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研報掘金丨招商證券:福耀玻璃盈利能力持續優化,行業龍頭地位凸顯

招商證券研報指出,福耀玻璃(600660.SH)是全球汽車玻璃龍頭企業,競爭力強勁,全球市場佔有率達34%,位居全球第一,中國市場佔有率約68%。公司重視股東回報,上市以來累計分紅286.34億元,資產收益率領跑行業,2023年公司ROE為18.63%,且近些年公司淨資產收益率在穩步提升,且大幅跑贏行業。公司自由現金流充裕,常年大幅優於行業。四季度初國內液化天然氣價格也出現較大降幅,預計四季度公司成本端也會有較大優化。公司高附加值產品佔比不斷提升,盈利能力持續優化,增長確定性強,業績能見度高,全球市佔率穩步提升,行業龍頭地位凸顯,行穩致遠,強烈推薦。

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