Guohai Securities: Maintains "buy" rating on Fuyao Glass, optimistic about the company's continued upward trend.

Guokai Securities report pointed out that Fuyao Glass's revenue will continue to grow by 2025, with a steady improvement in profitability. The company achieved operating revenue of 45.787 billion yuan in 2025, a year-on-year increase of 16.65%; achieving a net profit attributable to the parent of 9.312 billion yuan, a year-on-year increase of 24.20%. The revenue growth rate in 2025 outperformed the performance of the domestic/U.S. automobile industry sales, with the proportion of high value-added products continuing to increase. The company's revenue growth is strong, and the profit side performance is trending upwards, but it will be affected by fluctuations in exchange rate gains and losses, fluctuations in SAM losses, raw material costs such as soda ash and natural gas. Subsequently, as new production capacity is gradually ramped up domestically and internationally, the company's market share is expected to increase faster than expected. Optimistic about the company's upward trend, maintain a "buy" rating.