华尔街日报专栏记者Abheek Bhattacharya在6月15日发表文章《Glass Ceiling Investors Can Break（汽车玻璃前景可期）》，他认为市场畅销车型的转变为福耀玻璃提供了持续增长的机会。以下为报道摘录。
A rough patch for car sales is supposed to be rough for niche firms that supply car parts. But at the world's only listed, pure-play supplier of auto glass, a combination of a buoyant SUV market and its own expansion could leave its near future smooth and gleaming.
Fuyao Glass Industry, listed in Hong Kong and Shanghai with a market capitalization of $5.4 billion, supplies windshields, sunroofs and windows to at least 40 manufacturers. It is by far the largest producer of automotive glass in China. It also has broken into this concentrated market to become one of the top three such firms in the world.
These accolades haven't mattered in the past year when China's car market has looked unstably propped by government tax breaks, causing Fuyao's shares to languish not far above its Hong Kong IPO price last year. Yet the company is reducing its exposure to China by increasing sales abroad. It already makes a third of its revenue overseas, having successfully leveraged relationships at home. For instance it supplies Honda in China and the U.S.
This year, the company will ramp up sales from its Ohio factory. A similar expansion in Russia will serve Europe. That will boost overall volumes by 16% this year and 9% next, according to Deutsche Bank.
Granted, the U.S. light-vehicle market has weakened this year, too. But bigger vehicles still are growing both there, thanks to cheap gasoline, and in China, thanks to consumer interest in safety and status. U.S. light-truck sales are up 9% between January and May from the year before, while Chinese SUV shipments rose 45%.
That is a bonanza for a glass supplier, and not just because SUVs require larger quantities of glass. Despite price cuts that car makers demanded as their own margins shrank, Fuyao has managed to increase its average selling price by selling products such as the panoramic sunroofs that adorn SUVs.
And unlike many copycat Chinese manufacturers, Fuyao is investing in improvement. It spends 4.4% of revenue on research and development, compared with about 3% at Japanese rival Asahi Glass.
Fuyao trades at 10.6 times 2017 earnings, compared with 13.8 times for a basket of nine global auto suppliers and glassmakers. With a 5% dividend yield, it pays to wait for those earnings. After its current expansion plans are complete, capital expenditures should fall and free-cash flow should triple, according to S&P Global Market Intelligence consensus estimates.