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Shoot 9 billion yuan! What does Cao Dewang want to do?

Shoot 9 billion yuan! What does Cao Dewang want to do?

Shoot 9 billion yuan! What does Cao Dewang want to do?

Cao Dewang, the glass king, is leading Fuyao Glass to carry out a new round of capacity expansion.

On the evening of January 25, Fuyao Glass announced that it would set up three wholly-owned subsidiaries in Hefei, Anhui Province, with a total investment of 5.75 billion yuan. In addition, on December 29, 2023, Fuyao Glass announced that it would set up a wholly-owned subsidiary in Fuqing City, Fujian Province, and invest 3.25 billion yuan in the construction of automotive safety glass projects. In other words, in less than a month, Fuyao Glass officially announced a large-scale investment plan totaling 9 billion yuan. In terms of positioning, the Hefei base will focus on the domestic market, while the Fuqing base will target the overseas market.

The production capacity of automotive glass increased by 30%.    

Shoot 9 billion yuan! What does Cao Dewang want to do?

Specifically, Fuyao Glass will set up three wholly-owned subsidiaries in Hefei - Fuyao Glass (Hefei) Co., Ltd., Fuyao Glass (Hefei) Accessories Co., Ltd., and Hefei Fuyao Float Glass Co., Ltd. (tentative name), and invest 5.75 billion yuan to build an automotive safety glass project (OEM supporting market). The auto parts glass project (ARG aftermarket maintenance market) and the high-quality float glass project finally formed a production scale of about 26.1 million square meters of automotive safety glass and two high-quality float glass production lines.

The reason for choosing Hefei is that Fuyao Glass has been carefully considered. Hefei is the capital city of Anhui Province, in recent years, the rapid development of the automobile industry, especially the new energy track is more prominent, and has been approved by the Ministry of Industry and Information Technology as the only pilot city in the country for the construction of the new energy vehicle industry chain supply chain ecosystem. The whole Anhui Province is also convenient in transportation and has great development potential, gathering many vehicle companies such as BYD, Chery, Volkswagen, NIO, JAC, and Changan. Through the preparation of the Hefei base, Fuyao Glass hopes to further expand the company's production and sales scale, ensure the continuous and stable supply of raw materials for the company's automotive glass, and enhance the company's cooperation with automobile manufacturers. It can be seen that the convenient geographical conditions and the surrounding vehicle manufacturers are an important reason for Fuyao Glass to choose Hefei.

If the Hefei base is mainly focused on Anhui and radiates the surrounding areas, then the Fuqing base, which is more convenient to go to sea, is aimed at the overseas market, and Fuqing itself is the base camp of Fuyao Glass, which shows the importance of the project's status. At the end of 2023, Fuyao Glass announced that in order to meet the growing needs of overseas customers, the company decided to set up a wholly-owned subsidiary, Fuyao Glass (Fujian) Co., Ltd. (tentative name), in Fuqing City, Fujian Province, and invest 3.25 billion yuan to build a smart automotive safety glass project with an annual output of 4 million sets, as the world's largest automotive glass export base. The project is scheduled to start construction in March 2024 and will eventually form an annual production scale of about 20.5 million square meters of automotive safety glass. At present, the overseas business has accounted for half of Fuyao Glass, and the completion of the new Fuqing base is expected to boost Fuyao Glass's overseas business to further soar.

In terms of production capacity, Fuyao Glass's automotive glass production capacity in 2022 will be 131.04 million square meters, and the new automotive glass production capacity of Hefei base and Fuqing base will be 46.6 million square meters. Based on this calculation, the new production capacity will account for about 35% of the company's production in 2022. That's a larger percentage of growth. As for Fuyao Glass's last round of large-scale expansion, it needs to be traced back to August 2022, when it successively announced new investments in the United States and Fujian Province in China.

High value-added products account for more than 50%    

Shoot 9 billion yuan! What does Cao Dewang want to do?

The large-scale expansion of Fuyao Glass reflects the company's optimistic judgment on the market prospects.

With the evolution of the "New Four Modernizations", more and more new technologies are integrated into automotive glass, which not only puts forward new requirements for automotive glass, but also provides new opportunities for the development of the automotive glass industry, and promotes the development of automotive glass in the direction of "safety and comfort, energy saving and environmental protection, beautiful and fashionable, and intelligent integration".

In recent years, Fuyao Glass has continued to expand its automotive glass business product line, and has begun to take the route of intelligent and high value-added products, launching high value-added products such as intelligent panoramic canopy glass, dimmable glass, tempered laminated side window glass, head-up display glass, ultra-insulated glass, lightweight ultra-thin glass, coated insulating glass, and 5G antenna glass.

The proportion of revenue from high value-added products increased significantly. According to the company's announcement, from 2019 to 2022, the proportion of the company's high value-added product revenue increased by 1.72, 2.64, 3.31 and 6.21 percentage points respectively, and in the first three quarters of 2023, the company's high value-added products accounted for 51.91% of the revenue, an increase of 8.44 percentage points year-on-year.

Behind this achievement is the continuous high investment in research and development. From 2020 to the first three quarters of 2023, the company's R&D investment was 816 million yuan, 997 million yuan, 1.249 billion yuan, and 988 million yuan respectively, accounting for more than 4% of revenue, and the cumulative investment in the past four years exceeded 4 billion yuan.

In addition, Fuyao Glass's financial strength is also very strong, with abundant monetary funds and good liquidity on the account, which can support the company's large-scale investment. According to the data, as of the end of the third quarter of 2023, the company's monetary funds on the books were 19.384 billion yuan, an increase of 2.364 billion yuan from the end of 2022. In addition, from the perspective of performance, in the first three quarters of 2023, Fuyao Glass's revenue was 23.826 billion yuan, a year-on-year increase of 16.56%, and the net profit attributable to the parent company was 4.126 billion yuan, a year-on-year increase of 5.77%. Among them, the revenue in the third quarter reached 8.79 billion yuan, a record high.

Goldman Sachs recently issued a research report saying that it maintained the "buy" rating of Fuyao Glass, raised its net profit forecast for 2025 and 2026, and raised its target stock price from HK$43 to HK$46. In comparison, as of the close of trading on January 26, Fuyao Glass's share price was HK$35.65.

Text: Zhang Dongmei Editor: Huang Xia Layout: Zhao Fangting Image source: official website of the company

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rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: 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