Ping An Securities: Fuyao Glass's profit performance exceeds expectations, maintaining a "buy" rating.

Ping An Securities research report pointed out that Fuyao Glass achieved a net profit attributable to the parent company of 4.8 billion yuan in the first half of 2025, and a non-GAAP net profit attributable to the parent company of 4.7 billion yuan. The mid-term dividend proposal for 2025: It is planned to distribute a cash dividend of 9 yuan for every 10 shares. There is still a large innovation space for automotive glass, Fuyao automotive glass unit price continues to rise, and profitability is strong. The proportion of high value-added automotive glass products continues to increase, and the construction of new projects at home and abroad is expected to continue to increase the company's market share. The company's profitability exceeds expectations, and based on the latest situation, the bank has raised the company's performance forecast. Fuyao Glass, with its leading market position, has strong cost transfer capabilities. In addition, the automotive glass industry has a high moat, Fuyao Glass has historically maintained a stable dividend ratio, and maintains a "recommended" rating.