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World's largest maker of automotive glass, supplying windshields and windows to global carmakers.
World's largest maker of automotive glass, supplying windshields and windows to global carmakers.
Sells windshields and windows to carmakers on supply contracts tied to specific vehicle models, so it is paid per piece shipped in step with auto production, with a smaller aftermarket line for replacement glass. This is the Hong Kong-listed share class of the Shanghai-listed company; founder Cho Tak Wong still controls it, and it makes its own float glass.
In one line: A China-based auto-glass giant akin to Guardian/PPG's auto unit.
Moat: narrow (scale, customer qualification, cost advantage). Largest global capacity and long OEM qualification cycles create high switching costs.
Headquarters: Fuqing, China · Founded: 1987 · Employees: 42,541
Size Fuyao Glass Industry (3606.HK) is a Hong Kong Consumer Discretionary company (Home Furnishings) with a market value of $21.3B, the 84th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$54.65 on 6 Nov 2026.
Performance Over six months the shares fell 13.0%, against -3.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 5 in its peer set.
Growth Revenue grew 13.1% over the last twelve months (peer median +24.6%); the operating margin is 22.3% (peer median 15.8%).
Valuation It trades at 13.5× forward earnings against a peer median of 18.2× (cheapest of 5).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.2 points above its cost of capital (8.1% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$51.7B | HK$49.8B | HK$42.8B | HK$36.6B | HK$32.7B |
| Revenue growth | — | +16% | +17% | +12% | — |
| Gross profit | HK$19.4B | HK$18.4B | HK$15.4B | HK$12.5B | HK$10.7B |
| EBITDA | HK$15.1B | HK$14.3B | HK$11.9B | HK$9.24B | HK$7.86B |
| Net income | HK$9.46B | HK$10.1B | HK$8.13B | HK$6.22B | HK$5.53B |
| Free cash flow | HK$6.40B | HK$6.34B | HK$3.85B | HK$3.51B | HK$2.91B |
| Capital expenditure | HK$6.29B | HK$6.69B | HK$5.94B | HK$4.78B | HK$3.64B |
| Total debt | n/a | HK$24.2B | HK$19.3B | HK$19.1B | HK$17.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fuyao Glass Industry 3606.HK | $21.3B | -13% | +13% | 22% | 13.5× | 3.7% |
| Agc 5201.T | $6.33B | -15% | +6% | 6% | 12.6× | 4.8% |
| Compagnie de Saint-Gobain SGO.PA | $40.7B | -3% | -2% | 10% | 12.1× | 5.1% |
| Nippon Sheet Glass 5202.T | n/a | +4% | n/a | n/a | n/a | n/a |
| Xinyi Glass 0868.HK | $4.79B | -19% | -12% | 13% | 11.4× | 6.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3606.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.4% | -29.1% | 2nd highest of 5 |
| 6-month return | -13.0% | -3.7% | 2nd lowest of 5 |
| Distance from 52-week high | -24.6% | -46.5% | highest of 5 |
| Revenue growth (TTM) | +13.1% | +24.6% | 2nd lowest of 5 |
| Operating margin | 22.3% | 15.8% | highest of 5 |
| Forward P/E | 13.5× | 18.2× | cheapest of 5 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | n/a | — |
| Growth delivered (Del g) | +17.4% | n/a | — |
| Hurdle (Req g minus delivered) | -13.6 pp | n/a | — |
| ROIC minus cost of capital | +12.2 pp | +2.1 pp | highest of 5 |
| EV / EBITDA | 11.2× | n/a | — |
| Net debt / EBITDA | 0.2× | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fuyao Glass Industry 3606.HK | Hong Kong | $21.3B | -13% | +13% | 22% | 13.5× | 3.7% | +17.4% |
| Lens Technology 6613.HK | Hong Kong | $20.7B | -29% | -7% | 5% | 18.1× | -0.7% | +14.2% |
| Guangdong Songfa Ceramics 603268.SS | China | $22.8B | 0% | +302% | 21% | 16.1× | n/a | n/a |
| Somnigroup International SGI | United States | $14.8B | -7% | +27% | 14% | 18.3× | 15.0% | +15.3% |
| Chongqing Polycomp International 301526.SZ | China | $11.0B | +21% | +22% | 18% | 36.8× | n/a | n/a |