Fuyao Glass Q226 earnings preview: GPM likely to remain resilient, continued FX headwind

研报英文原文证据摘录

Fuyao Glass Q226 earnings preview: GPM likely to remain resilient, continued FX headwind

Global Research

2 July 2026ab

First Read

EquitiesFuyao Glass

Q226 earnings preview: GPM likely to remain China

resilient, continued FX headwind Auto Parts

12-month rating Buy

12m price target HK$85.00

Q226 results preview

Prior : HK$93.00

While China's passenger vehicle (PV) sales continued to contract YoY in Q226, Fuyao's

existing domestic capacity utilisation was largely flat YoY and up 3-4ppts QoQ in the Price (02 Jul 2026) HK$50.15

quarter, benefitting from the execution of new orders. We expect its auto glass ASP in RIC: 3606.HK BBG: 3606 HK

Q226 to improve YoY and QoQ, as the optimising car model mix and the penetration of

Trading data and key metrics

high-value-added products still bode well for ASPs. Although new capacity ramp-up has

brought about certain increase in depreciation & amortization and labour costs, we 52-wk range HK$79.30-48.34

expect its GPM to be stable YoY in Q226, off a high base, given the steady natural gas Market cap. HK$131b/US$16.7b

procurement price, limited impacts from ocean shipping rates volatility, and a higher Shares o/s 2,610m (ORD)

GPM for high-value-added products. We expect a resilient operating profit in Q226, Free float 100%

given its active efforts to improve operational quality and efficiency. Amid continued Avg. daily volume ('000) 2,837

RMB appreciation in Q226, we expect Fuyao to book a FX loss in the quarter, weighing Avg. daily value (m) HK$162.9

on its reported earnings. Common s/h equity (12/26E) Rmb42.5b

P/BV (12/26E) 2.7x

H226 outlook: continued ASP uplift, eyes on domestic order recovery Net debt to EBITDA (12/26E) NM

We expect Fuyao's operations to improve sequentially in H226. Demand wise, it

EPS (UBS, diluted) (Rmb)