信义玻璃(0868.HK):差异化产品抵御周期波动

国泰君安
Yesterday

本报告导读:24H2 在浮法行业压力加剧,但公司汽车玻璃、建筑玻璃业务均表现优异,优异的加工片盈利展现了公司在行业下行期领先的产品差异化能力。投资要点:公司2024年实现营收223.24 亿元,同比-8.1%%,实现归母净利润33.69 亿元,同比-31.0%,符合预期。竣工需求下行导致玻璃盈利收窄,下调2025-26 年公司归母净利至32.6、40.8 亿元,新增2027 年归母净利润45.2 ...

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