中金发表报告指，信义玻璃(00868.HK) 去年业绩低过其预期，浮法产品售价跌幅超过成本降幅，去年下半年盈利承压。汽车玻璃单位价值量提升，订单和利润齐增，夯实盈利基础。建筑玻璃营收保持平稳，原材料价格下跌贡献韧性盈利。
另外，公司去年利息支出大幅下降，经营性现金流量净额按年增长25%至56亿元人民币，股息率5%具备吸引力。该行考虑到浮法玻璃受竣工需求不及预期影响，下调今年每股盈利预测22%至0.67元人民币，另料明年每股盈利为0.68元人民币。综合考虑盈利预测调整及浮法玻璃已进入行业底部周期，后续或有估值修覆空间，将目标价下调11%至8.5元，相当于预测今明两年市盈率均12倍，维持“跑赢行业”评级。(vc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-03 16:25。)
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