福耀玻璃：Q2业绩超预期，盈利能力持续提升

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]