2024年一季报业绩点评：ASP提升加速驱动增收超预期

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) with a target price of 57.05 CNY, up from the previous forecast of 49.72 CNY [4][7]. Core Insights - The company's Q1 2024 results exceeded expectations, with revenue reaching 8.836 billion CNY, a year-on-year increase of 25.29%. The net profit attributable to shareholders was 1.518 billion CNY, up 72.89% year-on-year [2][3]. - The average selling price (ASP) continues to rise, with a projected increase of 7.48 percentage points year-on-year. The company is expected to benefit from the implementation of vehicle replacement policies starting in April, which may boost Q2 passenger vehicle sales growth [2][3]. - The gross margin reached a new high of 36.82% in Q1 2024, reflecting improvements in product mix and lower raw material costs. The report anticipates further benefits in Q2 from the decline in prices of natural gas and soda ash [2][3]. - The company is accelerating the construction of high-value product lines, with a projected 25% increase in overall automotive glass production capacity by the end of 2025 [2][3]. Financial Summary - For 2024, the company is expected to achieve revenues of 39.087 billion CNY, with a net profit of 6.905 billion CNY, reflecting growth rates of 18% for revenue and 23% for net profit [3][8]. - The earnings per share (EPS) forecast for 2024 is 2.65 CNY, up from 2.16 CNY in 2023 [3][8]. - The report highlights a projected operating profit margin of 20.3% for 2024, indicating improved profitability [3][8]. Market Data - The stock has a market capitalization of 128.478 billion CNY, with a 52-week price range of 32.28 to 49.23 CNY [5][8]. - The average daily trading volume is approximately 13.24 million shares, with an average daily trading value of 572.13 million CNY [5].