福耀玻璃(600660.SH)/汽车 证券研究报告/公司点评 2024 年 8 月 7 日 [Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：42.87 元 分析师：何俊艺 执业证书编号：S0740523020004 分析师：刘欣畅 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|---------| | 总股本(百万股) | 2,610 | | 流通股本(百万股) | 2,003 | | 市价(元) | 42.87 | | 市值(百万元) | 111,880 | | 流通市值(百万元) | 85,869 | [Table_QuotePic] 股价与行业-市场走势对比 -30% -20% -10% 0% 10% 20% 30% 40% 50% 福耀玻璃 沪深300 2023-082023-092023-102023-112023-122024-012024-022024-032024-042024-052024-06 ...

dongxiaobin@xyzq.com.cn 证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 车身附件及饰件 ＃ investSuggestio 买n＃入 ＃ investSuggestionChang （维持）e＃ ＃dyCompany＃ 福耀玻璃 （ 600660 ） 600660 ＃title＃ 2024Q2 业绩超预期，经营情况持续改善 ＃createTime1＃ 2024 年 08 月 07 日 投资要点 ＃sum事ma件ry：＃2024 年上半年公司实现营收为 183.40 亿元，同比+22.01%；归母净利润/扣非 归母净利润分别为 34.99/35.76 亿元，同比分别+23.35%/+28.05%。其中 2024Q2 营收 为 95.04 亿元，同环比分别+19.12%/+7.56%；归母净利润为 21.11 亿元，同环比分别 +9.82%/+52.09%；扣非归母净利润为 20.58 亿元，同环比分别+7.49%/+35.61%。 2024Q2 业绩增速显著高于行业产量增速。2024Q2 全球汽车产量同环比分别为- 0.01%/+3.2%，中国汽车产量同环比分别为+3.7 ...

2024 年 8 月 7 日 公司研究 业绩表现强劲，持续看好量价齐升前景 ——福耀玻璃（600660.SH、3606.HK）2024 年半年报点评报告 要点 A 股：买入（维持） 2Q24 业绩表现强劲：1H24 公司营业收入同比+22.0%至人民币 183.4 亿元（占 我们原先全年预测的 45%），归母净利润同比+23.4%至人民币 35.0 亿元（占 我们原先全年预测的 53%）；其中，2Q24 营业收入同比+19.1%/环比+7.6%至 95.0 亿元，归母净利润同比+9.8%/环比+52.1%至 21.1 亿元。我们判断，2Q24 公司利润端表现强劲主要受益于 ASP 提升+规模效应、以及内部降本。 毛利率持续爬坡，美国工厂盈利或进一步改善：1H24 汽车玻璃销量同比增长 16.2%，ASP 同比增长 8.3%（高附加值产品占比同比+4.8pcts 至 57.0%），汽 车玻璃收入同比+25.8%至人民币 168 亿元；其中，国内/海外汽车玻璃收入分别 同比+23.6%/+28.5%。2Q24 毛利率同比+2.8pcts/环比+0.9pcts 至 37.7%，主 要受益于内部提效、规模经济效应、以 ...

证券研究报告 | 2024年08月07日 核心观点 公司研究·财报点评 风险提示：公司汽玻业务出海节奏、SAM 整合进度。 证券分析师：唐旭霞 联系人：余珊 0755-81981814 0755-81982555 tangxx@guosen.com.cn yushan1@guosen.com.cn S0980519080002 收盘价 44.97 元 总市值/流通市值 117360/117360 百万元 52 周最高价/最低价 52.18/35.90 元 近 3 个月日均成交额 613.82 百万元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |------------------------|----------|-----------|-----------|-----------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | ...

证券研究报告 | 公司动态点评 2024 年 08 月 07 日 福耀玻璃（600660.SH） 2Q24 毛利率同环比显著上行，单季度利润创历史新高 财务指标 2022A 2023A 2024E 2025E 2026E ◼ 事件：1H24 公司实现营收 183.40 亿，同比+22.0%；实现归母净利润 34.99 亿，同比+23.4%；实现扣非净利润 35.76 亿，同比+28.0%。2Q24 公司实现营收 95.04 亿，同/环比分别+19.1%/+7.6%；实现归母净利润 21.11 亿，同/环比分别+9.8%/+52.1%；实现扣非净利润 20.58 亿，同 /环比分别+7.5%/+35.6%。 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 营业收入（百万元） | 28,099 | 33,161 | 40,022 | 48,179 | 55,961 | | 增长率 yoy（%） | 19.0 | 18.0 | 20.7 | 20 ...

汽车 2024 年 08 月 07 日 2024-05-01 推荐（維持） 事项： 主要救据 行业汽车 公司网址www.f uyaogroup.com 大股东/持股HKSCC NOMINEES LIMITED/22.83% 实际控制人营 达旺 总股本(百万股)2,610 流通 A 股(百万股)_________2,003 流通 B/H 酸(百万酸)_______607 总市值（亿元）1119 流通 A 殷市值(亿元) . 每殷净资产(元)_______12.12 资产负债率(%)47.4 行情走势图 证券分析师 2022A2023A2024E2025E2026E 营业收入(百万元)2809933161401454783157629 YOY(%)19.018.021.119.120.5 56298401净利润(百万元)4756706510063 YOY(%)51.218.425.518.919.8 毛利率(%)34.035.437.437.237.2 净利率(%)16.917.017.617.617.5 ROE(%)16.417.920.822.824.9 EPS( 摊薄/元 )1.822.162.713.22 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1] Core Views - The company reported a revenue of 18.34 billion yuan for the first half of 2024, a year-on-year increase of 22%, and a net profit of 3.499 billion yuan, up 23.4% year-on-year, with a gross margin of 36.7%, an increase of 3.2 percentage points [2] - The company's profitability continues to improve, with a significant increase in total profit. Excluding foreign exchange losses and reduced investment income, total profit would have increased by 60% year-on-year [2] - The proportion of high-value-added products is increasing, driving the average selling price (ASP) growth, with the ASP for automotive glass in 2023 at 213.24 yuan/square meter, up 5.94% year-on-year [2] - The company is expanding production capacity, with capital expenditure of 2.346 billion yuan in the first half of 2024, and the U.S. factory's net profit increased by 103.7% year-on-year [3] - The forecast for EPS from 2024 to 2026 is 2.67, 3.11, and 3.64 yuan, respectively, with a corresponding PE of 16, 14, and 12 times, and a compound annual growth rate (CAGR) of 19.1% for net profit [3] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a total revenue of 183.4 billion yuan and a net profit of 34.99 billion yuan, with a gross margin of 36.7% [2] - The second quarter of 2024 saw revenue of 95.04 billion yuan, a year-on-year increase of 19.1%, and a net profit of 21.11 billion yuan, up 9.8% year-on-year [2] Profitability - The total profit for the first half of 2024 was 41.25 billion yuan, a year-on-year increase of 24.3%. If excluding certain factors, the total profit would have increased by 60% [2] - The gross margin for Q2 2024 was 37.7%, continuing a six-quarter upward trend [2] Product Development - The penetration of high-value-added products such as panoramic glass and HUD glass is increasing, contributing to ASP growth [2] - The proportion of high-value-added products in the first half of 2024 increased by 4.82 percentage points year-on-year [2] Market Position - The company is positioned as a leading player in the automotive glass industry, benefiting from a high concentration market structure and stable supply chain [3] - The company's automotive glass sales volume in 2023 was 140.16 million square meters, a year-on-year increase of 10.24% [3] Future Outlook - The company is expected to maintain a strong growth trajectory with projected revenues of 331.61 billion yuan in 2024, 396.73 billion yuan in 2025, and 461.25 billion yuan in 2026 [4] - The net profit forecast for 2024 is 56.29 billion yuan, increasing to 69.66 billion yuan in 2025 and 81.23 billion yuan in 2026 [4]

Investment Rating - Maintain "Recommend" rating with a target price of 42.87 RMB [2] Core Views - The company's 2024H1 revenue reached 18.34 billion RMB, a YoY increase of 22.01%, with net profit attributable to the parent company at 3.499 billion RMB, up 23.35% YoY [1] - The company's 2024Q2 revenue hit a record high of 9.504 billion RMB, a YoY increase of 19.12%, with net profit attributable to the parent company reaching 2.111 billion RMB, up 9.86% YoY [1] - The company's gross margin in 2024Q2 was 37.7%, up 2.8 percentage points YoY, driven by lower costs of soda ash and natural gas [1] - The company's global market share in the automotive glass industry is approximately 30%, making it the global leader [1] - The company's high-value-added products, such as smart panoramic sunroof glass and HUD glass, continue to increase their revenue share, contributing to higher profitability [1] Financial Performance - The company's 2024H1 revenue was 18.34 billion RMB, with a YoY growth of 22.01%, and net profit attributable to the parent company was 3.499 billion RMB, up 23.35% YoY [1] - In 2024Q2, the company's revenue was 9.504 billion RMB, a YoY increase of 19.12%, and net profit attributable to the parent company was 2.111 billion RMB, up 9.86% YoY [1] - The company's gross margin in 2024Q2 was 37.7%, up 2.8 percentage points YoY, driven by lower costs of soda ash and natural gas [1] - The company's R&D expenses in 2024Q2 were 410 million RMB, a YoY increase of 24.7%, with the R&D expense ratio rising by 0.2 percentage points to 4.3% [1] Industry and Market Position - The company holds a domestic market share of over 70% and a global market share of approximately 30% in the automotive glass industry [1] - The company has a strong vertical integration capability in the float glass and silica sand supply chain, which contributes to its excellent profitability [1] - The company's high-value-added products, such as smart panoramic sunroof glass and HUD glass, are benefiting from the increasing penetration of smart and electric vehicles [3] Future Outlook - The company's global layout is entering a harvest period, with its global market share expected to increase further [3] - The company's high-value-added automotive glass products are gradually gaining traction, and the profitability of its SAM subsidiary is expected to improve [3] - The company's revenue for 2024-2026 is forecasted to be 39.931 billion RMB, 46.635 billion RMB, and 53.692 billion RMB, respectively, with net profit attributable to the parent company expected to be 7.243 billion RMB, 8.599 billion RMB, and 9.943 billion RMB [3] Financial Projections - The company's revenue for 2024-2026 is projected to be 39.931 billion RMB, 46.635 billion RMB, and 53.692 billion RMB, respectively [4] - The net profit attributable to the parent company for 2024-2026 is expected to be 7.243 billion RMB, 8.599 billion RMB, and 9.943 billion RMB, respectively [4] - The EPS for 2024-2026 is forecasted to be 2.78 RMB, 3.29 RMB, and 3.81 RMB, respectively [4] - The PE ratios for 2024-2026 are projected to be 15x, 13x, and 11x, respectively [4]

运券所充报告 補導批導 (3606 HK/600660 CH) 平稳的终端晋来下再获悉取出领 牟 养 研究中报点评 2024 年 8 月 06 日 | 中国内地/中国香港象礼 业绩符合快报稿引，核心利润单持续模升是无点 橘摆玻璃公布 1H24 业绩，符合 7 月 30 日发布的快报报引。1H24/2Q24 实 现妆入 183.4 /95.0 亿元. 阿比+22.0/19.1%: 归爲千芽公司净利润 35.0/21.1 亿元，同比+23.4/9.8%。若标除汇兑损益杂交易对手终止展约带未的投资减 计影响，1H24/2Q24 核心净利润分别为 37.3/20.3 亿元，同比+66.5/69.3%, 核心 净 利 润 率 分 别 为 20.3/21.4%， 为 2017 年 以 未 新 高 。 维 持 2024/2025/2026 辛 EPS 预测 2.65/2.97/3.33 无不变，维持福耀玻璃-A 科 橘粿玻璃-H 目标价 51.68 先/47.50 迭え，分别基于 19.5x/16.3x2024 辛 P/E，与 2017 年以未平均一致。我们认为中报强劲的表现再度体现了公司 的出色竞争力。维持"买入"。 汽 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥18,339,730,232, representing a 22.01% increase compared to ¥15,031,258,928 in the same period last year[15]. - Net profit attributable to shareholders was ¥3,498,605,735, up 23.35% from ¥2,836,242,717 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was ¥3,576,317,296, reflecting a 28.05% increase from ¥2,792,914,561 year-on-year[15]. - The total profit amounted to RMB 412,535.75 million, reflecting a year-on-year increase of 24.26%[26]. - The company achieved a total revenue of RMB 1,833,973.02 million, representing a year-on-year growth of 22.01%[26]. - The total operating revenue for the first half of 2024 reached ¥18,339,730,232, an increase of 22.5% compared to ¥15,031,258,928 in the same period of 2023[124]. - The total profit for the first half of 2024 was ¥4,667,558,870, compared to ¥3,883,031,716 in the first half of 2023, an increase of about 20.2%[128]. Earnings and Profitability - Basic earnings per share for the first half of 2024 were ¥1.34, up 22.94% from ¥1.09 in the same period last year[16]. - The diluted earnings per share also stood at ¥1.34, reflecting the same percentage increase of 22.94%[16]. - The weighted average return on equity increased to 10.90%, up by 1.23 percentage points from 9.67% in the previous year[16]. - The proportion of high value-added products increased by 4.82 percentage points compared to the previous year, driven by innovation in smart automotive glass[27]. - The company reported a net cash flow from operating activities of RMB 3,325,262.23 million, indicating a 6.41% increase year-on-year[29]. - The company reported a total of 49,209.24 million RMB in estimated related party transactions for 2024, with actual transactions amounting to 25,000.86 million RMB in the first half of 2024, representing approximately 50.8% of the estimated amount[90]. Assets and Liabilities - The total assets at the end of the reporting period were ¥60,104,352,350, a 6.13% increase from ¥56,630,407,495 at the end of the previous year[15]. - The total liabilities increased to CNY 28,474,000,000 from CNY 26,000,000,000 at the end of the previous year[119]. - The company's equity attributable to shareholders reached ¥31,627,994,495, up from ¥31,426,181,639, showing a slight increase of 0.6%[120]. - The total equity attributable to the parent company at the end of the first half of 2024 is CNY 31,616,366,433, a decrease of CNY 3,392,666,592 compared to the previous period[135]. - The total assets of the company at the end of the first half of 2024 are CNY 28,795,507,838, showing a robust asset base[139]. Cash Flow - The net cash flow from operating activities was ¥3,325,262,229, compared to ¥3,124,847,388 in the previous year, indicating a slight increase in cash outflow[132]. - The company reported a net increase in cash and cash equivalents of CNY -814,486,645, contrasting with a net increase of CNY 2,151,446,584 in the first half of 2023[132]. - The ending balance of cash and cash equivalents was CNY 12,536,762,993, down from CNY 14,389,308,139 at the end of the first half of 2023[132]. Research and Development - Research and development expenses rose to RMB 784,108.85 million, a 24.78% increase from the previous year, reflecting the company's commitment to innovation[29]. - The company is focusing on the development of high-value products such as smart panoramic glass and adjustable light glass, which are increasingly integrated with new technologies in the automotive sector[23]. - The company has established an intelligent innovation center to accelerate research and development in key technology areas[81]. Environmental Sustainability - The company is focused on environmental sustainability, aiming to align with national policies through technological and process innovations to meet international standards[55]. - The company has implemented a water recycling system to reduce wastewater discharge, ensuring treated wastewater meets discharge standards before entering municipal sewage systems[71]. - The company reduced carbon emissions by 80,886.90 tons during the reporting period[83]. Corporate Governance - The company has adopted the Corporate Governance Code and complies with relevant regulations to enhance shareholder value[62]. - The board of directors consists of 9 members, including 3 independent non-executive directors, meeting the requirements of the Hong Kong Listing Rules[62]. - The company will hold its first extraordinary general meeting of 2024 on January 16, 2024, to elect new board members[59]. Market and Competition - Approximately 50% of the company's revenue is derived from domestic operations in China, with the other half from overseas, making it susceptible to economic and geopolitical risks[53]. - The company faces risks from intensified market competition, which may lead to price declines or reduced demand for certain products, prompting a differentiation strategy to enhance brand value[54]. Related Party Transactions - The company incurred 6,221.12 million RMB in related party transactions for purchasing raw materials from Ternary Wang Packaging (Fuzhou) Co., Ltd. in the first half of 2024, which is 30.09% of the estimated amount[90]. - The company reported 14,452.65 million RMB in related party transactions for purchasing raw materials from Jinkeng Glass Industry Shuangliao Co., Ltd., accounting for 69.91% of the estimated amount[90]. Financial Reporting and Compliance - The company's financial statements are prepared in accordance with both Chinese and international accounting standards, highlighting differences in asset impairment accounting[18]. - The company adheres to the accounting standards set forth by the Ministry of Finance and the China Securities Regulatory Commission, ensuring the financial reports reflect a true and complete picture of its financial status[148]. - The group recognizes financial assets and liabilities based on the business model and cash flow characteristics, classifying them into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[158].