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美銀美林:升信義光能(0968.HK)目標價至5.85港元 料太陽能玻璃毛利率提高
格隆匯 09-27 15:42

美銀美林發表研究報告,指信義光能(00968.HK)及市場數據顯示,9月份太陽能玻璃的平均售價回升至每平方米27.5至28元人民幣(下同),主要是由於強勁的需求所致,目前的均價意味毛利率達30%至31%。

由於本地及海外需求強勁,公司認為均價或不會在第四季回落。該行預期,公司2019財年的太陽能玻璃平均售價有望按年上升12%至每平方米26元,毛利率達30%。當自家的矽礦開始營運後,2020年及2021年的均價則料分別回落至每平方米24元及24.5元。

考慮到太陽能玻璃毛利率料2020財年起提高,以及銷售均價上升,該行將公司2019的每股盈利預測下調0.1%,2020至2021年的每股盈測則分別上調6.5%及10.3%。目標價由原來的5.3港元上調至5.85港元,重申“買入”投資評級。

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