2024年一季报点评：Q1业绩超预期，毛利率持续提升

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [1][3] Core Views - The Q1 performance exceeded market expectations with revenue of 8.836 billion yuan, a year-on-year increase of 25.3%, and a net profit of 1.388 billion yuan, up 51.8% year-on-year [2] - The company continues to outperform the industry with a gross margin of 36.8%, which has increased for five consecutive quarters [2] - The proportion of high-value-added products is rising, contributing to an increase in average selling price (ASP) [2] - The company plans to expand production capacity with a capital expenditure of 8.123 billion yuan in 2024 [2] Summary by Sections Financial Performance - Q1 2024 revenue was 88.36 billion yuan, up 25.3% year-on-year, while net profit reached 13.88 billion yuan, up 51.8% year-on-year [2] - Gross margin improved to 36.8%, a year-on-year increase of 3.6 percentage points [2] - Net profit margin was 15.7%, up 2.7 percentage points year-on-year [2] Product and Market Dynamics - The ASP for automotive glass in 2023 was 213.24 yuan/square meter, a year-on-year increase of 5.94% [2] - The penetration of high-value-added products like panoramic and HUD glass is increasing, driving ASP growth [2] - The company’s automotive glass sales volume in 2023 was 140.16 million square meters, a year-on-year increase of 10.24% [2] Capacity Expansion and Market Share - The company is expanding its production capacity with a planned capital expenditure of 81.23 billion yuan in 2024 [2] - Fuyao Glass is expected to continue increasing its market share due to its stable supply chain and cost advantages [2] Earnings Forecast - EPS for 2024-2026 is projected to be 2.33, 2.80, and 3.42 yuan, respectively, with a corresponding PE of 19, 16, and 13 times [3] - The compound annual growth rate (CAGR) for net profit is estimated at 16.58% [3]