福耀玻璃 (3606 HK) 核心盈利表現強勁

19 Jul 2022

投資概要
一季度收入再創新高,核心盈利表現強勁
福耀玻璃 2022 年一季報顯示,公司實現營業收入 65.5 億元(人民幣,下同),同比
增長 14.8%,再創歷史同期新高,且顯著跑贏整體汽車行業增長幅度(+2%),我們認
為這主要受益於公司產品單價提高以及其逆勢擴充的全球市場份額。淨利潤為 8.7 億
元,同比增長 1.9%,環比增長 58.4%,增幅丌及收入,主要受人民幣升值以及海運費
和原材料純鹼價格上漲等因素的拖累。
公司一季度毛利率 35.75%,同比減少 4.85 個百分點,主要由於會計準則變動(運輸費
用調整至營業成本)、人民幣升值以及海運費和原材料純鹼價格上漲影響。其中,海
運費漲價/原材料純鹼漲價/人民幣升值分別影響毛利率 0.76/1.1/0.81 個百分點左右。
同時人民幣升值產生財務費用匯兌損失 1.35 億元(上期僅產生匯兌損失 0.7 億元),
如果扣除這些因素影響,稅前利潤總額大約同比增長 24.4%,核心盈利表現強勁。

About the author

Zhang Jing

Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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