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《大行報告》大和下調福萊特玻璃(06865.HK)目標價至47元 評級「買入」
阿思達克 10-22 10:15
大和發表研究報告指,福萊特玻璃(06865.HK)首三季每股盈利按年增長90%至0.8元人民幣,第三季純利按年升30%符預期,但第三季毛利率按年跌11個百分點至32%,主要由於期內純鹼及天然氣成本上升,導致生產成本增加。 報告稱,第四季供需情況或較弱,管理層計劃將嘉興新生產線投產時間從2021年底推遲到2022年。目前其總產能為每日12,200噸。 該行認為,安徽新熔爐產能料在第四季開始貢獻銷量,惟第四季毛利率料仍繼續受壓,玻璃價格上漲可能無法完全抵銷成本上升,末季毛利率或進一步壓縮至約30%,相應將第四季淨利潤預測調整至按季下跌4%至4.37億元人民幣。 大和將福萊特玻璃今年淨利潤預測下調3%,以反映第四季毛利率或低於預期,目標價由50元下調至47元,重申「買入」評級。
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