福耀玻璃（600660）：毛利率环比修复，新产能释放好于预期

研究报告 Research Report 22 Apr 2025 福耀玻璃 Fuyao Glass Industry Group (600660 CH) 2025 年一季报：毛利率环比修复，新产能释放好于预期 25Q1 Review: GP Margin Improved QoQ; New Capacity Ramp-up Beat Expectations [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb55.39 目标价 Rmb62.27 HTI ESG 3.0-2.8-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 A- 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb138.98bn / US$19.04bn 日交易额 (3 个月均值) US$109.02mn 发行股票数目 2 ...