智通财经APP获悉，大和发布研报称，给予福耀玻璃(03606)“买入”评级，目标价由68港元上调至70港元，考虑碳酸钠成本及运费率今年有望下降，该行将公司在2025年至2026年每股盈利预测上调4%至5%。
大和指出，福耀玻璃会计政策改变，令去年第四季毛利率低于预期，第四季收入同比升17%至109亿元人民币，全年收入则同比升18%至393亿元人民币。2024财年全年而言，公司玻璃出货量超过1.56亿平方米，增长11.2%，其中中国本地市场出货量同比增长19.3%，海外市场则同比升19.7%，均跑赢乘用车销售量。
该行预料，踏入2025年，包装费入账方式改变料致毛利率较该行原先预测拉低约1.4个百分点;另该行认为，美国工厂二期产量提升，以及相关劳动成本上升，将会对集团今年毛利率造成压力。
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