Bank of America Securities released a research report stating that it reaffirmed Fuyao Glass (03606)'s “buy” rating and raised its revenue forecast for this year and next two years, but lowered its gross margin forecast, lowered this year's profit forecast by 1%, but raised the forecast for next year by 1%, and raised the target price from HK$44 to HK$45. According to the report, the company has been focusing on automotive glass production since 1987, with a global market share of more than 30%, and the mainland market share also exceeds 65%. Last year, the company's auto glass shipments increased 10% to 140 million square meters. The bank expects the company's compound annual growth rate from 2024 to 2026 to reach the average number of units, driven by global market share and continued listing. Furthermore, it is expected that the utilization rate of the company's plant in the US will improve. Two new production sites in the mainland (Fujian and Anhui) will be completed in 2026, which is estimated to bring an additional 9.2 million sets of automotive glass production capacity, an increase of 23% over the current production capacity (40.3 million sets).