摩根士丹利：福耀玻璃-一季度业绩稳固，受益于外汇顺风；关税后中美需求备受关注

April 17, 2025 02:04 PM GMT Fuyao Glass Industry Group | Asia Pacific Solid 1Q Boosted by FX Tailwinds; All Eyes on US/China Demand Post-tariff Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Fuyao's 1Q25 earnings rose 46% YoY and 1% QoQ to Rmb20.3bn, above market expectations, thanks to higher finance income of Rmb350mn vs. Rmb69mn in 1Q24 amid USD ap ...