研报掘金丨中金：予福莱特“跑赢行业”评级，目标价18.51元

格隆汇2025-07-28

中金公司研报指出，福莱特在产能、成本、利润均优势明显，α属性凸显。行业处于周期底部，25 年光伏玻璃新一轮周期有望开启，板块ROE水平跑赢光伏行业。认为2025年是新一轮周期开始时间，本轮周期已经经历了需求增长，产能增加，价格及利润上行，当前时间点需求下行，在利润压迫下开启了第二轮产能出清，本轮周期结束后，利润端我们预期一线企业将率先回归合理盈利水平，实现单平净利约1-1.5元，二线企业有望从亏损...

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