福耀玻璃 (3606 HK) 繼續受益于汽車玻璃高端化趨勢和海外收入提升 November 10, 2025 15

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKD80.8

投資概要
前三季度多賺近三成,高端產品繼續擴大份額
福耀玻璃 2025 年前三季度累計實現營收為 333.02 億元(人民幣,下同),同比增加
17.62%;實現歸母淨利潤 70.64 億元,同比增加 28.93%,再創歷史新高。其中,第三
季度營業收入 118.55 億元,同比增加 18.86%;歸母淨利潤 22.59 億元,同比增加
14.09%。
今年以來汽車市場持續回暖,中國汽車市場 2025 年前三季度累計銷售了 2436.3 萬
輛,同比增加 12.9%,美國輕型車新車銷售同比小升 4.4%。公司收入增速繼續跑贏行
業,主要受益于高附加值產品滲透率的提升和市場份額進一步提高。
期內,智慧天幕玻璃、可調光玻璃、HUD 集成玻璃等創新產品持續放量,推動單車配
套價值穩步上升,前三季度公司汽車玻璃單平米價格(ASP)同比提升約 6.9%,高附
加值產品占比也進一步提升了 4.9ppts。隨著汽車智慧化、輔助駕駛級別不斷提升、各
種新技術和場景的應用和發展、用戶體驗式消費增強,汽車玻璃高端化趨勢有望持
續,公司產品結構中高附加值占比有繼續提升的空間。
毛利率錄得 0.99ppts 的同比上升,歸母淨利率 21.2%,同比提升 1.86 個百分點。業績
驅動因素主要來自於產能利用率提升帶來的經營杠杆效應,費用率同比下降,以及匯
兌收益增加和投資收益虧損收窄。前三季度公司銷售費用率為 2.84%,同比減少
0.01ppts;管理費用率為 7.29%,同比減少 0.07ppts;研發費用投入達 13.9 億元,占收
入 4.18%,同比減少 0.11 ppts。
公司現金流強勁,前三季度經營現金淨流入 98.8 億元,同比+57.3%,其中第三季度淨
流入 45.3 億元,創歷史新高。
新產能逐步釋放
公司正加速推進福清、合肥及美國伊利諾州等生產基地的產能釋放。國內方面,福
清、安徽等智慧製造基地正加速建設,預計 2025 年底前將陸續投產,新增產能將支撐
全球份額進一步提升。海外業務方面,福耀美國公司 2025 年上半年實現淨利潤 4.33
億元,同比增長 11.8%,隨著當地產能利用率的逐漸攀升,當地語系化產銷研體系優
勢凸顯,北美市場淨利率預計將穩定在 11.2%以上,並向 15%的目標邁進。

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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