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《大行报告》大和降信义光能(00968.HK)评级至「持有」 目标价20.4元
阿思达克 02-23 10:11
大和发表研报指,光伏玻璃目前平均售价已达到最高峰的每平方米43元人民币,随着产能逐步释放,供需动态有所改善,认为今年上半年光伏玻璃平均售价有下降的风险,考虑到信义光能(00968.HK)产能增加速度较同业慢,预期在逐步收紧宏观货币环境下,将可能面临获利回吐风险。

报告指,光伏玻璃因供应紧张,平均售价在过去三个月达到高峰,自2020年7月以来累升79%,但福莱特玻璃(06865.HK)及信义光能的产能自去年第四季起投入运营,已逐渐缓解供应紧张。福莱特宣布在今、明两年目标将产能扩大166%,以抵销潜在的玻璃售价下降风险,相比下信义光能提升产能约73%的计划速度要慢得多。

该行续指,撇除太阳能发电场,信义光能PV玻璃板块估值相当於预测今年市帐率15.6倍,属福莱特的两倍,估值较高。另信义光能2019至2022年股盈年均复合增长料37%,亦低於福莱特玻璃同期的63%增长预测。大和下调2021至2022年PV玻璃销售均价预测,相应将信义光能期内盈测下调1%至3%,维持目标价20.4元,将评级由「跑赢大市」下调至「持有」。

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