汽车玻璃单车配套量、均价持续提升。根据公司2024 年报，公司汽车玻璃面积销售量增长11.2%达155.9 百万平米，其中OEM/售后配套玻璃销量按面积同比提升10%/18%。汽车玻璃单价提升（据汽玻收入/玻璃面积得汽车玻璃单价同比增7.4%至229.1 元/㎡）。智能全景天幕玻璃、可调光玻璃等高附加值产品占比同比上升5.02 个百分点，公司净利率超19%，综合毛利率提升至36%以上，其中汽车玻璃毛利率保持在30%以上。分地区看,境外子公司福耀玻璃美国有限公司2024 年营业收入为人民币63.1亿元，净利润6.3 亿元，净利率提升至9.9%；福耀在中国本土业务毛利率则提升至39%以上。Matters:
Fuyao Glass disclosed its 2024 annual report. In 2024, the company achieved operating income of 39.252 billion yuan (YoY +18.37%), net profit to mother of 7.498 billion yuan (+33.20% YoY), and net profit of 7.446 billion yuan (YoY +34.71%). The 2024 profit distribution plan is: cash dividend of RMB 1.80 (tax included) per share.
Safety point of view:
The volume and average price of automobile glass bicycles continue to rise. According to the company's 2024 annual report, the company's automotive glass sales volume increased by 11.2% to 155.9 million square meters, with OEM/after-sales supporting glass sales increasing 10%/18% year-on-year according to area. The unit price of automobile glass increased (according to the revenue of the automobile glass per glass area, the unit price of automobile glass increased 7.4% year-on-year to 229.1 yuan/㎡). The share of high value-added products such as smart panoramic roof glass and dimmable glass increased by 5.02 percentage points year on year. The company's net margin exceeded 19%, and the comprehensive gross margin increased to more than 36%, of which the gross margin of automotive glass remained above 30%. By region, the overseas subsidiary Fuyao Glass America Co., Ltd. had revenue of RMB 6.31 billion in 2024, net profit of 0.63 billion yuan, and net interest rate increased to 9.9%; while the gross margin of Fuyao's local business in China increased to more than 39%.
The commissioning of the company's Anhui Hefei plant and Fuqing export base in 2025 will further help the company strengthen regional support capabilities. According to Fuyao Group's official account, Fuyao Group's Anhui industrial chain production base project began in April 2024. The base produces 4 million sets of automotive glass and 4 million pieces of accessory glass per year, and is expected to achieve an annual output value of 6 billion yuan after commissioning. Located in the center of eastern China, Anhui has an excellent geographical location, convenient transportation, and great potential for development. It has gathered many automakers such as BYD, Chery, Volkswagen, NIO, JAC, and Changan. The automobile industry in Hefei has been in a stage of rapid development in recent years. In particular, new energy racetracks are more prominent. The construction of an automotive glass project in Hefei will enhance the cohesiveness of cooperation between Fuyao and automobile manufacturers.
Profit forecast and investment advice: Auto glass is still on the upward channel of increasing bicycle area and unit price increase. With its global leadership position and strong profitability, Fuyao Glass continues to benefit from the sharp rise in automotive glass volume and price dividends, and Fuyao Glass has maintained a high percentage of dividends for a long time. With a high market share and a high moat in the automotive industry, Fuyao Glass has a strong voice in the automotive industry chain. According to the latest situation, we adjusted the company's net profit forecast for 2025/2026 to 8.933/10.401 billion (the previous forecast value was 8.401/10.06 billion), and the net profit forecast for 2027 was 12.078 billion for the first time. Maintain the company's “Recommended” rating.
Risk warning: 1. Risk of exchange rate fluctuations; 2. Price increases of raw materials exceed expectations; 3. Demand for new energy vehicles falls short of expectations; 4. The pace of support for new base customers falls short of expectations.
