金吾财讯 | 国金证券发研指，信义光能(00968)业绩下滑主要因价格及盈利承压、同时计提玻璃产线及存货减值。下半年光伏玻璃产品价格持续下跌，据卓创资讯，下半年2.0mm光伏玻璃均价12.9元/平（三/四季度分别为13.7/12.0），上半年为17.0元/平；测算公司8月起光伏玻璃进入亏损状态，后亏损持续加深。盈利承压背景下公司7月起开始对存量窑炉进行冷修，三/四季度分别冷修2100/2900吨日熔，公司对已暂停运行或正在进行维修更换的光伏玻璃产线计提了减值准备，同时计提了存货减值准备，一定程度影响业绩。
该行表示，基于当前对光伏玻璃行业价格及盈利的判断，调整公司2024-2026年净利润预测至10.8、26.2、35.5亿港元，当前股价对应PB仅0.9倍，对应25-26年PE为11/8倍。光伏玻璃价格拐点可期，公司产能份额最高、未来份额有回升空间，维持买入评级及重点推荐。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.