Fuyao Glass Industry Group Key Takeaways

Goldman Sachs maintains a Buy rating on Fuyao Glass following management meetings that highlighted 11% ASP growth in 1Q26 and improving profitability despite higher input costs.

Key Takeaways

• 1.Robust ASP growth of 11% in 1Q26 driven by a shift toward high-value-added products like HUDs and dimmable glass.
• 2.Improving profitability through pricing adjustments and cost pass-throughs, with core profit growth expected to exceed revenue growth.
• 3.Overseas expansion continues with expected volume growth exceeding 10%, particularly through market share gains in Europe.

Table of Contents

• Key takeaways
• Investment Thesis, Price Target Risks & Methodology
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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