汽玻业务量价齐升，1Q24盈利能力强劲

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass, expecting a price increase of over 15% relative to the industry index in the next six months [11]. Core Views - Fuyao Glass has demonstrated strong revenue growth and profitability in Q1 2024, with revenue reaching 8.836 billion and a year-on-year increase of 25.3%. The net profit attributable to shareholders was 1.388 billion, up 51.8% year-on-year [1]. - The company benefits from rising sales volume and prices in the automotive glass segment, with a 20.04% increase in sales volume and a 7.48% increase in unit price in Q1 2024 [1]. - The report highlights the company's capacity expansion plans and product upgrades as key drivers for future growth, with a capital expenditure plan of 8.123 billion for 2024 [1]. Financial Performance Summary - Revenue and Profitability: - 2022A revenue was 28.099 billion, with a projected increase to 40.503 billion in 2024E, reflecting a year-on-year growth rate of 22.1% [1]. - Net profit attributable to shareholders was 4.756 billion in 2022A, expected to rise to 6.896 billion in 2024E, with a growth rate of 22.5% [1]. - Key Financial Ratios: - Return on Equity (ROE) is projected to increase from 17.9% in 2023A to 19.7% in 2024E [1]. - The Price-to-Earnings (P/E) ratio is expected to decrease from 23.4 in 2023A to 19.1 in 2024E, indicating improved valuation [1]. Market Position and Strategy - Fuyao Glass is expected to enhance its market share through accelerated capacity expansion and product upgrades, focusing on high-value products such as smart panoramic glass and adjustable light glass [1]. - The company aims to increase its production capacity significantly, with investments planned for new automotive safety glass projects in Fujian and Anhui [1].