16, Fuyao Glass, the leading automotive glass company, released its financial report for 2022, which showed that the company achieved business income of 28.099 billion yuan in 2022, an increase of 19.05% over the previous year, breaking through the 20 billion mark for two consecutive years; Net profit attributable to shareholders of the listed company amounted to RMB4.756 billion, representing an increase of 51.16% as compared with the same period of last year. Profit and revenue increased as compared with the same period of last year.
In terms of products, automotive glass is still the main source of the company's revenue. In 2022, the company's automotive glass sector achieved revenue of 25.591 billion yuan, an increase of 19.70% over the previous year, accounting for 91.08% of the total revenue.
It is worth noting that in the context of a large increase in revenue and profits, the gross profit rate of Fuyao products in 2022 was 34.03%, down 1.87 percentage points from the same period last year, of which the gross profit rate of automobile glass was 29.65%, down 0.41 percentage points from the same period last year, the gross profit rate of float glass was 26.62%, down 9.57 percentage points from the same period last year, and the gross profit rate of float glass was 29.65%. This shows that the company's market share will reach a new high in 2022.
In 2022, Fuyao Glass achieved a sales volume of automotive glass of 127 million square meters, representing a year-on-year increase of + 7.3%, of which the sales volume in the whole vehicle supporting market was + 9.6% to 106 million square meters, and the after-sales service market was -2.8% to 21.17 million square meters.
On a quarterly basis, the pattern of Fuyao Glass's performance highly dependent on glass prices has not improved. The company's operating income showed an upward trend from the first quarter to the fourth quarter, and reached a new annual high of 7.659 billion in the fourth quarter. However, with the rising cost of soda ash and natural gas in the fourth quarter of 2022 and the weakening of glass prices, the company's net profit in the fourth quarter fell by 43.73% annually. The market share of automobile glass
has steadily increased
, accounting for 91.08% of the total revenue of Fuyao automobile glass business in 2022, an increase of 0.5 percentage points over the same period last year. Compared with 54%, 49%, 18% and 5% of Asahi Glass, Plate Glass, Xinyi Glass and Saint-Gobain, Fuyao's long-term super-concentration of more than 90% has helped it to hold the leading position of automotive glass.
Scale, integration, high R & D and high value-added products constitute the foundation of Fuyao's moat. In 2022, Fuyao's domestic market share exceeded 65%, and its global market share reached 31%. It has production bases in nine countries, including China, the United States, Russia, Germany, Japan and South Korea, with a global production capacity of over 40 million sets, showing its advantages in scale.
In terms of industrial chain integration, as early as 2005, Fuyao began to carry out glass self-supply. Compared with external mining, float glass self-supply can not only freely control the size of glass, but also has a higher glass cutting rate than its peers. At the same time, the purchasing cost has dropped sharply after eliminating middlemen. At present, Fuyao has 10 float glass production lines in China, the proportion of self-supply of float glass is over 90%, and the gross profit rate is at least 5 percentage points higher than before 2005. In addition to float glass, Fuyao also has silica sand business in Wenchang, Hainan, Xupu, Hunan and Benxi, Liaoning. Up to now, Fuyao silica sand has achieved 100% self-sufficiency, and the formation of industrial integration has become an important base for Fuyao to grow against the trend in the deteriorating economic environment. Since
2011, Fuyao's R & D rate has increased year by year and maintained at more than 4% all the year round. In 2022, the company's R & D expenditure reached 1.249 billion yuan, an increase of 25.21% over the previous year, accounting for 4.4% of the total revenue, laying the foundation for the R & D of high value-added products. In 2019, 2020 and 2021, the proportion of high value-added products such as Fuyao Intelligent Panoramic Sky Curtain Glass, Dimmable Glass, Head-up Display Glass and Lightweight Glass increased by 1.72, 2.64 and 3.31 percentage points respectively, and showed an accelerating trend year by year. ASP increased by 11.5% year on year. At the same time, benefiting from the accelerated expansion of new energy vehicles, the increase of bicycle glass area and the increase of demand for intelligent glass, Fuyao has great potential for expansion. Fuyao disclosed in its annual report in
2022 that the company will implement the IPD integrated development model in 2023, promote new business expansion with product lines, integrate and innovate in the three major areas of automotive glass, smart accessories and aluminum parts, and become bigger and stronger. In 2019, Fuyao invested 59 million euros to acquire the aluminum decorative strip assets of SAM Company in Germany, and took this opportunity to enter the automotive aluminum decorative market. Aluminum
trim strips have more abundant application scenarios both inside and outside the car because of their diverse shapes, improved texture, lightweight and strong corrosion resistance. Compared with traditional stainless steel trim strips and plastic trim strips, aluminum trim strips have a broader market space. Statistics show that the penetration rate of aluminum trim strips in luxury brands such as BMW and Audi has reached 90%, and it is gradually spreading from high-end models to low-end models, among which new energy vehicles require higher lightweight. According to the forecast of the International Aluminum Association, the amount of aluminum used for a single vehicle in China will reach 250 kg in 2030, and there is still much room for improvement in the market penetration of aluminum alloy. The market penetration rate
of
aluminum alloy is about 800-1000 yuan. Compared with the traditional stainless steel decorative strip, the value of aluminum decorative strip is doubled, and the space of aluminum decorative strip is vast. After the acquisition of SAM, Fuyao will complete the whole industrial chain layout of aluminum bright decorative strips with the company's Tongliao refined aluminum and Jiangsu Sanfeng aluminum extrusion molding, and realize modular shipment with automotive glass, enhance customer stickiness and greatly enhance ASP. With the second production line in Fuqing at the end of this year and the second production line in Suzhou next year, the total number of production lines of Fuyao aluminum decorative strips will reach 6 at home and 2 abroad by the end of 2023. While forming an obvious synergistic effect with the main industry of automobile glass, it will greatly strengthen the integration ability of Fuyao automobile glass, enhance the strength of providing integrated products to downstream automobile manufacturers, and expand the new growth space of the company.
In the photovoltaic field, in 2020, due to the impact of the epidemic, Fuyao Illinois factory in the United States transformed into photovoltaic glass production, and began shipping in the first quarter of 2021. As the second largest photovoltaic market in the world, the demand for photovoltaic in the United States is increasing year by year. In order to promote the development of the photovoltaic market in the United States, in August 2022, President Biden signed the Inflation Reduction Act to support the development of the new energy industry in the form of financial incentives and subsidies. At the same time, under the background of double carbon strategy, China's new energy power generation industry will also usher in a broad space for development. The average annual installed capacity of photovoltaic power generation is expected to exceed 100GW during the 14th Five-Year Plan period and 180GW during the 15th Five-Year Plan period. With the achievement of global carbon reduction targets, the proportion of new energy power generation is gradually increasing, and the global photovoltaic industry has a large growth space and a high degree of prosperity. It is estimated that the installed capacity of the industry will exceed 20% by 2030.
In the current context, the operating income of Fuyao's US factory in 2022 was 4.572 billion yuan, and the net profit was 345 million yuan, an increase of 17.2% over the same period last year. In order to expand overseas photovoltaic business, in August last year, the company planned to invest an additional 350 million US dollars in Fuyao Glass Illinois Co., Ltd. for the construction of one kiln and two lines (float glass production line), four solar backplane glass deep processing production lines, plant and supporting infrastructure plus overseas photovoltaic glass projects. In addition, Fuyao Illinois already has a photovoltaic backplane glass production line, with annual production and sales of about 60000 to 70000 tons. It is expected that after the new production line is put into operation, the production capacity of Fuyao photovoltaic glass will reach 140000 tons.
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