智通财经APP获悉，福耀玻璃(03606)再涨超3%，截至发稿，涨3.01%，报53.05港元，成交额1亿港元。
美银证券发布研报称，福耀玻璃今年首季度业绩胜预期，销量和平均售价稳健增长未受关税影响，收入同比增长12%至99亿元人民币，由于集团去年第四季起将包装费重新归类至销售成本，对毛利率带来造成0.94个百分点的负面影响。经营收入同比增长18%，较美银预期高出4%，期内净利润同比增长46%，更较该行预测高出22%。该行认为，公司已将大部分关税影响增加转嫁给客户，订单状况仍然稳定，未来两个月预期不受影响。
海通国际指出，公司25Q1毛利率35.4%，同/环比-1.42/+3.28pcts，同比下滑主要系会计准则调整(-0.94pcts)和新产能爬坡。同时，Q1财务费用贡献3.5亿元收入，而去年同期为0.7亿元收入，主要系汇兑受益显著增加，进一步增厚利润。全年来看，公司有望持续受益于重碱价格和海运费用持续回落，抵消美国和国内新产能爬坡影响，看好2025年盈利能力恢复。
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