UBS: Fuyao Glass Industry Group's profit forecast for 2020-2027 has been raised by 1% to 4%, with a target price increased to HK$96.

UBS released a research report stating that it had previously contacted and updated its model and predictions with the management of Fuyao Glass Industry Group (03606). The bank predicts that Fuyao Glass Industry Group's mainland and overseas automotive glass revenue will increase by 17% and 19% respectively next year. This is based on the deepening partnership with traditional car manufacturers such as GEELY AUTO (00175) and CHERY AUTO (09973), which will further boost the company's presence in the mainland market; the launch of new production capacity in Fuqing and Hefei; the acceleration of overseas order deliveries and the launch of new capacity in the United States; the penetration of high value-added automotive glass into economic car models in the mainland; and the introduction of high-content value automotive glass in the United States and Europe. The bank has raised its profit forecast for the company by 1% to 4% for this year through 2027, and has raised its target price from 95 Hong Kong dollars to 96 Hong Kong dollars, with a "buy" rating.