Citi Haitong has issued a research report announcing an increase in the target price for FUYAO GLASS (03606) from HKD 77 to HKD 82, reflecting a 6.5% increase. The target price for FUYAO GLASS (600660.SH) has also been raised from RMB 71 to RMB 75, a 5.6% increase, while maintaining an "Outperform" investment rating. The report highlights that FUYAO GLASS expects a year-on-year revenue and profit growth of 19% and 14%, respectively, for the third quarter of 2025. Despite a decrease in ocean freight costs and an increase in capacity utilization, a 0.6 percentage point decline in gross margin occurred due to increased Original Equipment Manufacturer (OEM) discounts and seasonal fluctuations in the profitability of U.S. operations. FUYAO GLASS is anticipated to achieve an average price increase of 6-7% in 2025. Citi Haitong expects that as the penetration of new energy vehicles in the global market continues to rise, high value-added products will increasingly contribute to revenue. The firm also forecasts that FUYAO GLASS will strengthen its bargaining power with OEMs and manage expenses more effectively due to efficient management, resulting in raised profit forecasts for 2025, 2026, and 2027 by 6.5%, 6.5%, and 6.4%, respectively.