花旗：予福莱特玻璃(06865)目标价11港元 评级升至“中性”

Core Viewpoint - Citigroup has upgraded the rating of Fuyao Glass (06865) from "Sell" to "Neutral" with a target price of HKD 11, while maintaining its earnings forecast and target price unchanged due to uncertainty in demand after April 1, 2026 [1] Group 1 - Citigroup expects that the export of photovoltaic components by Fuyao Glass in Q1 2026 may drive short-term demand for solar glass, as China will eliminate the export VAT rebate (currently at 9%) for photovoltaic products starting April 1, 2026 [1] - The anticipated price-to-book ratio of 0.9 times in 2029 remains attractive for investors [1] - Citigroup has initiated a 90-day observation period for potential catalysts related to the company due to the aforementioned reasons [1]