信義玻璃 (868 HK) 上半年業績承壓,汽車玻璃成亮點 September 10, 2025 7

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKD9.20

投資概要

2025上半年業績隨浮法玻璃行業承壓

信義玻璃近期發佈了2025年中期業績,2025上半年公司收入錄得98.21億元(人民幣,下同),同比減少9.7%,環比減少14%;歸母淨利潤10.1億元,同比減少59.6%,每股基本盈利為23.25分,每股中期股息為12.5港仙,派息比例49.3%,去年同期派息比例為47.9%。 業績下降的主要原因在於:1)行業需求不足導致浮法玻璃產品的平均售價持續下跌,及建築玻璃產品毛利減少,毛利受損;2)停產帶來的一次性減值損失以及去年同期顯著的匯兌收益;3)信義光能貢獻的應占溢利大幅減少;4)政府補助和銷售自動化機器所得收入減少;5)收入下降導致費用攤薄效應弱化,進一步侵蝕了利潤。

浮法玻璃價格低迷,拖累毛利率下降2.6個百分點

2025年上半年整體毛利率為31.6%,較去年同期的34.2%下降2.6個百分點。 由於竣工面積增速不及預期,導致浮法玻璃價格承壓,截至2025年6月末,國內5mm浮法玻璃均價為66元/重箱,同比下滑15.4%,行業整體處於低谷狀態。公司的浮法玻璃面臨較大壓力,盈利能力受累於需求端的疲軟。上半年公司的浮法玻璃收入同比下挫16.4%至53.8億元,分部毛利率同比收窄10.5個百分點至17.8%。公司計劃通過印尼兩條產線的陸續投產,提升浮法玻璃的有效產能,以期在未來實現一定的彈性。

汽車玻璃業務成為上半年業績的重要支撐

得益於新能源汽車市場的快速擴張,以及公司對渠道的持續深耕,汽車玻璃板塊收入達33.2億元,同比增長10.6%,分部毛利率提升同比增加4.9個百分點,至54.5%,主要得益于公司在高附加值產品上的持續投入,提升了產品單價和利潤率。同時,汽車玻璃收入占比由2021年的18%提升至2025年上半年的34%,高毛利的汽車玻璃業務占比提高有助於緩解浮法玻璃業務的盈利下滑壓力。目前汽車玻璃保持85%以上的產能利用率,在全球售後市場占比26%的份額。 上半年公司的建築玻璃業務收入同比下降22.3%,至11.2億元,主要由於中國新竣工的物業項目數量減少。雖然收入下滑,建築玻璃的毛利率則同比上升1.3個百分點至29.7%,主要受益於原料浮法玻璃價格的下降。同時,公司也在加大低輻射等差異化產品的投入,以提升產品附加值,緩解業務下滑壓力。

費用率上升,但財務穩健程度提升

上半年期間費用率為18.5%,同比上升2.9個百分點,主要由於收入下滑導致費用率攤薄效應減弱。同時,公司資產處置/減值損失合計2.2億元,同比增加2.1億元,主要由於海南部分浮法玻璃產線停產。 淨資產負債比率較去年年底下降2個百分點至14.3%,現金及銀行存款增加至20.33億元,較2024年末上升18.9%。截至2025年6月30日,信義玻璃的資產負債率為28.5%,權益乘數為128.5%,優於同期行業內其他主要企業。另外,通過調整貸款結構,貸款利率進一步降至2.74%。總體來看,在行業低谷期,公司財務穩健程度有所提升,有助於在面對市場波動時保持更強的抗風險能力。

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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