智通财经APP获悉，交银国际发布研报称，福莱特玻璃(06865)因二、三线企业投产超预期及对等关税对越南产能的影响，该行下调2025-2027年盈利分别15%/10%/9%，同时下调目标价16%，由13.45港元降至11.30港元，对应2026年13.2倍的市盈率，维持“买入”评级。
报告表示，因福莱特玻璃产品价格上涨，该行预计集团第二季的盈利有望实现季增。同时今年首季集团大幅扭亏为盈，盈利录得1.06亿元人民币，远超预期的亏损0.7亿元人民币。考虑新产能爬坡期，交银国际预计福莱特玻璃供给将从6月起明显增加，届时玻璃价格将承压。集团在建的7200吨产能投产时间尚未确定。
另外，美国先前宣布对越南征收“对等关税”高达46%而随后暂缓90天，集团充分利用暂缓期抢出口。因海外产能稀缺，集团原对美出口产能也可望转出口其它国家，因此该行认为美国关税对其整体影响有限。
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