Guohai Securities Research Report points out that the auto glass industry has large investment in single projects and strong production continuity requirements, so production capacity expansion needs to be supported by increased demand with high certainty. Currently, soda ash and natural gas prices are low, which is conducive to Fuyao Glass's profit growth, and the company's capital expenditure has increased in recent years. After the new production capacity is put into operation, the rate of increase in the company's market share and the company's revenue growth rate is expected to exceed expectations. Considering the heavy asset drive and production continuity requirements of the automobile and glass industry, as well as the contraction in capital expenditure of the company's competitor Asahi Glass during the same period, it is believed that Fuyao's capital expenditure expansion in 2023-2024 is expected to drive the company's global market share to accelerate in the future, and will usher in an acceleration in revenue growth in 2025-2026. I am optimistic that the company will continue to trend upward and maintain the “gain” rating.

Guohai Securities Research Report points out that the auto glass industry has large investment in single projects and strong production continuity requirements, so production capacity expansion needs to be supported by increased demand with high certainty. Currently, soda ash and natural gas prices are low, which is conducive to Fuyao Glass's profit growth, and the company's capital expenditure has increased in recent years. After the new production capacity is put into operation, the rate of increase in the company's market share and the company's revenue growth rate is expected to exceed expectations. Considering the heavy asset drive and production continuity requirements of the automobile and glass industry, as well as the contraction in capital expenditure of the company's competitor Asahi Glass during the same period, it is believed that Fuyao's capital expenditure expansion in 2023-2024 is expected to drive the company's global market share to accelerate in the future, and will usher in an acceleration in revenue growth in 2025-2026. I am optimistic that the company will continue to trend upward and maintain the “gain” rating.