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China Company Report - Fuyao Grout Glass Industries Co, Ltd
China Market Report, March 2008, Pages: 12
Fuyao Group is the largest, most advanced manufacturer, and the biggest exporter of the automotive glass in China .It is mainly engaged in the production and marketing of automobile safety glass, architectural safety glass, bullet-proof glass, mirror-level float glass, automobile - level loat glass, high-grade silver glass and other industrial glass products. Fuyao Group was listed in Shanghai Stock Exchange in 1993, briefly named as Fuyao Glass with the stock code: 600660.
The total operating income of automotive glass in 2007 was RMB 3,554,025,800, an increase of 23.02 per cent year-on-year, domestic income growths of 21.62 percent year-on-year, exports rose 25.79 per cent. According to the China Automobile Industry Association statistics, Chinas auto output in 2007 was 8.88 million units, an increase of 22.02 per cent year-on-year. During the same period, the Fuyao OEM automotive glass sales was up 23.78 per cent, higher than the growth of the automobile industry. The share of domestic market has expanded, meanwhile, in the global market, the automotive glass OEM sales have risen 130.06 per cent, and the new market is growing rapidly.
The automotive glass is the main product for Fuyao, following the rapid development of Chinas automobile industry and the successful development of the global auto market, Fuyao has become the worlds fourth largest automotive glass manufacturers. The total revenue was RMB 5.1657 billion in 2007, an increase of 31.29 percent year-on-year. The share of companys domestic market has expanded gradually, its domestic OEM market share of about 60%, aftersales maintenance (AM) market share of about 40 per cent; it has dominated the domestic automotive glass market.
A few new projects have completed in 2007, such as Beijing Automotive Glass project, the Guangzhou Automotive Glass project, and Hainan automotive float glass. These new projects will contribute to the Fuyao business growth in 2008.
The development and application of basis materials has progressed. In 2005,the production of Fuqing automotive-grade quality float glass project had completed, which has digested the new technology, and become more and more maturely and stably, providing high quality float glass, meanwhile, the development of innovation has significant achievement, after SOLAR glass developed in 2006, , the deep Gray privacy glass is developed as well.
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