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Citi: Maintains a "Buy" rating on FUYAO GLASS (03606) and raises the Target Price to 67 HKD.
The management believes that since the company has established a market-leading position and has stronger pricing power, it will be more resilient under the impact of tariffs compared to its peers.
Express News | Institutions are bullish on these stocks today.
FUYAO GLASS (600660): Both price and volume of automotive glass have risen, and the Industry Chain has strong influence.
Subject: FUYAO GLASS disclosed the 2024 annual report, in which the company achieved revenue of 39.252 billion yuan (an increase of +18.37% year-on-year) and a net income of 7.498 billion yuan (an increase of +33.20% year-on-year).
Market quick view | The three major indices are mixed, with the technology index down more than 1%; Robot Concept and Alcoholic Beverages stocks are active, with Horizon Robotics rising over 4% and CHINA RES BEER rising over 5%.
Network Technology stocks fell, with Baidu Group-SW down 3.97% and Alibaba-W down 1.60%; Sporting Goods stocks generally declined, with ANTA SPORTS down 3.93% and YUE YUEN IND down 3.16%; Lithium Battery stocks rose across the board, with LEOCH INT'L up 6.04% and BYD Electronics down 3.92%.
Research Reports on opportunities丨CICC: FUYAO GLASS's performance meets expectations, maintaining the AH Stocks rating of "outperforming the Industry."
Gelonghui, March 19 | China International Capital Corporation's Research Reports pointed out that FUYAO GLASS (600660.SH) has a Net income attributable to the parent company of 7.498 billion yuan in 2024, a year-on-year increase of 33%; the Net income for Q4 attributable to the parent company is 2.019 billion yuan, a year-on-year increase of 34%, and a quarter-on-quarter increase of 2%. The performance meets market expectations. By Business, in 2024, the revenue from auto glass is 35.712 billion yuan (yoy +19.5%), the revenue from float glass is 5.961 billion yuan (yoy +4.4%), and high value-added products (smart skylights, coated glass, etc.) account for an increase of 5.02 percentage points year-on-year to 59%. In terms of overseas expansion.
FUYAO GLASS (600660): 2024 Operation performance is stable, high dividends continue.
The company's performance in 2024 meets market expectations. The company announced its 2024 results: revenue of 39.252 billion yuan, +18% year-on-year; net income attributable to shareholders of 7.498 billion yuan, +33% year-on-year. 4Q24 performance.