福莱特全球龙头光伏玻璃厂商,低成本铸就盈利基本盘

中金公司
Jul 29, 2025

一、核心观点与投资评级福莱特 (601865)被再次覆盖,并给予“跑赢行业”评级,A股目标价18.51元,对应2025年2倍P/B;港股目标价为13.3港元,对应2025年1.3倍P/B。分析师认为公司在产能、成本及利润端均具备显著优势,α属性突出。公司当前市占率稳居前列,产能布局精准且海外扩张进一步增强盈利能力。此外,光伏玻璃行业正处于周期底部,预计2025年将开启新一轮周期,届时板块ROE水平...

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