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.