金吾财讯 | 康宁(GLW)盘初股价下挫，报163.8美元，跌6.31%。
消息面上，摩根大通在康宁公司 (GLW) 二季度财报披露前，将其纳入负面催化剂观察名单，核心风险并非经营基本面走弱，而是个股估值处于高位，业绩容错空间极小。分析师测算企业 2028 财年市盈率超 30 倍，光纤业务对应市盈率约 40 倍，估值已充分透支长期增长预期。
机构预判业务结构分化，光纤主业虽维持高景气，但运营商相关业务表现将弱于季节性常态，一定程度对冲光纤板块增；电视显示面板业务下半年经营压力加大，整体各板块表现仅贴合市场中性预期。
康宁年内股价最高涨幅接近 100%，6 月 29 日创下 255.69 美元历史新高，随后跟随硬件、网络设备板块集体回调，周四盘前再度下跌近 5%。市场多空分歧加剧，摩根大通维持中性评级、200 美元目标价；另有机构将个股从买入下调至卖出，认为 AI 概念炒作推高估值，当前价格不具备长期配置价值。市场一致预期二季度调整后每股收益 0.75 美元，总营收 46.3 亿美元，企业将于 7 月 28 日盘前完整披露财报，业绩兑现情况将直接影响高估值能否持续消化。
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