智通财经APP获悉，中银国际发布研报称，上调信义光能(00968)目标价40%，从3港元升至4.2港元，评级由“持有”上调至“买入”，对行业的评级为“中性”。
该行上调对该公司2026-2027年盈利预测53%和28%，主要原因是更高的平均销售单价(ASP)以及成本预测更低，同时该行也考虑到自2025年7月两条生产线的关闭。
信义光能2025年核心纯利为26亿元人民币(下同)，已经排除光伏玻璃以及多晶硅资产的23亿元减值损失。由于需求疲软抑制ASP，预期该公司2026年上半年毛利率将再次下滑。这可能导致低效熔炉加速关闭，并有助于公司重获市场份额。另一方面，公司位于印尼的新生产线可能受益于海外市场的进一步溢价，尤其是美国光伏制造产能的潜在扩张。
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