On August 24, FUYAO GLASS fell 3.05% in regular trading, trading at HK$55.75/share, with turnover of HK$62.65 million. The decline came amid continued selling pressure following multiple analyst target price cuts and a weaker-than-expected first-half earnings report.

Bank of America Securities reiterated its Buy rating but lowered its target price from HK$75 to HK$71, cutting revenue forecasts for the next three years by an average of 10% to reflect softer volume assumptions, while trimming earnings estimates by 4% given resilient margins. Separately, Jefferies adjusted its target price from HK$78.10 to HK$73.70, also maintaining a Buy rating.

The downgrades follow FUYAO GLASS's H1 results disclosed on August 18, which showed revenue of 21.97 billion yuan (up 2.44% YoY) but attributable net profit declining 17.37% to 3.97 billion yuan. The company attributed the profit drop primarily to foreign exchange losses of 803 million yuan versus gains of 602 million yuan in the prior-year period. Excluding FX effects, pre-tax profit would have grown 4.78% YoY. The broader Auto Parts sector also traded weak, with MINTH GROUP down 4.9% and HESAI down 3.26%.

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