| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/4/22 | 2025/4/28 | | 2025/4/29 周度变化 日度变化 | | | 2025/4/22 | 2025/4/28 | | 2025/4/29 周度变化 日度变化 | | | 沙河重碱 | 1290.0 | 1340.0 | 1350.0 | 60.0 | 10.0 | SA05合 约 | 1274.0 | 1319.0 | 1329.0 | 55.0 | 10.0 | | 华中重碱 | 1290.0 | 1340.0 | 1350.0 | 60.0 | 10.0 | SA01合约 | 1335.0 | 1368.0 | 1387.0 | 52.0 | 19.0 | | 华南重碱 | 1570.0 | 1570.0 | 1570.0 | 0.0 | 0.0 | SA09合约 | 1315.0 | 1364.0 | 1376.0 | 61.0 | 12.0 | | 青 ...

浮法玻璃在产日熔量为15.78万吨，环比-0.44%万吨。浮法玻璃周产量110.58吨，环比-0.32%，同 比-9.32%。浮法玻璃开工率为75.85%，环比+0.19%，产能利用率为78.78%，环比-0.25%。 据悉，湖北三峡新型建材股份有限公司三线设计产能600吨原产白玻改产殴灰于4月20日正色。株洲醴陵 旗滨玻璃有限公司四线600吨4月25日放水。 4月30日，国内期市能化板块涨幅居前。其中，玻璃期货主力合约开盘报1106.00元/吨，今日盘中低位震 荡运行；截至午间收盘，玻璃主力最高触及1111.00元，下方探低1079.00元，跌幅达2.69%。 4月29日，郑商所玻璃期货仓单2441张，环比上个交易日持平。 后市来看，玻璃期货行情将如何运行，相关机构观点汇总如下： 金信期货指出，当下日融处于较低位置，现货产销虽有所好转，但厂库仍在高位，下游深加工订单补库 动力不强，需求持续放量仍待地产刺激效果显现或重大政策出台。技术面上，今日再创新低，短期震荡 偏空思路不变，临近假期做好风险控制。 中信建投（601066）期货表示，短期玻璃供应高于需求，供应端对价格影响偏空。近期玻璃下游需求环 比略降，投机 ...

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0500 | 0.0100 | 400 | -0.0700 | | 每股净资产（元） | 3.74 | 3.62 | 3.31 | 3.67 | | 每股公积金(元) | 1.3 | 1.3 | 0 | 1.3 | | 每股未分配利润(元) | 0.92 | 0.80 | 15 | 0.86 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12.62 | 13.34 | -5.4 | 10.41 | | 净利润(亿元) | 0.43 | 0.12 | 258.33 | -0.66 | | 净资产收益率(%) | 1.23 | 0.36 | 241.67 | -1.91 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 本次公司不分配不转赠。 前十大流通股东累计持有： 56727.66万股 ...

丨证券研究报告丨 公司研究丨点评报告丨南玻 A（000012.SZ） [Table_Title] 光伏玻璃放量，期待景气改善 报告要点 [Table_Summary] 公司 2024 年公司实现收入 154.55 亿，同降 15.1%；实现归属净利润 2.67 亿，同降 83.9%； 实现扣非归母净利润 1.21 亿，同降 92.1%。 2025Q1 实现收入 30.69 亿，同降 22.3%；实现归属净利润 0.16 亿，同比下滑 95.1%；实现扣 非归母净利润亏损 0.15 亿，同降 105.1%。 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 南玻 A（000012.SZ） cjzqdt11111 [Table_Title2] 光伏玻璃放量，期待景气改善 [Table_Summary2] 事件描述 公司 2024 年公司实现收入 154.55 亿，同降 15.1%；实现归属净利润 2.67 亿，同降 ...

耀皮玻璃：2025年第一季度净利润4266.45万元，同比增长251.98% 金十数据4月29日讯，耀皮玻璃公告，2025年第一季度营收为12.62亿元，同比下降5.40%；净利润为 4266.45万元，同比增长251.98%。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 17.72 RMB [8][9]. Core Views - The company reported a revenue of 289 million RMB and a net profit attributable to shareholders of -13 million RMB for 2024, reflecting a year-on-year decline of 20.3% and 2.1 million RMB respectively, which aligns with the midpoint of the earnings forecast [1]. - In Q1 2025, the company achieved a revenue of 56 million RMB and a net profit of 0.5 million RMB, showing a year-on-year decline of 36.8% and 58.3% respectively, although the gross margin improved compared to the previous quarter [1]. - The company is focusing on overseas capacity expansion, particularly in the photovoltaic glass sector, with a planned investment of 240 million USD in a production line in the UAE, which is expected to enhance its international competitiveness [4]. - The company has a differentiated competitive advantage in ultra-thin glass products, with sales of 1.6mm ultra-thin photovoltaic glass accounting for over 50% of its total sales in 2024 [4]. Summary by Sections Financial Performance - The company’s revenue from solar glass, solar modules, electricity sales, and electronic glass products for 2024 was 262 million RMB, 4 million RMB, 5 million RMB, and 16 million RMB respectively, with year-on-year changes of -20.2%, -76.8%, -6.1%, and +68.7% [2]. - The overall gross margin for the company improved from 2.3% in Q4 2024 to 7.2% in Q1 2025, with expectations for continued improvement in Q2 as photovoltaic glass prices stabilize [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 7.2%, an increase of 1.7 percentage points year-on-year, driven by a decline in revenue [3]. - Operating cash flow improved significantly, reaching 340 million RMB in 2024, a year-on-year increase of 187.7%, primarily due to reduced cash payments for goods and services [3]. Profitability Forecast - The company’s EPS is projected to be 0.18 RMB, 0.80 RMB, and 0.90 RMB for 2025-2027, with upward adjustments of 18% and 9% for 2025 and 2026 respectively [5]. - The target price of 17.72 RMB corresponds to a PB ratio of 1.2x for 2025, reflecting the unique characteristics and first-mover advantages of the ultra-thin glass segment [5]. Market Position - The company is leveraging its early technology experience in TCO glass and mature electronic display panel technology to develop ITO conductive glass, which meets the market demand for high-strength, low-thickness cover glass for large-size perovskite products [4].

Core Viewpoint - The company reported a decline in revenue and net profit for FY 2024, with a significant drop in net profit year-over-year, while Q1 2025 showed a slight recovery in net profit despite a decrease in revenue [1][5]. Financial Performance - FY 2024 revenue was 15.65 billion yuan, with a net profit of 380 million yuan, reflecting a year-over-year decline of 0.21% and 78% respectively [1]. - Q1 2025 revenue was 3.48 billion yuan, with a net profit of 470 million yuan, showing a year-over-year decrease of 9.7% but a 6.4% increase in net profit [1]. - The company made impairment provisions of 298.62 million yuan, impacting net profit by 244.67 million yuan after tax [1]. Business Segments - Float glass and energy-saving glass revenue for FY 2024 was 6.86 billion yuan and 2.43 billion yuan, down 24% and 13% year-over-year respectively [2]. - The average selling price for float glass was 640 yuan per heavy box, down 19% year-over-year, while energy-saving glass saw a price increase of 9% to 776 yuan per square meter [2]. - Solar glass revenue increased by 69% to 5.75 billion yuan, with sales of 45.741 million square meters, benefiting from an increase in production capacity [2]. Profitability - The overall gross margin for FY 2024 was 15.5%, a decline of 9.5 percentage points year-over-year, primarily due to falling prices [3]. - Q1 2025 gross margin was 12%, down 14 percentage points year-over-year but up 6.5 percentage points quarter-over-quarter [3]. Capacity Expansion - As of the end of FY 2024, the company operated 24 float glass production lines with a daily capacity of 16,600 tons, 9 solar glass production lines with a capacity of 10,600 tons, and several other specialized production lines [4]. - The company has over 200 million tons of available silica sand resources, indicating strong scale and raw material advantages [4]. Long-term Outlook - The company is viewed positively for its long-term growth potential, maintaining a "buy" rating despite lowering profit forecasts for 2025-2027 [5]. - Projected net profits for 2025, 2026, and 2027 are 750 million yuan, 820 million yuan, and 1.53 billion yuan respectively, revised down from previous estimates [5].

基于浮法、光伏玻璃供给过剩矛盾尚未充分化解，我们预计公司2025-2027 年归母净利润为6.0/7.6/11.3 亿元（2025、2026 年预测前值为6.5/11.2亿元），对应市盈率25/20/13 倍，维持"增持"评级。 投资要点 风险提示：地产竣工下行超预期、光伏玻璃竞争格局恶化、新业务开拓不及预期的风险。 公司披露2024 年年报和2025 年一季报，2024 年实现营业收入156.49亿元，同比-0.2%，实现归母净利 润/扣非后归母净利润3.83/2.89 亿元，同比-78.1%/-82.6%。2025Q1 实现营业收入34.84 亿元，同 比-9.7%，实现归母净利润/扣非后归母净利润4.70/-0.03 亿元，同比+6.4%/-100.7%。 浮法玻璃、光伏玻璃盈利持续承压，2025Q1 毛利率有所改善。（1）浮法玻璃：我们测算公司2024 年 浮法原片销量同比-6%，对应单箱毛利13.4 元，同比-8.3 元，主要因地产竣工端需求下滑加剧行业供需 矛盾，2024 年年内浮法玻璃下跌至底部后低位震荡。（2）光伏玻璃：2024 年销售光伏玻璃加工片4.35 亿平，同比+124%，实现收入57 ...

事件：公司2024 年实现营收156.49 亿元，同比下降0.21%；归母净利润3.83亿元，同比下降78.15%；扣 非归母净利润2.89 亿元，同比下降82.63%。1Q2025营收34.84 亿元，同比下降9.68%；归母净利润4.70 亿元，同比上升6.38%；扣非归母净利润-0.03 亿元，同比下降100.74%。 风险提示：宏观经济下行风险、地产市场超预期下滑、成本超预期上涨。 浮法光伏价格下跌，1Q2025 年盈利下滑。浮法方面，竣工同比下滑14.3%，受此拖累玻璃价格同比下 滑28.02%，公司浮法业务盈利也承压；光伏方面，行业竞争激烈形势依旧，一季度光伏玻璃价格同比 下滑21.18%。浮法与光伏业务盈利的压力下，公司1Q2025 年扣非盈利转负，但一季度公司完成绍兴子 公司土地及相关资产处理，增厚利润5.29 亿元，归母净利润得以转正。 投资建议：我们预测公司2025-2027 年归母净利润为5.77/2.43/4.43 亿元，同比增速 50.86%/-57.94%/82.41%，最新收盘价对应3 年PE 分别25x/59x/32x。 维持"增持"评级。 竣工拖累浮法，行业竞争影响光伏，20 ...

亚玛顿 (002623 CH) 证券研究报告 布局海外产能，关注钙钛矿/超薄玻璃 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 玻璃 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 28.9/-1.3 亿元，同比 -20.3%/-2.1 亿元，24 年业绩符合业绩预告中值（-1.35 亿元）。25Q1 公司 收入/归母净利 5.6/0.05 亿元，同比-36.8%/-58.3%，收入及盈利下滑但毛利 率同环比改善，公司在超薄玻璃等产品上具备差异化优势，维持"增持"。 电子玻璃销量收入及毛利率明显提升，25Q1 毛利率同环比改善 24 年公司太阳能玻璃/太阳能组件/电力销售/电子玻璃及其他玻璃产品实现 收入 26.2/0.4/0.5/1.6 亿元，同比-20.2%/-76.8%/-6.1%/+68.7%，毛利率分 别为 2.8%/-2.0%/28.7%/11.7%，同比-4.2/-5.7/-1.7/+11.4pct，光伏玻璃量 增价减毛利率下滑，特斯拉储能门玻璃产品订单增长带动电子玻璃销量及毛 利率明显提升。2 ...