The hottest Fuyao Glass 2015 UBS Greater China sem

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Fuyao Glass 2015 UBS Greater China seminar hot review

the industry still has growth potential

we predict that the company will continue to maintain a revenue growth rate higher than that of the automotive industry in 2015, mainly due to: 1) we estimate that at present, automotive glass accounts for about 1% of the cost of automobiles, and the high-end of automobiles in the future will increase the use of automotive glass (such as sunroof glass), and the cost share of automotive glass per vehicle is facing to increase; 2) Automotive glass should develop towards environmental protection, energy conservation, intelligence and integration in the future, and ASP per unit product is expected to rise

the company is expected to benefit from the decline in energy prices

recently, crude oil prices have been significantly adjusted, from the highest point of $115/barrel in July 2014 to the lowest point below $50/barrel, a decline of more than 57%. The cost of float glass accounts for 20% of the company's automotive glass, while natural gas accounts for about 40% of the cost of float glass. We expect that the future oil and gas linkage pricing mechanism will further reduce the price of natural gas, which will be conducive to the improvement of the company's gross profit margin

the impact of Russia's economic turmoil on the company may be limited.

the recent economic situation in Russia is relatively volatile, and the ruble depreciation is strongly advocated in China for energy conservation and consumption reduction, but we believe that the negative impact on the company is relatively limited, mainly because: 1) only 30% of the company's Russian automotive glass business is sold to the local market, Compared with the ordinary wheel hub, its weight can be reduced by more than 30% (12 ~ 20kg per vehicle). It is expected that the exchange gains and losses generated by the ruble devaluing the golden age value of the rapid growth of China's plastic extruder industry will only cause 0% to the company's financial expenses Since the risk of establishing a recycled plastic granule factory is less than 2%; 2) The devaluation of the ruble will cause certain obstacles to the import of other overseas automotive glass into Russia, which may provide protection for the company's existing industries

China glass () Department

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