福耀玻璃：Q3营收历史新高，盈利能力持续表现优异

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4]. Core Insights - The company reported a record high revenue of 99.74 billion yuan in Q3 2024, reflecting a year-on-year increase of 18.8% and a quarter-on-quarter increase of 13.4% [4]. - The net profit attributable to the parent company for Q3 2024 reached 19.8 billion yuan, a year-on-year growth of 53.5% [4]. - The company is experiencing a continuous improvement in profitability, with a gross margin of 38.8% and a net margin of 19.9% in Q3 2024 [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 283.14 billion yuan, up 18.8% year-on-year, and a net profit of 54.79 billion yuan, up 32.8% year-on-year [4]. - The company’s Q3 gross margin improved by 2.5 percentage points year-on-year, while the net margin increased by 5.2 percentage points year-on-year [4]. - The company plans to invest 90 billion yuan in expanding production capacity in Fujian and Anhui to meet market demand [5]. Revenue and Profit Forecast - The company forecasts revenues of 402 billion yuan, 467 billion yuan, and 529 billion yuan for 2024, 2025, and 2026 respectively [5]. - The net profit attributable to the parent company is projected to be 74 billion yuan, 88 billion yuan, and 99 billion yuan for the same years [5]. - The report indicates a PE valuation of 21, 17, and 15 times for 2024, 2025, and 2026 respectively, reflecting the company's strong position in the automotive glass sector [5].