Daiwa has issued a research report indicating that FUYAO GLASS (03606) is experiencing increasingly strong growth momentum, primarily driven by overseas market expansion and quality improvements focused on average selling price (ASP), rather than simple sales volume increases. The firm has lowered its earnings per share forecast for FUYAO GLASS for 2026 and 2027 by 6% to 7%. Consequently, the target price has been reduced from HK$80 to HK$77, which implies a forward price-to-earnings ratio of 17 times for the next year. The "Buy" rating is maintained. Although the company's market share in China may face limitations, Daiwa believes that its global presence, high-end product portfolio, and disciplined capacity planning will support robust profit growth through 2026.