《大行報告》美銀證券上調福萊特玻璃(06865.HK)目標價至52元 評級「買入」
美銀證券發表的研究報告指,8月份信義光能(00968.HK)及福萊特玻璃(06865.HK)平均銷售單價按月持平在每平方米22元人民幣水平,以現時平均銷售單價來看,該行估計毛利率將稍低於30%,而上半年毛利率則為50%。假設下半年毛利率於26-29%水平,估計全年計毛利率亦將逾32%,該行保守估計今年毛利率為30%,以反映下半年原材料成本有機會進一步上升,2022年則預期毛利率為26.5%。
該行認為高毛利的大型產品及2mm太陽能玻璃銷售增加,可抵銷毛利率下跌的部分影響,而2mm太陽能玻璃銷售增長每提升10個百分點,則可拉動毛利率40個基點。美銀證券認為,以現時太陽能玻璃平均銷售單價來看,三線供應商正處於收支僅僅平衡或虧損狀態,所以有機會推遲建造或啟用新太陽能玻璃生產線,而到7月尾有16%今年規劃的新增產能已被推遲,相信福萊特玻璃將繼續在融資、成本及生產技術方面維持領先地位。
該行將福萊特玻璃H股目標價則由50港元升至52港元,重申予其H股及A股「買入」評級,相信公司可透過使用低成本融資擴充產能,並搶佔市場份額,同時太陽能玻璃的平均銷售單價、毛利率及生產技術等因素應可限制高成本、低效益的生產商擴產。(el/k) ~
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