The year-on-year growth of the hottest Fuyao Glass

2022-07-25
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Fuyao Glass: the year-on-year growth of performance has changed from negative to positive, and value investors have a good opportunity to intervene

the year-on-year growth of quarterly profit has shown a steady upward trend: on October 25, 2012, Fuyao Glass released its third quarter performance report. In the first three quarters of 2012, the operating revenue was 7.55 billion yuan, a year-on-year increase of 6.3%, and the net profit attributable to the parent company was 1.16 billion yuan, a year-on-year decrease of 0.9%. The accumulated earnings per share in the third quarter was 0.58 yuan; The operating revenue of the company in the third quarter increased by 9.3% year-on-year, and the year-on-year growth in the first and second quarters was 1.2% and 7.8%. The profit attributable to the parent company in the first quarter increased by 14.0% year-on-year, making it a new engine for the transformation of the city. The growth rates in the first and second quarters were -13% and -2.3% respectively, and the year-on-year growth of profit was steadily upward

the growth trend of the company's operating revenue is basically the same as that of the overall passenger car market: Fuyao Glass is already the leading manufacturer of domestic automotive glass OEM supporting products, and the domestic supporting products account for about two-thirds of its total revenue. With the steady upward growth of domestic passenger car demand, the company's supporting capacity showed an upward trend year-on-year. Domestic passenger cars increased by -0.1% year-on-year in the first quarter, 17.4% year-on-year in the second quarter and 7.3% year-on-year in the third quarter. The growth of Fuyao Glass's operating revenue followed the overall market and basically showed a synchronous growth trend

overseas markets continue to maintain high growth: Fuyao's overseas markets are mainly concentrated in North America and the Asia Pacific region. According to the analysis of the growth trend of global automobile sub regions this year, Europe is in a sharp downward trend due to the impact of the European debt crisis, while North America and the Asia Pacific region are in a steady upward trend. Due to the strength displayed by the value nixie tube, Fuyao Glass's overseas market business also shows a good growth trend

the company has entered the harvest period: after the new plants in Zhengzhou and Chongqing have been put into operation, the large capital expenditure has ended. Within five years, the company can meet the supporting needs only by expanding the original plants. The company has entered the harvest period

maintain the profit forecast: it is expected that the EPS of Fuyao Glass Co., Ltd. will be 0.80, 0.93 and 1.07 respectively, and the corresponding P/E ratio will be 8.85, 7.58 and 6.59 times respectively. The company has good quality, undervalued value and high dividend ratio. We maintain the buy rating

risk tip: the domestic passenger car market has experienced an unexpected decline.

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