研報掘金丨國盛證券:維持京東方A“買入”評級,鈣鈦礦光伏業務順利佈局
國盛證券研報指出,京東方A鈣鈦礦光伏業務順利佈局,強調資本戰略向價值轉型。鈣鈦礦光伏目前已建成手套箱、實驗線和全行業第一條最大的中試線,僅用38天就成功產出行業首片2.4×1.2m中試線樣品,標誌着產業化邁出重要一步;玻璃基封裝業務已佈局試驗線,成立了玻璃基先進封裝項目組,實現樣機產出。今年6月底已完成設備搬入。當前行業格局趨於穩定,大規模產線投資已不再是公司發展主旋律。在此背景下,京東方將於2025 年迎來資本開支和折舊 雙高峯”,此後將有望步入盈利提升通道,盈利的確定性改善為持續回報股東創造了有利條件。未來公司也將通過推出歷史上首個全面涵蓋分紅、回購的股東回報規劃,以連續、穩定、可預期的股東回報,切實回報支持京東方的各位投資夥伴。當前京東方股價對應2025年PB估值約為1.0倍,維持“買入”評級。
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