智通财经APP获悉，摩根士丹利发布研报称，维持福耀玻璃(03606)H股“与大市同步”评级及目标价53.5港元。该行预计，公司第三季度表现大致延续第二季度趋势，平均售价增长将抵销销量下降，第三季度收入同比及环比均录得个位数增长，盈利增长有望同比转正，主要受益于汇兑亏损收窄。
摩根士丹利指出，中国汽车产量第三季度同比下降6%，第二季度同比下降3%。售后市场玻璃去库存于第三季度仍构成拖累，但同比跌幅较为温和。汽车原厂玻璃销量受汽车产量疲弱拖累，售后玻璃销量则因主要客户去库存而继续下降，但汽车玻璃平均售价持续上升。
该行预计，第三季度毛利率同比保持韧性，产品组合改善有望抵销产能利用率下降的影响。管理层目标为2026年下半年毛利率达到38%。公司于2025年第三季度录得1.2亿元人民币汇兑亏损，而2025年上半年则录得6.02亿元人民币汇兑收益。
该行预计，福耀玻璃第三季度汽车玻璃核心经营利润大致符合预期，对未来12个月市场一致预期每股盈利的影响大致不变。
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