信义光能减值影响业绩，产能出清仍需时间，下调至中性

交银国际03-03

一、减值影响业绩，光伏玻璃毛利率提升信义光能在2025年的收入和盈利分别为208亿元和8.44亿元人民币，同比分别下降5%和16%。下半年盈利仅0.99亿元，低于预期，主要原因是全年计提了固定资产减值23.2亿元，其中光伏玻璃业务占大部分。尽管平均售价下跌9%，但由于成本下降和海外收入占比提升，光伏玻璃毛利率提高了4.4个百分点至14.1%，尤其在下半年高达17.1%。二、海外收入快速增长，印尼...

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