According to Cnstock, UBS Group has released a research report stating that it maintains a "buy" rating on Fuyao Glass (03606), with the net income forecast for 2024 to 2030 being raised by 7% to 12%, and the target price increased from HK$58 to HK$66.

The report states that, based on Chinese accounting standards, Fuyao Glass' income and net income for the first nine months increased by 18.8% and 32.8% year-on-year, to 28.31 billion and 5.48 billion Chinese yuan. In the third quarter, revenue increased by 13.4% year-on-year to 9.97 billion Chinese yuan, and net income increased by 53.5% year-on-year to 1.98 billion Chinese yuan.

The bank believes that due to poor performance in the overseas automotive market, the strong growth in Fuyao Glass's third quarter is mainly due to an expected 9% increase in the average price of automotive glass, and the continued growth in market share globally.