金吾财讯 | 长江证券发布研报指，福莱特玻璃(06865)2026年一季度实现收入36.74亿元，同比下降9.95%；归母净利0.38亿元，同比下降64.06%。研报维持“买入”评级。
研报核心逻辑集中于供给加速出清带来的竞争格局优化。Q1光伏玻璃价格下降导致盈利承压，但公司仍保持微利水平，相对二三线企业具备超额盈利优势。Q1毛利率14.44%，同比提升2.72个百分点，环比下降9.83个百分点。期间费用率10.21%，同比提升2.33个百分点，管理费用增加主因产能布局优化支出。Q1计提资产减值损失0.82亿元，预计因光伏玻璃跌价导致存货减值。经营性现金流3.00亿元，同比增长，主因购买商品、接受劳务支付的现金减少。
业务方面，Q1销量同比略有下降，受终端需求平淡影响。公司已投产安徽和南通2条产线，预计市占率保持稳中有升。当前2.0mm光伏玻璃价格跌破10元/平，二三线企业窑炉陆续冷修，产能有望加速出清。
研报预计基本面将在Q2见底，随着国内需求释放及海外能源安全加大新能源投入，量利水平有望逐季修复。
风险提示包括竞争格局恶化和光伏装机不及预期。
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