中金：维持信义玻璃(00868)跑赢行业评级目标价8.5港元

智通财经2025-08-04

智通财经APP获悉，中金发布研报称，考虑到年内浮法玻璃业务承压但后续行业格局有望边际改善，下调信义玻璃(00868)25e EPS 21%至0.52元并维持26e EPS 0.68元，当前股价对应25/26e 14/11x P/E。综合考虑“反内卷”对浮法行业的潜在影响，该行维持跑赢行业评级及目标价8.5港币，对应25/26e 15x/11x P/E，隐含5%上行空间。中金主要观点如下：1H25...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2556879668?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-04 09:23","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2556879668","market":"fut","top_or_hot":-1,"title":"中金：维持信义玻璃(00868)跑赢行业评级 目标价8.5港元","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，考虑到年内浮法玻璃业务承压但后续行业格局有望边际改善，下调信义玻璃(00868)25e EPS 21%至0.52元并维持26e EPS 0.68元，当前股价对应25/26e 14/11x P/E。综合考虑“反内卷”对浮法行业的潜在影响，该行维持跑赢行业评级及目标价8.5港币，对应25/26e 15x/11x P/E，隐含5%上行空间。中金主要观点如下：1H25...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1325178.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：维持信义玻璃(00868)跑赢行业评级 目标价8.5港元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：维持信义玻璃(00868)跑赢行业评级 目标价8.5港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-04 09:23 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1325178.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，考虑到年内浮法玻璃业务承压但后续行业格局有望边际改善，下调信义玻璃(00868)25e EPS 21%至0.52元并维持26e EPS 0.68元，当前股价对应25/26e 14/11x P/E。综合考虑“反内卷”对浮法行业的潜在影响，该行维持跑赢行业评级及目标价8.5港币，对应25/26e 15x/11x P/E，隐含5%上行空间。中金主要观点如下：1H25...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1325178.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00868","symbol_name":"信义玻璃","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1325178.html","article_id":"2556879668","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2556879668","pubTimestamp":1754270608,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中金发布研报称，考虑到年内浮法玻璃业务承压但后续行业格局有望边际改善，下调信义玻璃25e EPS 21%至0.52元并维持26e EPS 0.68元，当前股价对应25/26e 14/11x P/E。综合考虑“反内卷”对浮法行业的潜在影响，该行维持跑赢行业评级及目标价8.5港币，对应25/26e 15x/11x P/E，隐含5%上行空间。报告期内公司宣布派发每股12.5港仙中期股息，中期分红率维持在49%左右，中期股息率3.3%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"00868":"信义玻璃"},"translate_title":"CICC: Maintain Xinyi Glass (00868) outperform industry rating target price of HK $8.5","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00868":1},"content_text":"智通财经APP获悉，中金发布研报称，考虑到年内浮法玻璃业务承压但后续行业格局有望边际改善，下调信义玻璃(00868)25e EPS 21%至0.52元并维持26e EPS 0.68元，当前股价对应25/26e 14/11x P/E。综合考虑“反内卷”对浮法行业的潜在影响，该行维持跑赢行业评级及目标价8.5港币，对应25/26e 15x/11x P/E，隐含5%上行空间。中金主要观点如下：1H25业绩略低于该行预期公司公布1H25业绩：营收同比-9.7%至98亿元，归母净利润同比-59.6%至10亿元，公司应占联营公司溢利达2.03亿元，公司业绩符合其前期预告，但小幅低于该行预期，主要由于浮法、建筑玻璃行业整体需求低迷。汽车玻璃盈利略超该行预期，提供厚实盈利底1H25汽车玻璃营收同比+10.6%至33亿元，毛利率同比+5.0ppt至54.5%，其营收增速、毛利率提升幅度略超该行预期，该行认为或由于(1)公司坚持研发ADAS、Solar-X等高附加值产品，或提升销售均价;(2)公司积极开拓新客户，并配套提升汽玻加工产能，公司预期2025年汽车玻璃有效产能或同比+16%。浮法盈利接近历史底部，公司延续自身α1H25浮法玻璃营收同比-16.4%至54亿元，行业上半年浮法含税均价同比-28%至1329元/吨;该业务毛利率同比-10.6ppt至17.8%，接近历史底部。其α体现于：(1)公司预计2025年浮法有效产能同比+11%，弹性主要由印尼两条产线陆续投放贡献;(2)公司1H25差异化产品产量同比+2.67ppt，或为盈利提供支撑。销售费用率小幅上升，或由于关税影响公司1H25期间费用率同比+2.4ppt至18.6%，其中销售费用率同比+1.6ppt至6.7%，公司披露该增加主要由于美国额外进口关税费用增加。此外，报告期内有效税率同比上升5-6ppt，其披露由于应占联营公司盈利体量减少。资本开支边际下降，分红率稳定公司1H25资本开支同比-81%至10亿元，主要用于中国、印尼新工业园区投资。报告期内公司宣布派发每股12.5港仙中期股息，中期分红率维持在49%左右，中期股息率3.3%。深加工产品提供盈利安全垫，后续弹性看浮法行业格局边际改善该行判断浮法行业短期仍以冷修调节供给，至7月下旬，管道气和石油焦燃料生产的普白产品已亏毛利。此外在“反内卷”趋势下，浮法玻璃行业不排除从环保角度增加高污染燃料生产成本的可能性，有望拉动其盈利弹性。此外，公司汽车玻璃深耕后装、积极开拓前装市场，有望为整体盈利提供安全垫。风险提示：竣工需求下滑幅度超预期，浮法冷修进度不及预期，汽玻盈利不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2556879668","isCrawlerRequest":true}

中金：维持信义玻璃(00868)跑赢行业评级 目标价8.5港元

精彩评论

中金：维持信义玻璃(00868)跑赢行业评级目标价8.5港元