信义玻璃（0868.HK）：2026年上半年超预期，但2026年下半年利润率面临压力；维持中性

PDF 第一页内容摘录（原文）

Vi ewp oint |

31 Jul 2026 10:06:09 ET │ 12 pages

Xinyi Glass (0868.HK)

1H26 Beat but Margin Headwinds to Build in 2H26; Maintain Neutral

CITI'S TAKE

Xinyi Glass posted 1H26 results with revenue/GPM/NP all beating VA

consensus – revenue of Rmb9,521mn (-3% YoY/-14% HoH, +2% vs. VA

consensus), GPM of 30.1% (-1.5ppt YoY/-0.6ppt HoH, +1.2ppt vs. VA

consensus), and net profit of Rmb1,184mn (+17% YoY/-31% HoH, +18% vs.

VA consensus). We attribute the solid 1H26 GPM performance to (a) limited

China pipeline gas cost hike (single digit % YoY) in 1H26, (b) well controlled

soda ash cost, and (c) chemical ingredients costs also under control. The

company also achieved decent operating expense control with 1H26 SG&A

expenses -1.3ppt YoY (+1.8ppt HoH) to 16.7% of revenue. We slightly cut

2027/28E NP forecasts by -2% to reflect margin pressures from 2H26

(2026E NP forecasts +1% upon lower Opex). Lower TP from HK$11.7 to

HK$10.3. Maintain Neutral.

Segmental performance — By segment, 1H26 float glass revenue -5% YoY/ -17%

HoH to Rmb5,102mn and gross profit -11% YoY/ -23% HoH to Rmb853mn (gross

margin -1.1ppt YoY/-1.4ppt HoH to 16.7%). Auto glass revenue +4% YoY/ -2% HoH to

Rmb3,453mn and gross profit +0% YoY/ -5% HoH to Rmb1,816mn (gross margin 1.9ppt YoY/-1.2ppt HoH to 52.6%). Xinyi is more on replacement auto glass market,

so less hit from new car sales decline in 1H26. Architectural glass revenue -13% YoY/

-28% HoH to Rmb967mn and gross profit -41% YoY/-47% HoH to Rmb195mn (gross

margin -9.6ppt YoY/-7.2ppt HoH to 20.1%). 1H26 China revenue contribution

declined to 61.5%, down from 1H25’s 63.1% and 2H25’s 64.6%.

n

Neutral

Price (31 Jul 26 16:10)

HK$9.32

Target price

HK$10.30↓

from HK$11.70

Expected share price return

10.5%

Expected dividend yield

3.9%

Expected total return

14.4%

Market Cap

HK$41,264M

US$5,261M

Price Performance

(RIC: 0868.HK, BB: 868 HK)

2H26 margin outlook — While cost inflation posed limited impact in 1H26, we

expect the pressure to filter through more meaningfully in 2H26, considering

depleted raw material inventory and further NG cost hike in Malaysia due to

monopoly supply.

Southeast Asia market performance — Southeast Asia market performance was on

…