Fuyao Glass Industry Group Co., Ltd. Business Report FY ended Dec. 2023
Financial Overview |
(CNY millions) |
FY ended Dec. 31, 2023 | FY ended Dec. 31, 2022 | Rate of Change (%) | Factors | |
Sales | 33,161.10 | 28,098.75 | 18.02 | -Strengthening marketing activities. At the same time, technical innovations have increased the proportion of high value-added products. |
Operating income | 6,791.29 | 5,661.37 | 19.96 | |
Ordinary income | 6,716.02 | 5,579.11 | 20.38 | |
Net income | 5,629.11 | 4,752.80 | 18.44 |
-In 2023, sales to Fuyao Group's top five customers accounted for 17.54% of its total sales, while sales to its largest customer accounted for 5.36%.
New projects
-Fuyao Group announced the signing of a project investment agreement on a full-industrial-chain manufacturing site for auto glass and float glass with the Feixi County People’s Government of Anhui Province. According to the agreement, the project has a total investment amount of CNY 5.75 billion completely for the construction of projects on auto safety glass (OEM supporting market), auto accessories and glass (aftermarket replacement glass), and high-quality float glass. It is aimed at building a full-industrial-chain auto glass manufacturing site. (From a Fuyao Group press release dated January 27, 2024)
-Fuyao Group announced that it invested CNY 3.25 billion in building an intelligent automotive safety glass manufacturing project with an annual capacity of 4 million sets in Fuqing, Fujian. Aimed at building a world-class zero-carbon intelligent plant, the project will break ground in March 2024. The total land and floor areas are 398,000 square meters and 594,000 square meters, respectively. To be built concurrently are some key supporting plants for the supply chain, plus an R&D center, a design center, a product center, an office block, and supporting living facilities. Upon commissioning, an annual output value of around CNY 3 billion is expected to be achieved. (From a Fuyao Group press release dated January 9, 2024)
Investment outside China
-Fuyao Glass announced an additional investment of USD 650 million in its U.S. subsidiary, Fuyao Glass America Inc. USD 300 million will be used to build coated automotive glass production lines and tempered side window production lines, while the remaining USD 350 million will be invested in Fuyao Glass Illinois, Inc. (Fuyao Illinois), a subsidiary of Fuyao Glass America. Fuyao Illinois will build 1 kiln, 2 floating glass production lines, 4 solar back glass production lines, plants, as well as supporting infrastructure. (From a press release dated February 8, 2023)
New Company
-Fuyao Glass announced that it will invest CNY 3.25 billion to establish a wholly owned subsidiary, Fuyao Glass (Fujian) Co., Ltd. The subsidiary will build an automotive safety glass plant with an eventual annual production capacity of approximately 20.5 million square meters, according to the company. The registered capital of the new subsidiary will be CNY 1 billion, and its business scope will be the production and sales of automotive safety glass. (From a Fuyao Glass press release dated December 30, 2023)
R&D expenditure
R&D expenditure |
(CNY millions) |
FY ended Dec. 31, 2023 | FY ended Dec. 31, 2022 | FY ended Dec. 31, 2021 | |
R&D expenditure | 1,403.03 | 1,248.59 | 997.20 |
Ratio of R&D expenses to Sales (%) | 4.23 | 4.44 | 4.22 |
-As of Dec. 31, 2023, the Company has 4,729 R&D staff, accounting for 14.45% of the Company's employees.
R&D Facilities
Name | Overview |
Fuyao Technical Center | -The technical center currently conducts its R&D activities in 10 divisions: the automotive glass research center; construction glass research center; float glass research center; the research center for cutting-edge technology; CAE/CAM application research division; technical information and patent division; inspection and testing center; planning and project management division; production equipment technology center; and dies and jigs research and development center. -The center was certified as a national level research facility in September 2006. |
Fuyao Technology Development (Suzhou) Co., Ltd. | -Established an R&D facility on August 15, 2019, which is engaged in developing intelligent manufacturing and industrial robotics systems, antennas, thin films, sensors, simulation technologies, and optoelectronic technologies. |
Fuyao High Performance Glass Technology (Fujian) Co., Ltd. |
-Established in August 2021. |