Gelonghui, May 14 | According to the Changjiang Securities Research Report, Fuyao Glass (600660.SH)'s revenue for the first quarter was 8.84 billion yuan, up 25.3% year on year, and net profit was 1.39 billion yuan, up 51.8% year on year. The company's high value-added product penetration rate continues to grow, and the global market share continues to rise, and the company's revenue growth rate greatly exceeds the domestic downstream market performance. As the most focused global automotive glass leader, Fuyao's moat will continue to widen in the future, and it is expected that it will enjoy leading valuation premiums. At the same time, the company's medium- to long-term investment value is prominent under the faster growth rate and higher dividend levels (dividend rate of 60.27% in 2023). Maintain a “buy” rating.
研报掘金丨长江证券：福耀玻璃Q1收入增速大幅超国内下游市场表现 维持“买入”评级
Research Report Nuggets丨Changjiang Securities: Fuyao Glass's Q1 revenue growth rate greatly exceeds domestic downstream market performance and maintains a “buy” rating
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