【核心结论】我们预计公司2025-2027 年营收452/525/608 亿元，同比+15%/+16%/+16%，归母净利润89/104/122 亿元，同比+19%/+17%/+17%。我们认为，公司作为全球汽车玻璃龙头，引领汽玻行业升级实现产品量价齐升，同时在海外巨头战略收缩背景下，有望凭借自身成本控制能力和产业链垂直整合能力，实现全球市占率的持续提升，首次覆盖，给予“买入”评级。【主要逻辑】...
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