信义光能（00968）：2025H1环比扭亏，关注光伏玻璃“反内卷”

Investment Rating - The investment rating for the company is "Buy" [7][17]. Core Views - The photovoltaic industry is a key area for the national "anti-involution" policy, with many photovoltaic glass companies currently in a loss-making state. The urgency for "anti-involution" is highlighted, and attention is drawn to the implementation of industry self-discipline and administrative guidance measures [5][17]. - The company continues to strengthen its competitive advantages in cost and is expanding its overseas production capacity, which is expected to contribute to performance growth. The revenue forecasts for 2025-2027 are projected to be 23 billion, 25.9 billion, and 28.9 billion yuan, respectively, with year-on-year growth rates of +5%, +13%, and +11%. The expected net profit attributable to the parent company for the same period is projected to be 2.4 billion, 2.8 billion, and 3.2 billion yuan, with year-on-year growth rates of +133%, +17%, and +15% [5][17]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue was 10.9 billion yuan, a year-on-year decrease of 7% but a quarter-on-quarter increase of 7%. The net profit attributable to the parent company was 700 million yuan, a year-on-year decrease of 59% but a quarter-on-quarter turnaround to profit [13]. - The photovoltaic glass revenue was 9.5 billion yuan, a year-on-year decrease of 7% but a quarter-on-quarter increase of 10%. The gross margin was 11.4%, down 10.1 percentage points year-on-year but up 15.8 percentage points quarter-on-quarter [14]. Production Capacity - As of the end of the first half of 2025, the company's total production capacity and operating capacity remained stable at 30,200 and 23,200 tons per day, respectively. There are no plans for new production line startups in the second half of 2025 [15]. Market Trends - The photovoltaic glass market is experiencing a significant improvement in demand, driven by a surge in new installations. The average market price for 2.0mm photovoltaic coated glass was 12.9 yuan, down 4 yuan year-on-year but up 0.4 yuan quarter-on-quarter [14]. Future Outlook - The company is expected to focus on project reserve development and preparation in the second half of 2025, with limited new grid-connected capacity anticipated [16].