Fangzheng Securities: Gives "recommended" rating to Fuyao Glass, domestic growth stable and controllable, European and American price and volume continue to rise.

Fangzheng Securities research report pointed out that Fuyao Glass's domestic growth is stable and controllable, with prices and volume in Europe and America rising continuously. With the continuous upgrading of automotive glass products under the trend of electric intelligence and product inflation under US tariff policies, we expect the company's product unit price to maintain a growth of 6-7% in 2026, with the ability to exceed expectations. Despite disturbances in downstream demand in 2026, we expect the company's profitability to maintain a stable performance. The global growth logic continues, valuation retracement is sufficient, and we focus on the steady investment value of leading companies expanding globally. Considering the company's high dividend defense attributes and stable realization level since its listing, the current PE corresponds to a dividend yield of 4.35% in the past twelve months, and we recommend focusing on the steady investment value of leading companies expanding globally. Rated as "recommended."