《大行》華泰證券:汽車玻璃延續增長 維持信義玻璃(00868.HK)「買入」評級 目標價9.54元
華泰證券研究報告指出,信義玻璃(00868.HK)今年上半年實現收入及歸母淨利潤分別為98.2億與10.1億元人民幣,按年下降11.6%及59.3%,歸母淨利潤符合業績預告(按年跌55%至65%),業績按年下滑主因浮法玻璃價格按年下降、信義光能投資收益下滑、以及資產減值損失增加。華泰證券認為,公司作為浮法玻璃龍頭,具備規模和成本優勢,且汽車玻璃等多元化佈局有望助力公司中長期發展,維持「買入」評級,目標價由9.6元微降至9.54元。
考慮浮法玻璃價格按年仍處下滑趨勢,華泰證券預計信義玻璃下半年的浮法玻璃毛利率按年或繼續承壓,但高毛利率的汽車玻璃收入佔比提升有望帶動公司盈利能力改善。
華泰證券考慮浮法玻璃價格按年延續下滑趨勢,下調信義玻璃浮法玻璃銷售均價假設,將公司2025至2027年每股盈利預測,分別由原來的0.72、0.83與0.93元人民幣,下調29%、25%及21%,至0.51、0.62及0.74元人民幣。考慮當前浮法玻璃行業承壓,但信義玻璃仍具備規模和成本優勢,華泰證券更關注信義玻璃下半年供給端變化對2026年價格的影響以及公司汽車玻璃的持續增長。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.