According to Caixin on March 18 (Reporter Wang Bin), benefiting from the company's increased marketing efforts and the rise in high value-added products, the global automotive glass leader FUYAO GLASS (600660.SH) achieved new highs in revenue and net income in 2024, although the latter slightly fell short of some Institutions' expectations.

FUYAO GLASS announced tonight that in 2024, the company achieved revenue of 39.252 billion yuan, a year-on-year increase of 18.37%; the net income attributable to the shareholders of the listed company was 7.498 billion yuan, a year-on-year increase of 33.2%.

In the "Chairman's Speech" of the 2024 annual report, Cao Dewang stated that the global economy fluctuated in 2024, and the domestic economy entered a deep adjustment period. "Through the joint efforts of all FUYAO employees, the company exceeded its main operational Indicators for the entire year, which is an incredible achievement earned through hard work."

Caixin reporters noted that since the beginning of 2024, over 20 Brokerages have predicted FUYAO GLASS's performance for the previous year, with most expecting the company's net profit attributable to parent shareholders to exceed 7.5 billion yuan. In comparison, FUYAO GLASS's actual profit was slightly lower than some Institutions' expectations.

Looking at it quarterly, in Q4 2024, FUYAO GLASS's revenue broke the 10 billion yuan mark, reaching 10.938 billion yuan, but the net income for the same period was 2.019 billion yuan, lower than last year's Q2 net income of 2.111 billion yuan.

When looking at the timeline, since 2021, the company's revenue and net income have achieved double-digit growth for four consecutive years. In 2020, FUYAO GLASS's revenue and net profit attributable to the parent company were 19.907 billion yuan and 2.601 billion yuan respectively; based on this, over the past five years, the company's revenue has nearly doubled, and net income has increased nearly threefold.

In 2025, FUYAO GLASS plans to focus on multiple markets, balancing domestic and international efforts, steadily increasing its market share in OEM, and expanding into the ARG market; ensuring the high-quality completion and production of the Hefei and Fuzhou Yangxia export base projects, and improving the industrial layout.

It is worth noting that FUYAO GLASS expects a total capital demand of 47.298 billion yuan for the entire year of 2025, including operational expenditures of 34.1 billion yuan, capital expenditures of 8.5 billion yuan, and cash dividend distribution expenditures of 4.698 billion yuan. The company plans to address this through accelerating the collection of sales receivables and inventory turnover, optimizing the use of cash reserves, and borrowing from Financial Institutions or issuing bonds.

Financial data shows that last year, FUYAO GLASS's capital expenditure was 5.481 billion yuan, significantly lower than the expected 8.123 billion yuan at the beginning of last year, with a year-on-year increase of 22.48%. In 2023, the company's capital expenditure is 4.475 billion yuan, a year-on-year increase of 42.97%, mainly used for continued investment in new projects and other renovations and upgrades.

The company announced tonight its intention to increase investment by 0.4 billion USD in its wholly-owned subsidiary FUYAO GLASS USA Inc. (referred to as 'FUYAO USA') for the investment and construction of an automotive-grade float glass production line project by FUYAO GLASS Illinois Inc.

In 2024, FUYAO USA attracted attention due to a raid by the U.S. Department of Homeland Security that led to a temporary production halt. The annual report shows that FUYAO USA's revenue and Net income last year were 6.312 billion yuan and 0.627 billion yuan, with year-on-year growths of 13.32% and 26.92%, respectively.