金吾财讯 | 中信证券表示，春节后下游需求逐步恢复，且旺季将至，近期粗纱和电子纱/布价格均不同程度提涨。玻纤行业景气上行和产品价格变化均符合该行预期。该行指，四季度末和一季度春节前后是玻纤行业的传统淡季。综合来看，该行认为粗纱供需在淡季中仍总体保持动态平衡。粗纱方面，该行认为2025年粗纱新增产能有限，目前业内企业协同性较高，产能投放或配合冷修技改维持总体供需动态平衡，而风电纱、热塑短切等高端品类需求增量的确定性更高，粗纱景气上行有望持续，量价齐升可期。同时，企业将继续推进降本增效和产品结构优化，盈利改善预期持续向好。电子纱/布方面，综合来看，供需改善总体向好，而高性能低介电产品需求有望放量且价值量更高，已有相关产品研发和产销布局的头部企业具备先发优势，后续随着产品结构优化，其电子纱/布盈利提升将更具弹性。该行认为2025年玻纤粗纱、电子纱/布景气上行有望持续，高端产品需求和价格具备弹性，企业盈利改善值得期待，加之当前头部企业估值仍处于历史低位，估值提升有向上空间和弹性，投资价值突出。
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