证券研究报告 | 公司动态点评 2024 年 07 月 30 日 福耀玻璃（600660.SH） 量价齐升叠加成本下探，2Q24 盈利能力超预期 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|-------|--------------------------------|------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | | | | | | | 股票信息 | | | | | | | | | 行业 | 汽车 | | | | | | | | 2024 年 7 月 29 日收盘价（元） | 44.46 | | | | | | | | 总市值（百万元） | 116,029.20 | | | | | | | | 流通市值（百万元） | 89,052.77 | | | | | | | | 总股本（百万股） | 2,609.74 | | | | | | | | 流通股本（百万股） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q2 2024, achieving record high quarterly revenue and profit, with Q2 revenue reaching 9.504 billion yuan, a year-on-year increase of 19.1% and a quarter-on-quarter increase of 7.6% [2][3] - The growth in revenue is attributed to increased domestic customer volume, improved overseas market share, and a higher proportion of high-value-added products [2][4] - The company’s net profit for Q2 2024 was 2.111 billion yuan, reflecting a year-on-year increase of 9.8% and a quarter-on-quarter increase of 52.1% [4] Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 18.340 billion yuan, a year-on-year increase of 22.01%, and a net profit attributable to shareholders of 3.499 billion yuan, up 23.35% year-on-year [3] - The Q2 net profit margin was 22.2%, with a significant increase in profitability driven by scale effects, low raw material prices, and improved cost control [4] Earnings Forecast and Investment Rating - The company is expected to continue its revenue growth, driven by global market share, average selling price (ASP) increases, and larger vehicle area [4] - The earnings forecast for 2024-2026 projects revenues of 38.714 billion yuan, 45.554 billion yuan, and 53.694 billion yuan, with year-on-year growth rates of 17%, 18%, and 18% respectively [6] - The projected net profit for the same period is 6.857 billion yuan, 7.755 billion yuan, and 9.325 billion yuan, with year-on-year growth rates of 22%, 13%, and 20% respectively [6] - The report maintains a positive outlook on the company's upward trend and reiterates the "Buy" rating [4]

[Table_OtherReport] 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 军福耀玻璃（600660.SH） 投资评级 上次评级 [Table_Author] 陆嘉敏 汽车行业首席分析师 执业编号：S1500522060001 联系电话：13816900611 邮 箱：lujiamin@cindas.com [Table_Title] 福耀玻璃（600660.SH）：24H1 业绩表现超预 期，龙头地位凸显，量价齐升持续兑现 [Table_ReportDate] 2024 年 7 月 31 日 [Table_S 事件：公司发布 ummary]2024 半年度业绩快报，2024 上半年公司实现营收约 183.4 亿元，同比+22.0%，归母净利润 35.0 亿元，同比+23.3%；扣非归母净利 润 36.9 亿元，同比+32.1%。公司 24Q2 实现营收 95.0 亿元，同比+19.1%， 环比+7.6%，实现归母净利润 21.1 亿元，同比+9.8%，环比+52.1%。 ➢ 2024H1 业绩表现超预期，盈利能力有望持续提升。公司发布 2024H1 业绩快报，24H1 ...

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] 福耀玻璃点评：成本改善及规模效应推动盈利能 力增强，业绩超预期 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 Q2 收入增速持续超国内下 游市场表现。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 福耀玻璃（600660.SH） cjzqdt11111 相关研究 [Table_Title 福耀玻璃点评：成本改善及规模效应推动盈利 2] 能力增强，业绩超预期 [Table_Summary2] 事件描述 根据业绩快报，公司 2024 上半年实现营业收入 183.4 亿元，同比+22.0%；归母净利润 35.0 亿元，同比+23.4%；扣非后归母净利润 36.9 亿元，同比+32. ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Q2 2024 performance exceeded expectations with significant growth in revenue and net profit [2] - Revenue for H1 2024 reached 183.4 billion yuan, up 22% YoY, while net profit attributable to shareholders was 34.99 billion yuan, up 23.4% YoY [2] - Q2 2024 revenue was 95.04 billion yuan, up 19.1% YoY and 7.6% QoQ, with net profit of 21.11 billion yuan, up 9.8% YoY and 52.1% QoQ [2] - Profitability continues to improve, with H1 2024 total profit reaching 41.25 billion yuan, up 24.3% YoY [2] - High-value-added products are driving ASP growth, with automotive glass ASP increasing by 5.94% YoY to 213.24 yuan per square meter in 2023 [2] - The company's market share is expanding, with global automotive glass sales reaching 140.16 million square meters in 2023, up 10.24% YoY [2] - Capital expenditure for 2024 is planned at 8.123 billion yuan to support capacity expansion [2] Financial Forecasts - EPS for 2024-2026 is projected to be 2.55/2.99/3.51 yuan, with a CAGR of 17.6% for net profit attributable to shareholders [3] - Revenue for 2024-2026 is forecasted to be 396.73/461.25/525.83 billion yuan, with growth rates of 19.64%/16.26%/14.00% [4] - Net profit attributable to shareholders for 2024-2026 is expected to be 66.65/78.10/91.59 billion yuan, with growth rates of 18.39%/17.19%/17.27% [4] - ROE is projected to increase from 19.68% in 2024 to 22.77% in 2026 [4] Industry and Market Position - The automotive glass industry is highly concentrated, and the company benefits from stable supply chains and cost advantages [2] - The company's focus on high-value-added products, cost control, and R&D investment gives it a competitive edge [2] - The trend towards automotive electrification and intelligence is driving market expansion, benefiting the company's product mix and ASP growth [2]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company reported strong performance in H1 2024, achieving revenue of 18.34 billion yuan, a year-on-year increase of 22.01%, and a net profit of 3.499 billion yuan, up 23.35% year-on-year [1][4]. - The company is positioned as a leading player in the automotive glass industry, with a domestic market share exceeding 70% and a global market share of approximately 30% [1][4]. - The report highlights the company's strategic investments and collaborations, particularly in high-value-added products and smart glass technologies, which are expected to drive future growth [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 18.34 billion yuan, with a net profit of 3.499 billion yuan, and a non-recurring net profit of 3.689 billion yuan, reflecting year-on-year growth rates of 22.01%, 23.35%, and 32.07% respectively [1][4]. - Q2 2024 saw a revenue of 9.504 billion yuan, a year-on-year increase of 19.12%, and a net profit of 2.111 billion yuan, up 9.86% year-on-year [1][4]. Market Position - The company is recognized as a global leader in automotive glass, with significant market presence in China, the US, Russia, and Europe [1][4]. - The report notes the company's strong vertical integration capabilities in the supply chain, enhancing its competitive advantage [1][4]. Growth Drivers - The increasing demand for smart and functional glass in the automotive sector, driven by trends in electric and intelligent vehicles, is expected to boost the company's average glass usage per vehicle [2][4]. - The integration of SAM, which specializes in aluminum trim products, is anticipated to improve profitability and contribute to revenue growth [2][4]. Future Projections - The report projects revenue growth for 2024-2026, estimating revenues of 39.931 billion yuan, 46.635 billion yuan, and 53.692 billion yuan, with corresponding net profits of 6.931 billion yuan, 8.271 billion yuan, and 9.605 billion yuan [4][5].

Q2 业绩表现强劲 汽玻二次成长 2024 年 07 月 30 日 [Table_Author] 分析师：崔琰 执业证号：S0100523110002 邮箱：cuiyan@mszq.com ➢ 事件概述：公司披露 2024 半年度业绩快报：2024H1 实现营收 183.40 亿 元，同比+22.01%；归母净利润 34.99 亿元，同比+23.35%；扣非归母净利润 36.89 亿元，同比+32.07%。 ➢ 业绩超预期 收入&利润创历史新高。公司 2024H1 实现营收 183.40 亿元， 同比+22.01%；归母净利润 34.99 亿元，同比+23.35%；扣非归母净利润 36.89 亿元，同比+32.07%。其中 2024Q2 实现营收 95.04 亿元，同比+19.12%，环 比+7.57%，单季度营收创历史新高；实现归母净利 21.11 亿元，同比+9.86%， 环比+52.12%；实现扣非归母净利 21.71 亿元，同比+13.38%，环比+43.04%， 净利润同样创历史新高。此外，公司 2024H1 汇兑损失人民币 1,421.02 万元， 去年同期汇兑收益人民币 59,920.89 万元 ...

Investment Rating - The investment rating for Fuyao Glass is "Buy" (maintained) with a target price of HKD 47.50 for 3606 HK and RMB 51.68 for 600660 CH [1][2]. Core Views - The report highlights strong performance in 1H24, with revenue and net profit attributable to the parent company reaching RMB 183.4 billion and RMB 35.0 billion, respectively, representing year-on-year growth of 22.0% and 23.4% [3]. - The report emphasizes the company's competitive strength, driven by product innovation and cost control, which are key to sustaining growth amid market disruptions [3]. - The report maintains EPS forecasts for 2024, 2025, and 2026 at RMB 2.65, RMB 2.97, and RMB 3.33, respectively, with target prices based on P/E ratios consistent with historical averages [3]. Financial Performance - For 2Q24, the company reported revenue and net profit attributable to the parent company of RMB 95.0 billion and RMB 21.1 billion, respectively, reflecting year-on-year increases of 19.1% and 9.3% [4]. - The core net profit for 2Q24, after excluding foreign exchange impacts, was RMB 20.4 billion, showing a significant year-on-year increase of 69.3%, with a core net profit margin of 21.4%, the highest since 2017 [4]. Market Developments - The report notes that the company’s subsidiary in the U.S. cooperated with a government investigation, clarifying that Fuyao Glass itself is not the target of the investigation [5]. - The Chinese government has introduced measures to support the replacement of old equipment and consumer goods, which is expected to boost demand for automotive glass in the domestic market [6]. Financial Projections - Revenue projections for Fuyao Glass are set to grow from RMB 39.97 billion in 2024E to RMB 51.18 billion in 2026E, with corresponding net profit estimates increasing from RMB 6.93 billion to RMB 8.69 billion [7][11]. - The report anticipates a steady increase in EPS from RMB 2.65 in 2024E to RMB 3.33 in 2026E, with a projected ROE of approximately 20% in the coming years [11].

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证券简称：福耀玻璃 证券代码：600660 公告编号：2024－025 福耀玻璃工业集团股份有限公司 2024 年半年度业绩快报公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 本公告所载2024年半年度（本报告期）主要财务数据为初步核算数据，未经会计师 事务所审计，具体数据以福耀玻璃工业集团股份有限公司（以下简称"公司"）2024年 半年度报告中披露的数据为准，敬请投资者注意投资风险。 一、2024 年半年度主要财务数据和指标 币种：人民币 单位：亿元 | --- | --- | --- | --- | |----------------------------------------------|--------------------|----------|-----------------------------| | 主要会计数据 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减(%) | | 营业收入 | 183.40 | 150.31 | 22.01 | | 营业利润 | 41.34 | 3 ...