根据三季报，福耀玻璃第三季度实现营收99.74亿元，同比增长13.41%，环比增长4.95%；实现归母净利润19.8亿元，同比增长53.54%，环比下降6.21%。Fuyao Glass Chairman Cao Dewang stated that the company's orders are booming this year, and the net income level in the first three quarters of the company is close to that of last year; Multiple brokerage institutions predict that Fuyao Glass is expected to achieve a net income of around 7.2 billion yuan for the whole year, a year-on-year increase of about 27.91%; Analysis indicates that Fuyao Glass's high profits come from economies of scale, high automation, vertical industry chain, and cost advantages in labor, etc.
Caixin report on October 17th (Reporter Wang Bin): "Everyone says business is difficult this year, but my orders are booming. We are investing another 10 billion this year to ease the pressure of orders." At the 24th China International Investment and Trade Fair held recently, Fuyao Glass (600660.SH) Chairman Cao Dewang said. Looking at the just released third-quarter report of Fuyao Glass, it seems that Cao Dewang is not "talking big", as the company's net income in the first three quarters of this year has already reached close to last year's annual level.
Tonight, Fuyao Glass released the third quarter report for 2024. The report shows that the company's revenue for the first three quarters was 28.314 billion yuan, an 18.84% year-on-year increase; Net income attributable to the owners was 5.479 billion yuan, a 32.79% year-on-year increase, compared to the company's full-year net income of 5.629 billion yuan last year. During the reporting period, the net cash flow generated by Fuyao Glass's operating activities was 6.284 billion yuan, an increase of 15.32% year-on-year.
According to the third-quarter report, Fuyao Glass achieved a revenue of 9.974 billion yuan in the third quarter, a year-on-year increase of 13.41%, and a quarter-on-quarter increase of 4.95%; Net income attributable to the owners was 1.98 billion yuan, a year-on-year increase of 53.54%, and a quarter-on-quarter decrease of 6.21%.
It is worth mentioning that multiple brokerage institutions predict that Fuyao Glass is expected to achieve a net profit of around 7.2 billion yuan for the whole year this year, a year-on-year increase of about 27.91%. Based on this calculation, it is estimated that the net profit for the fourth quarter of this year will be 1.721 billion yuan.
Choice data shows that in the first three quarters of 2024, Fuyao Glass's period expenses were 4.063 billion yuan, an increase of 0.781 billion yuan compared to the same period last year. Specifically, the company's selling expenses increased by 11.72% year-on-year, management expenses increased by 17.82% year-on-year, and research and development expenses increased by 22.90% year-on-year. According to the third quarter report, the company had an exchange loss of approximately 0.138 billion yuan during the reporting period, compared to an exchange gain of 0.335 billion yuan in the same period last year, resulting in a decrease of 0.473 billion yuan in profit for the year from the beginning of the year to the end of the reporting period compared to the same period last year.
In the first three quarters of this year, Fuyao Glass's gross margin was 37.82%, an increase of 2.87 percentage points year-on-year; The net margin was 19.37%, an increase of 2.04 percentage points year-on-year. Looking at the quarterly indicators, in Q3 of this year, the gross margin of the company was 38.78%, an increase of 2.47 percentage points year-on-year and an increase of 1.05 percentage points quarter-on-quarter; The net margin was 19.86%, an increase of 5.19 percentage points year-on-year and a decrease of 2.37 percentage points quarter-on-quarter.
Guosen's September 26th research report analysis believes that Fuyao Glass's high profits come from economies of scale, high automation, vertical industry chain, and labor cost advantages, and going abroad with high value-added products will start a new growth cycle for the company. Looking ahead, Fuyao continues to expand its capacity in its existing Chinese and American bases, is expected to start a new capacity cycle, further enhance the company's leading enterprise siphon effect, and is expected to increase its global market share. According to the research report, the global market size of auto glass is expected to reach 115 billion yuan in 2026.
Caifinance journalist noticed that since 2023, Fuyao Glass's capital expenditure has begun to increase significantly, mainly for continuous investment in new projects and other transformation upgrades. According to the 2023 annual report, the company's capital expenditure last year was 4.47 billion yuan, while the planned capital expenditure for 2024 is 8.123 billion yuan, mainly for investment in Fuzhou, Fujian, Hefei, Anhui projects, and expansion of the USA factory. Sealand Securities' research report on October 14th stated that the expansion of the automotive glass industry and fixed asset expansion are generally cautious, and companies increasing fixed asset investments are often related to strong downstream certainty.
