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大和:升福萊特玻璃(6865.HK)目標價至5.5港元 前景未見明朗
格隆匯 04-22 13:30

大和發表研究報告指,隨着疫情降低海外對玻璃的需求,最近玻璃價格有所下降,料近期福萊特玻璃(6865.HK)毛利率將下跌至約30%,並認為於今年第一季錄得高利潤後,前景未見明朗,將目標價由5港元升至5.5港元,投資評級由“買入”降至“優於大市”。

該行表示,光伏玻璃平均售價已於去年10月達致頂峯,其後價格持續回落,預期今年公司的光伏玻璃平均售價由每平方米26元人民幣下調至每平方米24元人民幣,今年毛利率將下降5.4個百分點至27.5%。

該行認為,隨着越南的出入境管制措施,公司原計劃今年于越南擴展產能至每日2000噸,如今或下調至每日1000噸產能,料今年公司的有效產能較其原計劃跌11%至每日5372噸,又指公司決定不派發2019年末期股息違反其穩定派息政策。

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