《大行報告》大和降信義光能(00968.HK)評級至「持有」 目標價20.4元
大和發表研報指,光伏玻璃目前平均售價已達到最高峰的每平方米43元人民幣,隨著產能逐步釋放,供需動態有所改善,認為今年上半年光伏玻璃平均售價有下降的風險,考慮到信義光能(00968.HK)產能增加速度較同業慢,預期在逐步收緊宏觀貨幣環境下,將可能面臨獲利回吐風險。
報告指,光伏玻璃因供應緊張,平均售價在過去三個月達到高峰,自2020年7月以來累升79%,但福萊特玻璃(06865.HK)及信義光能的產能自去年第四季起投入運營,已逐漸緩解供應緊張。福萊特宣布在今、明兩年目標將產能擴大166%,以抵銷潛在的玻璃售價下降風險,相比下信義光能提升產能約73%的計劃速度要慢得多。
該行續指,撇除太陽能發電場,信義光能PV玻璃板塊估值相當於預測今年市帳率15.6倍,屬福萊特的兩倍,估值較高。另信義光能2019至2022年股盈年均複合增長料37%,亦低於福萊特玻璃同期的63%增長預測。大和下調2021至2022年PV玻璃銷售均價預測,相應將信義光能期內盈測下調1%至3%,維持目標價20.4元,將評級由「跑贏大市」下調至「持有」。
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