投資概要
二季度收入創歷史新高，核心盈利能力穩健
福耀玻璃公佈 2023 年半年報，上半年實現營業收入 150.31 億元（人民幣，下同），
同比+16.49%，高於於下游汽車行業整體 10%的增速；歸母淨利潤 28.36 億元，同比
+19.07%；扣非後歸母淨利潤 27.93 億元，同比+20.89%。分季度看，今年一、二季度
的營業收入分別是 70.52 億和 79.79 億元，同比+7.7%和+25.5%，歸母淨利潤分別為
9.15 億和 19.22 億元，同比+4.97%和 27.21%。公司第二季度盈利創歷史新高，主要原
因在於高附加值產品占比增加繼續提升產品結構，以及海運費下降等因素影響所致。
本報告期稅前利潤比 22 年同期增長 24.36%，期內匯兌/海運費降價/能源漲價/純鹼漲
價分別影響稅前利潤+0.9 億/+1.53 億/-1.14 億/-0.38 億元，若扣除該等因素影響，則稅
前利潤比 22 年同期增長 25.89%，核心盈利快速增長。
公司上半年毛利率 34.14%，同比下滑 0.08 個百分點，主要因浮法玻璃毛利率下降 2.1
個百分點拖累，汽車玻璃毛利率則同比增加 0.35 個百分點至 29.37%。二季度毛利率表
現較好，同比/環比提升 2.3/1.8 個百分點，我們預計主要由於公司產品結構繼續提
升，有利的匯率方向，浮法玻璃價格環比回升以及海運費下降等原因所致。
上半年公司總體費用隨著收入增長繼續攤薄：銷售費用率、管理費用率、研發費用率
分別為 4.81%/7.66%/4.44%，分別同比-0.3/-0.62/+0.22 個百分點。

Investment Summary
Revenue in Q2 Hits a Record High, Core Profitability Is Robust
Fuyao Glass (hereinafter referred to as the “Company”) released its 2023 Interim Report.
In the first half of 2023, the Company recorded the operating revenue of RMB15,031 million,
with a year-on-year increase of 16.49%, higher than the overall growth rate of 10% of the
downstream automotive industry. The net profit attributable to the parent company stood
at RMB2,836 million, up by 19.07% year-on-year. Less non-recurring profit or loss, the
figures will become RMB2,793 million and 20.89%. In the first and second quarters this year,
the operating revenue was RMB7,052 million and RMB7,979 million, rising by 7.7% and
25.5% year-on-year, respectively, while the net profit attributable to the parent company
amounted to RMB915 million and RMB1,922 million, climbing by 4.97% and 27.21% year-onyear, respectively. The earnings hit a record high in the second quarter mainly because of
the increased proportion of high-value-added products, which continued to improve the
product structure, and decreased ocean freight.
During the Reporting Period, the profit before tax grew by 24.36% from the same period of
2022. Additionally, exchange, decreased ocean freight, increased energy prices, and the
increased prices of sodium carbonate affected the profit before tax by RMB90 million,
RMB153 million, -RMB114million, and -RMB38 million, respectively. Less such influencing
factors, the profit before tax would go up by 25.89% from the same period last year. Core
earnings showed a rapid growth.

投資概要
一季度收入再創新高，核心盈利表現強勁
福耀玻璃 2022 年一季報顯示，公司實現營業收入 65.5 億元（人民幣，下同），同比
增長 14.8%，再創歷史同期新高，且顯著跑贏整體汽車行業增長幅度（+2%），我們認
為這主要受益於公司產品單價提高以及其逆勢擴充的全球市場份額。淨利潤為 8.7 億
元，同比增長 1.9%，環比增長 58.4%，增幅丌及收入，主要受人民幣升值以及海運費
和原材料純鹼價格上漲等因素的拖累。
公司一季度毛利率 35.75%，同比減少 4.85 個百分點，主要由於會計準則變動（運輸費
用調整至營業成本）、人民幣升值以及海運費和原材料純鹼價格上漲影響。其中，海
運費漲價/原材料純鹼漲價/人民幣升值分別影響毛利率 0.76/1.1/0.81 個百分點左右。
同時人民幣升值產生財務費用匯兌損失 1.35 億元（上期僅產生匯兌損失 0.7 億元），
如果扣除這些因素影響，稅前利潤總額大約同比增長 24.4%，核心盈利表現強勁。

Investment Summary
Revenue Hits New High in Q1, Core Earnings See Strong Performance
According to the results report for Q1 2022, Fuyao Glass reported operating revenue of
RMB6.55 billion, up 14.8% yoy, a new record for the same period and significantly
outperforming the overall growth rate of the automobile industry (+2%). We believe that
the increase in the unit price of the Company's products and the Company's global
expansion of its market share against the trend are the main reasons. The Company also
reported a net profit of RMB870 million, up 1.9% yoy and up 58.4% qoq, with a growth rate
lower than that of revenue, mainly due to RMB appreciation, increasing freight charges and
the rising price of sodium carbonate, the raw material.
In Q1, the Company recorded a gross margin of 35.75%, down 4.85 ppts yoy, mainly due to
changes in accounting standards (inclusion of transportation charges in operating cost), RMB
appreciation, increasing freight charges and the rising price of sodium carbonate, the raw
material. In particular, increasing freight charges/the rising price of sodium carbonate, the
raw material/RMB appreciation caused gross margin to fall by approximately 0.76/1.1/0.81
ppts, respectively. Meanwhile, RMB appreciation led to RMB135 million of exchange loss
from financial expenses (which was only RMB70 million in the previous period). If the
impacts of such factors were ignored, the total pre-tax profit was up 24.4% approximately
yoy, and core earnings showed a strong performance.