福耀玻璃 (3606 HK) 高附加值產品占比繼續提升 October 20, 2023 331

PSR Recommendation: BUY Status: Maintained
Target Price: HKD45.70

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。

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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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