《大行报告》美银证券下调信义光能(00968.HK)目标价至20元 评级「中性」
美银证券发表研究报告指,信义光能(00968.HK)、福莱特玻璃(06865.HK)、福耀玻璃(03606.HK)等均计划扩张太阳能玻璃产量,该行料信义光能到2022年或之前产能将增至每日30,000吨,不过部分视乎审批、平均销售单价及融资等规模或有机会缩减,估计全球太阳能玻璃在2021年将现15%的短缺,除非环球需求远高於该行预测,否则2022年将会有9.3%的供过於求,并将降低太阳能玻璃的毛利率,将公司目标价由22.1元降至20元,重申评级「中性」。
该行指出信义光能、福莱特玻璃等确认,3月1日3.2mm太阳能玻璃的平均销售单价由每平方米42元降至40元人民币,信义光能指引2021年太阳能玻璃产能增长快过该行预测,故将其2021财年销量预测及毛利率预测上调,同时将公司2021年每股盈测升45%,不过公司指引太阳能玻璃平均销售单价将跌约30%。现时该行估计到2022年全球太阳能玻璃将供过於求,届时平均销售单价有机会降至每平方米24元人民币,毛利率则有机会由49%降至30%。(el/k) ~
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