Citi has released a research report stating that FUYAO GLASS (03606) delivered robust performance in 2025 despite industry volatility and global supply chain pressures. Following revised forecasts, the bank has lowered its target price for FUYAO GLASS's Hong Kong shares from HK$92 to HK$81, and reduced its target price for the company's A-shares (600660) from RMB90 to RMB79. The company has demonstrated its defensive leadership in the global automotive glass industry, supported by continuous average selling price increases, market share expansion, and strict cost control, which have contributed to steady margin expansion. Citi maintains a "Buy" rating on the stock. The bank has trimmed its revenue forecasts for FUYAO GLASS for this year and next by 2%, reflecting weaker-than-expected performance in China's passenger vehicle market since the beginning of the year. At the same time, it has lowered its gross margin forecasts to 36.6% and 37%, respectively, to account for rising raw material costs, while projecting a gross margin of 37.3% for 2028. As a result, Citi has reduced its net profit forecasts for the company for this year and next by 9% to 11%, to RMB10.06 billion and RMB11.7 billion, respectively, with the net profit forecast for 2028 set at RMB13.78 billion.