汇丰环球研究指，信义玻璃该盈警意味去年下半年盈利在4.89亿至10.26亿元之间，为十年来最差的半年。该行预期今年玻璃需求下降，因房屋完成将持续下降趋势，楼市相关政策刺激料只能减慢下降情况。该行维持信义玻璃“持有”评级，目标价由10.7港元降至7.3港元。预期行业盈利能力受压将触发今年首季进一步减产。Xinyi Glass (00868) fell by more than 3%. As of press release, it was down 3.07% to HK$7.26, with a turnover of HK$75.8581 million.
The Zhitong Finance App learned that Xinyi Glass (00868) fell by more than 3%. As of press release, it fell 3.07% to HK$7.26, with a turnover of HK$75.8581 million.
According to the news, Xinyi Glass recently issued a profit warning, and its net profit for the 2024 fiscal year is expected to decrease by 30% to 40% year-on-year. Mainly due to the slump in China's real estate market and the number of new construction projects, demand and market prices for float glass products in China fell sharply; sales losses of the Group's permanently discontinued production facilities in China; and reduced profits due to the company's affiliate Xinyi Solar Holdings Co., Ltd.
According to HSBC Global Research, Xinyi Glass's profit for the second half of last year was between 0.489 billion and 1.026 billion yuan, the worst half year in ten years. The bank expects demand for glass to decline this year. As housing completion will continue to decline, property market-related policy incentives are expected to only slow down the decline. The bank maintained Xinyi Glass's “holding” rating, and the target price was reduced from HK$10.7 to HK$7.3. Pressure on industry profitability is expected to trigger further production cuts in the first quarter of this year.
