《大行报告》大和下调福莱特玻璃(06865.HK)目标价至25元 评级「买入」
大和发表研究报告指,太阳能光伏玻璃近期价格走弱,3月份累跌30%至每平方米28元人民币,预期会持续下跌,在供应及库存增加下,估计未来仍有12%至15%下跌空间。
该行指,福莱特玻璃(06865.HK)增产速度较同业快,有助抵消部分平均售价下跌所带来的影响,市场调查发现福莱特计划将3.2mm玻璃价格再下降约12%至15%至约22至23元人民币,而信义光能(00968.HK)确定会跟随减价。
考虑到多晶矽成本上升导致目前生产利用率下降,大和认为降价可能有助於刺激组件需求,支持全年整体太阳能玻璃的安装量,预测福莱特玻璃全年整体平均售价将由31元人民币降至26元人民币,毛利率跌至35%,相应将今明两年盈利预测降低13%至14%,目标价下调至25元(原本29元),重申「买入」评级。
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