FYG,FUYAO GLASS(600660) 东吴证券·2024-08-01 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q2 2024, with revenue of 9.504 billion yuan, a year-on-year increase of 19.11% and a quarter-on-quarter increase of 7.56%. The net profit attributable to the parent company for Q2 2024 was 2.111 billion yuan, reflecting a year-on-year growth of 9.83% and a quarter-on-quarter growth of 52.09% [3] - The company is positioned as a global leader in the automotive glass industry, with increasing market share and average selling price (ASP) per vehicle, driven by the ongoing development of automotive intelligence and the introduction of high-value-added products [3] Financial Performance Summary - For the first half of 2024, the company achieved total 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 [3] - The company's Q2 2024 net profit margin was 22.21%, showing a slight year-on-year decrease of 1.88 percentage points but an increase of 6.50 percentage points compared to the previous quarter [3] - The company's revenue and net profit forecasts for 2024-2026 have been adjusted upwards, with expected net profits of 7.004 billion yuan, 8.245 billion yuan, and 9.586 billion yuan for 2024, 2025, and 2026 respectively [4] Market Position and Growth Drivers - The global automotive glass industry is concentrated, with major competitors facing lower profitability and limited capital expenditure, while the company is in a capital expenditure cycle that will enhance its global market share [3] - The increasing penetration of advanced automotive glass features, such as HUD windshields and panoramic roofs, is expected to drive growth in ASP per vehicle [3]