研報掘金丨長江證券:維持福萊特玻璃“買入”評級,Q2盈利水平有望進一步提升
長江證券研報指出,福萊特玻璃(6865.HK)2025Q1歸母淨利1.06億元,同比下降86%,環比增長137%。展望後續,需求端,國內分佈式搶裝潮退坡,5 月組件排產維持高位,但6 月排產有下調的可能性,山東省率先發布機制電價競價細則徵求意見稿,預計其他省份將陸續發佈相關細則,國內需求有望重啓,而海外出口則迎來旺季。盈利端,公司作爲光伏玻璃龍頭之一,相比二三線企業成本優勢顯著,隨着天然氣價格在淡季下降,Q2盈利水平有望進一步提升。預計25年歸母淨利14億元,對應A股PE 爲26倍,港股PE 爲14倍,維持“買入”評級。
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