曹晖临危受命出任福耀北美玻璃工业有限公司总经理，彼时恰逢美国对中国汽车玻璃发起反倾销调查，他主导诉讼三年终获胜诉，不仅追回 ...

Core Viewpoint - The implementation of the "Private Economy Promotion Law" in China has significantly boosted the confidence and vitality of private enterprises, exemplified by the growth story of Shanxi Lihu Group Qingyao Technology Glass Co., Ltd, which is leveraging innovation and practical efforts to thrive in a favorable policy and market environment [1] Group 1: Company Overview - Shanxi Lihu Group Qingyao Technology Glass Co., Ltd was established in 2014 and is a subsidiary of Shanxi Lihu Glass Group, focusing on the research and production of safety glass for automobiles and rail transit [2] - The company employs 980 staff and has an annual production capacity of 4 million sets of automotive glass and 100,000 square meters of rail transit glass, positioning itself as a major supplier in the domestic automotive glass market [2] Group 2: Production and R&D - The production facility features automated equipment that efficiently processes glass through various stages, including cutting and polishing, to produce high-performance automotive and rail transit safety glass [4] - The R&D center is actively engaged in testing and optimizing new products, showcasing a dual focus on production and research that underpins the company's stable development [4] Group 3: Innovation as a Growth Driver - The company emphasizes innovation as the primary driver of development, continuously increasing R&D investment to enhance its independent innovation capabilities [5] - An example of innovation is the development of smart glass that adjusts transparency based on external light conditions, applicable in high-end automotive and smart building sectors, indicating a broad market potential [5] - Recent innovations include high-end products like atmosphere sunroofs and HUD glass, which meet diverse market demands and enhance product value and competitiveness [5] Group 4: Strategic Development Goals - The company has set strategic goals for transformation, innovation, and ecological development, increasing the production share of automotive glass, new energy glass, and other high-value-added deep-processed glass [6] - The supportive policies from the "Private Economy Promotion Law" are seen as a significant boost, providing strong motivation through encouragement for innovation and equal access to resources and financial support [6] - Future plans include expanding automotive glass production capacity, exploring new energy glass sectors, and fulfilling social responsibilities by creating job opportunities in local communities, contributing to regional economic development and rural revitalization [6]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for Q1 were 9.91 billion, 2.03 billion, and 1.99 billion respectively, representing year-on-year growth of 12.16%, 46.25%, and 30.90% [2][3]. - The main business of automotive glass continues to show a "volume and price increase" logic, with profits further boosted by foreign exchange gains [3]. - The decline in gross profit margin is mainly due to changes in accounting policies and capacity ramp-up, but it is expected to recover steadily in the future [3][4]. - The company is focused on the automotive glass business and is steadily advancing its global layout, with high value-added products like panoramic glass and HUD glass continuing to penetrate the market, driving up the value per vehicle [3][10]. Summary by Sections Financial Performance - In Q1, the automotive glass main business revenue was 9.03 billion, with a year-on-year increase of 11.5% and a quarter-on-quarter decrease of 9.3%, outperforming the downstream industry [3]. - The sales volume of Fuyao automotive glass increased by 7.84% year-on-year, indicating a potential market share increase, while the average selling price rose by 3.36% due to a higher proportion of high value-added products [3]. - The gross profit margin and net profit margin for Q1 were 35.40% and 20.50%, respectively, with year-on-year changes of -1.42 percentage points and +4.78 percentage points [4]. Capacity Expansion - The company is entering a new round of global capacity expansion, with new plants in Fuzhou and Hefei expected to start production in Q4 2025 or early 2026, which will significantly increase production capacity [9]. - The U.S. plant has been successfully built and is expected to enhance Fuyao's business layout in North America, with current annual capacity near 7 million sets [9]. Investment Outlook - The company is expected to further consolidate its leading position in the industry with an increase in market share and steady global expansion [10]. - The report forecasts net profits of 8.8 billion and 10.2 billion for 2025 and 2026, respectively, corresponding to current P/E ratios of 17X and 15X [10][11].