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2026-10-22 13:57:17 BofA Securities issued a report stating that FUYAO GLASS (03606.HK) announced its 3Q results and held a conference call. Revenue rose 2.5% YoY and 5% QoQ, while gross margin was 38%, broadly flat YoY and 0.2 ppts below the broker's expectation. Net profit was RMB2 billion, down 10% YoY and QoQ, below the broker's forecast of RMB2.4 billion, mainly due to foreign exchange losses; around RMB100 million in non-operating expenses related to post-fire repairs at the Phase II capacity expansion project in the US; and around RMB70 million in one-off compensation expenses for quality defects. Management expects the latter two items to be covered by insurance in 4Q26 or 2027. Excluding foreign exchange gains and losses, pre-tax profit for the first nine months of this year increased 1% YoY. After factoring in the 3Q results, the broker lowered its 2026 earnings forecast by 8% and cut the TP from HKD71 to HKD61, reflecting the earnings downgrade and a reduction in the target P/E ratio from 17x to 15x. It reiterated the "Buy" rating, continuing to favor the company's leading position in the automotive glass industry, resilient average selling price growth driven by its high value-added product mix, and industry-leading profitability.(ha/ad)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |