2026年上半年盈利好于预期；短期压力仍存

PDF 第一页内容摘录（原文）

Not for redistribution without written consent of Morgan Stanley

M

Update

July 31, 2026 03:18 PM GMT

Xinyi Glass Holding Limited | Asia Pacific

Morgan Stanley Asia Limited+

Hannah Yang, CFA

Equity Analyst

1H26 earnings better than we

expected; pressures remain in

near term

Rachel L Zhang

Equity Analyst

Chris Jiang

Equity Analyst

Cynthia Tang

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Xinyi Glass Holding Limited (0868.HK, 868 HK)

Key Takeaways

GP contribution from the float glass segment was down 11% YoY, to Rmb853mn,

reflecting muted demand from the property market and lower glass prices.

Earnings contribution from the auto glass segment was resilient. Auto glass now

contributes ~63% of total gross profit for Xinyi.

The board declared an interim dividend of HK$0.15/share, implying a dividend

payout of 48.6%.

Greater China Materials | China

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Jul 31, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Fiscal Year Ending

Net profit rose 17% YoY in 1H26, to Rmb1.2bn, better than we expected: The

better earnings were helped mainly by resilient earnings from the auto glass

business, despite weak profit contribution from float and construction glass. GPM

narrowed to 30% in 1H26 vs. 32% in 1H25. SG&A was down 10% YoY thanks to

lower transportation costs and import tariff in US. The balance sheet remains solid,

with net gearing down to 5% in 1H26 vs. 15% in 1H25. Financing costs fell 44% YoY

with lower debt level.

Float glass prices remain under pressure in the near term: Hampered by weak

demand and loss-making, glass producers have started to carry out maintenance

recently, lowering market supply. Overall industry operating capacity declined to

Underweight

Attractive

HK$7.50

(20)

HK$9.32

HK$12.35-7.72

4,380

Rmb35,161.3

Rmb24,518.8

HK$111

12/25 12/26e 12/27e 12/28e

EPS (Rmb)**

0.62

0.58

0.60

0.64

EPS (Rmb)§

0.58

0.65

0.71

0.73

…