Sealand's research report points out that the automotive glass industry requires large single-project investment and strong production continuity, thus capacity expansion needs high certainty of demand growth support. Currently, soda ash and Henry Hub natural gas prices are low, benefiting Fuyao Glass's profit growth. In recent years, the company's capital expenditure has increased. After the new capacity is put into production, the company's market share increase speed and revenue growth rate are expected to exceed expectations. Considering the heavy asset-driven nature and production continuity requirements of the automotive glass industry, as well as the shrinking capital expenditure of Asahi Glass, it is believed that Fuyao's capital expenditure expansion in 2023-2024 is expected to drive the company's future global market share increase acceleration, and will bring about an accelerated revenue growth in 2025-2026. Bullish on the company's continued upward trend, maintaining a ""shareholding"" rating.