研報掘金丨國海證券:福耀玻璃盈利能力持續增強,維持“增持”評級
國海證券研報指出,福耀玻璃(600660.SH)Q2業績表現強勁,單季收入利潤創歷史新高。公司第二季度實現營業收入95.04億元,同比+19.1%,環比+7.6%;歸母淨利潤21.11億元,同比+9.8%,環比+52.1%。盈利能力持續增強。公司收入端持續增長確定性強(主要由全球市佔率+ASP+單車面積提升驅動),利潤端表現趨勢向上,但會受到匯兑損益波動、SAM虧損波動、純鹼和天然氣等原材料成本影響。當前純鹼和天然氣價格處於低位,公司利潤增長有望持續超越收入增長,且近年來公司資本開支增加,新產能有望於2025年後投產,公司市佔率提升速度有望超預期。看好公司持續向上趨勢,維持“增持”評級。
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