交银国际表示，下游囤货推动福莱特玻璃第三季业绩大增，公司季内收入和盈利分别为47.3亿和3.76亿 元人民币(下同)，同比增长21%和扭亏，按季增长29%和143%。由于组件客户对玻璃价格触底反弹预期 强烈，第三季大量囤货，致公司在产量环比下降的情况下销量大增，期末存货环比锐减38%并创四年新 低。第三季光伏玻璃价格先跌后涨，均价环比下跌，但第二季末存货减值后的低价库存在第三季销售， 纯碱价格下跌也导致成本下降，推动毛利率环比仍提高0.1个百分点至16.8%，同时由于产品价格上涨， 冲回存货减值0.82亿元。 报告指，内地光伏玻璃在产产能由5月底的10.0万吨降至7月底的8.9万吨，在减产和下游囤货的共同推动 下，行业库存天数由7月中旬的36天快速降至9月下旬最低的15天，推动2.0毫米玻璃每平米价格由8月的 11元大幅回升至9月的13元并维持至今，走势强于该行预期。但随着组件客户消耗囤积的玻璃库存而减 少采购以及组件减产，10月以来行业库存天数快速反弹，目前已达21天，预计后续库存仍将持续上升， 11月起玻璃价格或将重回下跌趋势。虽然9月涨价后至今新投产产能较少，但行业目前已建成产能众 多，仅两家一线企业的 ...

Core Viewpoint - Huatai Securities reports that Flat Glass's third-quarter net profit exceeded expectations due to the recovery of photovoltaic glass prices, leading to a rebound in gross margin, along with asset impairment reversals [1] Group 1: Financial Performance - Flat Glass's net profit for the third quarter surpassed expectations, primarily driven by the recovery in photovoltaic glass prices [1] - The company's gross margin improved as a result of the price recovery and asset impairment reversals [1] Group 2: Inventory and Sales Outlook - As of the end of the third quarter, Flat Glass's inventory decreased by 38.4% quarter-on-quarter, indicating a potential easing of inventory pressure [1] - The company is expected to see sales growth due to improved supply and demand dynamics in the photovoltaic glass industry [1] Group 3: Price Stability and Profitability - The report anticipates that photovoltaic glass prices will remain relatively stable in the fourth quarter amid industry consolidation [1] - The company's profitability is expected to continue improving, with earnings estimates for 2025 to 2027 projected at 1.04 billion, 1.8 billion, and 2.28 billion respectively [1] Group 4: Investment Rating - Huatai Securities maintains an "Overweight" rating for Flat Glass, raising the target price from HKD 12.79 to HKD 13.54 [1]

该行上调福莱特玻璃2025年盈利预测，但小幅下调2026至27年预测，维持1.1倍2026年市账率的估值基 准，目标价由11.7港元上调至12.05港元。该行预计公司未来两个季度业绩将明显转弱，近期股价反弹后 估值吸引力有限，评级由"买入"降至"中性"。 交银国际发表报告指，下游囤货推动福莱特玻璃第三季业绩大增，收入和盈利分别为47.3亿和3.76亿 元，按年增长21%和扭亏，按季增长29%和143%。由于组件客户对玻璃价格触底反弹预期强烈，第三季 大量囤货，导致公司在产量环比下降的情况下销量大增，期末存货环比锐减38%并创四年新低。 ...

Core Viewpoint - Bank of America Securities upgraded the rating of Fuyao Glass (06865) from "Underperform" to "Neutral" due to better-than-expected net profit of 376 million RMB in Q3, benefiting from a gross margin of 16.8%, significantly higher than the forecast of 8-9% [1] Financial Performance - Fuyao Glass's Q3 net profit reached 376 million RMB, surpassing expectations [1] - The gross margin of 16.8% was notably higher than the previously predicted range of 8-9% [1] Earnings Forecast - The earnings forecast for Fuyao Glass for the fiscal year 2026 was raised by 55% [1] - The target price was increased from 7 HKD to 12.8 HKD, based on a projected price-to-earnings ratio of 15.5 times for fiscal year 2026, aligning with the five-year average [1] Competitive Position - Fuyao Glass demonstrates a significant profit advantage compared to smaller or domestically limited competitors [1] - The company’s gross margin of 16-17% over the past two quarters is expected to establish a new long-term bottom for the company [1] Market Concerns - There are ongoing concerns regarding weak solar demand and a persistent oversupply situation in the market [1] - Following the earnings announcement, Fuyao Glass's stock price increased by 12%, leading to a more reasonable valuation [1]

由于该公司相较小型或仅限国内市场的同业具备更显著的利润优势，该行认为过去两季16至17%的毛利 率将成为公司新的长期底部。然而，该行仍对太阳能需求疲软及持续供过于求的状况感到忧虑，且福莱 特玻璃股价在业绩公布后已上涨12%，估值已趋合理。 美银证券发布研报称，将福莱特（601865）玻璃(06865)评级由"跑输大市"上调至"中性"，因第三季净利 润达3.76亿元人民币，胜预期，主要受惠于16.8%的毛利率，远胜该行8至9%的预测。该行将福莱特玻 璃2026财年盈利预测上调55%，并将目标价由7港元升至12.8港元，该估值基于2026财年预测市盈率15.5 倍，原为13.5倍，与五年平均水平相符。 ...

Core Viewpoint - Bank of America Securities reports that Fuyao Glass achieved a net profit of 376 million yuan in Q3, exceeding expectations, primarily due to a gross margin of 16.8%, significantly higher than the forecast of 8-9% [1] Financial Performance - Fuyao Glass's gross margin of 16.8% is seen as a new long-term bottom for the company, compared to the previous two quarters' margins of 16-17% [1] - The company has a notable profit advantage over smaller or domestically focused competitors [1] Market Concerns - There are concerns regarding weak solar demand and ongoing oversupply in the market [1] Stock Performance and Valuation - Following the earnings announcement, Fuyao Glass's stock price increased by 12%, leading to a reasonable valuation [1] - The earnings forecast for Fuyao Glass for the fiscal year 2026 has been raised by 55%, with the target price adjusted from 7 HKD to 12.8 HKD, based on a projected price-to-earnings ratio of 15.5 times for fiscal year 2026, which aligns with the five-year average [1] - The rating has been upgraded from "underperform" to "neutral" [1]

申万宏源发布研报称，多晶硅为反内卷的核心抓手，联合平台的成立有助于多晶硅供给侧改革的加速推进。反内卷持 续推进，行业价格和盈利修复明显。2025年三季度，多晶硅行业在"不低于成本销售"的价格法规要求下开始提涨，逐 步恢复至综合成本线之上。 编辑/jayden | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ◆ | 成交额 | | | --- | --- | --- | --- | --- | --- | --- | | 01799 | 新特能源 | 8.560 | +0.670 | +8.49% | 2369.89万 | 122.41亿 | | 03800 | 协鑫科技 | 1.390 | +0.070 | +5.30% | 5.3亿 | 424.09亿 | | 00451 | 协鑫新能源 | 0.710 | +0.030 | +4.41% | 54.94万 | 11.04亿 | | 00757 | 阳光能源 | 0.102 | +0.004 | +4.08% | 1.64万 | 3.39亿 | | 00968 | 信义光能 | 3.760 | +0.100 | +2.73% | 1.01亿 | 34 ...

Core Viewpoint - The solar energy stocks have collectively risen, driven by positive developments in the industry, particularly the establishment of a joint storage capacity among leading companies in the domestic photovoltaic sector [1] Group 1: Stock Performance - New Special Energy (01799) increased by 8.75%, reaching HKD 8.58 [1] - GCL-Poly Energy (03800) rose by 6.06%, reaching HKD 1.39 [1] - Xinyi Solar (00968) saw a 3.83% increase, reaching HKD 3.8 [1] - Flat Glass Group (601865) gained 2.39%, reaching HKD 12.44 [1] Group 2: Industry Developments - GCL-Poly Chairman Zhu Gongshan announced that 17 leading companies have signed agreements regarding joint storage capacity during a recent interview [1] - The establishment of a joint platform is expected to accelerate supply-side reforms in the polysilicon sector, as noted in a report by Shenwan Hongyuan [1] - The ongoing efforts to combat "involution" are leading to noticeable recovery in industry prices and profitability [1] Group 3: Future Outlook - By the third quarter of 2025, the polysilicon industry is anticipated to begin price increases under regulations requiring sales at "not lower than cost," gradually recovering above the comprehensive cost line [1]

Group 1 - Hong Kong solar stocks experienced a significant rise, with New Special Energy leading the increase by over 8%, followed by GCL-Poly Energy with over 6% and Sunshine Energy, GCL New Energy with over 4% [1] - Sunshine Power's Q3 earnings exceeded expectations, reporting a net profit of 4.147 billion yuan, a year-on-year increase of 57.04% [1] - Ganfeng Lithium turned a profit in the first three quarters compared to the previous year, while TCL Zhonghuan reported a significant reduction in losses both year-on-year and quarter-on-quarter [1] Group 2 - The "14th Five-Year Plan" emphasizes the development of new energy storage and the establishment of market and pricing mechanisms suitable for the new energy system, which supports not only solar installations but also addresses the issue of renewable energy consumption [1] - The plan highlights the need for coal power transformation, development of pumped storage and new energy storage, and acceleration of smart grid construction, benefiting related industries such as energy storage and grid equipment [1] - Chinese manufacturers have a significant cost advantage in overseas markets due to the scale of energy storage cell and battery system production, allowing them to win large projects at lower Levelized Cost of Energy (LCOE) [1] Group 3 - According to the CESA Energy Storage Application Association database, the total scale of new overseas orders/cooperation for Chinese energy storage from January to September 2025 reached 214.7 GWh, a year-on-year increase of 131.75% [1]

Group 1 - The solar stocks experienced a collective rise, indicating positive market sentiment in the sector [2] - New Energy (01799.HK) saw an increase of 8.75%, reaching HKD 8.58 [2] - GCL-Poly Energy (03800.HK) rose by 6.06%, trading at HKD 1.39 [2] - Xinyi Solar (00968.HK) increased by 3.83%, with a price of HKD 3.8 [2] - Flat Glass Group (06865.HK) gained 2.39%, priced at HKD 12.44 [2]