量价齐升驱动全年业绩增长，高分红持续回报股东

Investment Rating - The investment rating for Fuyao Glass is not explicitly stated in the provided documents, but it suggests continuous attention to the company due to its strong performance and growth potential [4]. Core Insights - Fuyao Glass reported a revenue of 33.16 billion yuan in 2023, representing an 18.02% year-on-year increase, with a net profit of 5.63 billion yuan, up 18.37% year-on-year [1][2]. - The company experienced significant growth in Q4 2023, with revenue reaching 9.33 billion yuan, a 21.89% increase year-on-year, and a net profit of 1.50 billion yuan, up 75.88% year-on-year [2]. - The company has a high dividend payout ratio, proposing a cash dividend of 1.3 yuan per share, totaling 3.39 billion yuan, which is approximately 60.27% of the net profit attributable to shareholders [3]. Financial Performance Summary - In 2023, Fuyao Glass achieved sales of 140 million square meters of automotive glass and 183,000 tons of float glass, with respective year-on-year growth rates of 10.24% and 13.04% [2]. - The average selling price for automotive glass increased by 58.27% to 213 yuan per square meter, while the gross margin improved to 30.59% [2]. - The projected revenues for 2024, 2025, and 2026 are estimated at 40.14 billion yuan, 48.19 billion yuan, and 57.87 billion yuan, respectively, with year-on-year growth rates of 21.1%, 20.1%, and 20.1% [4][5]. Valuation Metrics - The earnings per share (EPS) for 2023 was 2.16 yuan, with projections of 2.41 yuan, 3.01 yuan, and 3.68 yuan for 2024, 2025, and 2026, respectively [5]. - The price-to-earnings (P/E) ratio for 2023 is 20.2, with expected declines to 18.1 in 2024 and further to 14.5 in 2025 [5]. - The company maintains a strong balance sheet with an asset-liability ratio of 44.53% [6].