Fuyao Glass operates steadily and its growth rate

Fuyao Glass operates steadily and its growth rate exceeds that of the industry

the operation is stable and the growth rate exceeds that of the industry. The overseas business operation is normal, the domestic market share continues to increase slightly, and the new production capacity continues to contribute to the income. The am business is carried out smoothly, and the overall revenue growth rate exceeds the industry, benefiting from the cost of raw materials. 1. The pendulum impact testing machine needs to be operated by specially assigned personnel, and the gross profit margin remains high. After the suspension of trading for up to three months, the use of feixinlun technology is well controlled, and the performance increases rapidly year-on-year. Considering that the cost of 4q raw materials continues to be low and the base of last year is low, the performance growth rate is expected to continue to expand

continue to build and invest. Russian projects, Zhengzhou plant and Chongqing float second line project are all continuing to be put into operation. Chongqing second line has started material procurement. It is expected that Chongqing float 4q can be put into operation and contribute to revenue. The Zhengzhou project is expected to be put into operation at the beginning of next year, and the Russian project is expected to be put into operation in the middle of next year

new projects continue to contribute income. Chongqing project, Shanghai Automotive glass project, Fuqing Wanda and Fuyao Changchun will gradually increase their contribution to the company's performance after the completion of the project. The construction of factories throughout the country continues. It is expected that after the completion of the construction layout, the cost loss of supporting supply chain will be reduced and the profitability of the company will continue to be improved

comprehensively layout and build factories to improve management ability. The company has been in a relatively mature development period, and the share of domestic customers has been very high. At present, through deepening cooperation and improving the proportion of supporting facilities, local factories are built to cope with the increasing amount of supporting facilities. Generally speaking, the company enjoys the growth of the average growth rate of the industry and the continuous small expansion of supporting share. Due to the three sub industries of passenger cars, buses and trucks in the downstream, the anti risk ability is good

maintain the "strongly recommended-a" investment rating: we expect that the cost of raw materials will continue to maintain a low level, and 4q will enjoy the second-line contribution of Chongqing. Based on this benefit, it is expected that the growth rate of revenue and performance will continue to expand. The estimated earnings per share are 0.83 yuan in 12 years and 0.94 yuan in 13 years, and the corresponding PE and Pb in 12 years are 10.5 and 2.4 respectively, maintaining the "strongly recommended-a" investment rating

risk tip: the cost of raw materials is rising and the sales volume of the automobile industry is declining. China glass () Department