金吾财讯 | 交银国际研报指，凯盛新能(01108)2025年亏损9.14亿元（人民币，下同），同比扩大50%，其中4Q亏损3.2亿元，同比收窄12%。全年毛利率-12.3%，同比下降7.9个百分点，主要是由于光伏玻璃价格下跌，其中4Q25为-6.6%，同/环比收窄23.7/4.2个百分点；全年计提0.98亿元资产减值和1.60亿元信用减值。由于供过于求，2.0毫米光伏玻璃每平米价格由2025年10月的13元跌至目前9.5元的低位。全行业再度转亏。但目前在产产能大多为运营时间较短的低成本产能，进一步冷修的意愿不高，而已建成产能仍在陆续投产，导致在产产能10月以来仅小幅下降。该机构认为，产能出清仍需时间，玻璃价格仍处于低位磨底阶段，修复仍需时日。由于高毛利的海外收入占比低（2025年仅0.4%），该机构预计公司短期内扭亏挑战较大。该机构下调盈利预测，维持0.7倍2026年市净率的估值基准（低于该机构给予行业龙头福莱特玻璃（6865HK/买入）的0.95倍），下调目标价至3.58港元（原3.71港元），维持中性评级。
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