Morgan Stanley Raises FUYAO GLASS (03606) Target Price to HK$59, Upgrades Revenue and Net Profit Forecasts

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Sep 04

Morgan Stanley issued a research report raising FUYAO GLASS (03606) revenue forecasts for 2025-27 by 0.4%, 2%, and 3% respectively, reflecting the group's improved overseas market share and rising average selling prices in the domestic market. Considering that the group has completed most of its capacity expansion investments over the past two years, the firm lowered its capital expenditure forecasts for 2025-27 from RMB 6 billion to RMB 3.5 billion. Based on these adjustments, the target price was raised from HK$51.5 to HK$59, maintaining an "In-line" rating. Meanwhile, gross margin forecasts for 2025 and 2026 were raised by 1.4 and 0.2 percentage points respectively, driven by the group's solid second-quarter gross margin performance and continued scale benefits. Net profit and earnings per share forecasts for 2025 were raised by 8%, while those for 2026 and 2027 were increased by 2%.

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Considering that the group has completed most of its capacity expansion investments over the past two years, the firm lowered its capital expenditure forecasts for 2025-27 from RMB 6 billion to RMB 3.5 billion. Based on these adjustments, the target price was raised from HK$51.5 to HK$59, maintaining an \"In-line\" rating. Meanwhile, gross margin forecasts for 2025 and 2026 were raised by 1.4 and 0.2 percentage points respectively, driven by the group's solid second-quarter gross margin performance and continued scale benefits. Net profit and earnings per share forecasts for 2025 were raised by 8%, while those for 2026 and 2027 were increased by 2%.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley Raises FUYAO GLASS (03606) Target Price to HK$59, Upgrades Revenue and Net Profit Forecasts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley Raises FUYAO GLASS (03606) Target Price to HK$59, Upgrades Revenue and Net Profit Forecasts\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2025-09-04 14:56</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Morgan Stanley issued a research report raising FUYAO GLASS (03606) revenue forecasts for 2025-27 by 0.4%, 2%, and 3% respectively, reflecting the group's improved overseas market share and rising average selling prices in the domestic market. Considering that the group has completed most of its capacity expansion investments over the past two years, the firm lowered its capital expenditure forecasts for 2025-27 from RMB 6 billion to RMB 3.5 billion. Based on these adjustments, the target price was raised from HK$51.5 to HK$59, maintaining an \"In-line\" rating. Meanwhile, gross margin forecasts for 2025 and 2026 were raised by 1.4 and 0.2 percentage points respectively, driven by the group's solid second-quarter gross margin performance and continued scale benefits. Net profit and earnings per share forecasts for 2025 were raised by 8%, while those for 2026 and 2027 were increased by 2%.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1989772923.USD","symbol_name":"CPR Invest - Climate Action A2 Acc USD-H","start_time":0,"source_url":"","article_id":"1159716033","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1159716033","pubTimestamp":1756968987,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"Morgan Stanley issued a research report raising FUYAO GLASS (03606) revenue forecasts for 2025-27 by 0.4%, 2%, and 3% respectively, reflecting the group's improved overseas market share and rising...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"600660":"福耀玻璃","LU1989772923.USD":"CPR Invest - 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Climate Action A2 Acc SGD-H","BK0183":"MSCI概念"},"translate_title":"大摩上调福耀玻璃(03606)目标价至59港元上调营收及纯利预测","themeId":"eb0e95095d197f970248dea56dcd516c","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600660":1,"03606":1},"content_text":"Morgan Stanley issued a research report raising FUYAO GLASS (03606) revenue forecasts for 2025-27 by 0.4%, 2%, and 3% respectively, reflecting the group's improved overseas market share and rising average selling prices in the domestic market. Considering that the group has completed most of its capacity expansion investments over the past two years, the firm lowered its capital expenditure forecasts for 2025-27 from RMB 6 billion to RMB 3.5 billion. Based on these adjustments, the target price was raised from HK$51.5 to HK$59, maintaining an \"In-line\" rating. Meanwhile, gross margin forecasts for 2025 and 2026 were raised by 1.4 and 0.2 percentage points respectively, driven by the group's solid second-quarter gross margin performance and continued scale benefits. Net profit and earnings per share forecasts for 2025 were raised by 8%, while those for 2026 and 2027 were increased by 2%.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}