【券商聚焦】中泰国际维持信义光能(00968)“中性”评级 指毛利率改善 但料FY26受压

金吾财讯
Mar 13

金吾财讯 | 中泰国际研报指,信义光能(00968)FY25股东净利润同比下跌16.2%至8.5亿元(人民币,下同)。虽然光伏玻璃销量同比上升4.2%,但是相关售价同比下跌,导致公司总收人同比减少4.8%至208.6亿元。虽然如此,公司总毛利率同比反弹3.7个百分点至21.4%,其中光伏玻璃毛利率更同比上升4.4个百分点至14.1%,主因光伏玻璃生产所需原材料及能源(例如纯碱、天然气)的成本降低,超越光伏玻璃售价下跌的影响。该机构指,近月光伏产品价格仍在低水平。今年3月初3.2mm光伏玻璃(按每平方米)市场均价报17.5元,较去年同期的22.5元低22.2%,也低于去年底的20元水平。此外,料近期全球能源价格波动将影响公司成本,及最终FY26毛利率。虽然公司所采购的天然气来自国内的管道天然气供应,但是预料LNG价格波动也难免影响相对较稳定的管道气价。由于部分产能停运,FY25有效熔化量同比下跌10.3%至814万吨。基于两条日产1,200吨的印度尼西亚光伏玻璃生产线分别已于今年1月点火及计划26Q2投产,公司目标FY26有效熔化量同比上升3.0%至838万吨。综合考虑FY25业绩及产能计划,并撇除固定资产减值因素,该机构分别调升FY26-27股东净利润预测13.1%及5.3%。该机构维持13.5倍FY26目标市盈率,相应将目标价由3.00港元上调至3.52港元。由于上行空间仅3.9%,该机构维持“中性”评级。

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