福斯特-上调目标价，受益于光伏胶膜涨价及单位盈利扩张潜力，重申买入

25 March 2026 | 4:21PM CST Equity Research Hangzhou First Applied Material (603806.SS) Raise TP on solar film price hike and unit profitability expansion potential, reiterate Buy We raise HZ first's TP by 12% to Rmb21 as we incorporate higher solar film prices and improving unit profitability on the back of our commodity team's latest Brent Oil forecasts and the positive correlation between solar film and oil prices. We reiterate Buy. HZ First is a leading solar film player and is exposed to energy prices t ...