《大行報告》匯豐研究下調將福萊特玻璃(06865.HK)目標價至45元 評級「買入」
匯豐研究發表報告指,雖然原材料成本上升及產品平均單價(ASP)較低,但新增產能仍支持福萊特玻璃(06865.HK)業績表現穩健,首三季盈利按年增長112%。撇除一次性項目後,料經常性利潤按年增長96%;意味第三季盈利按年增長31%。
該行表示,福萊特玻璃在成本控制上有領先地位,加上產能擴張帶來強勁盈利增長前景,預期ASP已見底,因此福萊特仍是光伏玻璃行業的首選,估值具吸引力,維持「買入」評級。
管理層表示,由於電力限制不確定性,原計劃於年底新增的嘉興生產線將推遲至2022年投產,但維持2022至2023年產能擴張計劃,因此該行將2021年底的產能預測下調至每天12,200噸,2022年底產能預測則保持在每天20,600噸不變,相應將2021至2023年盈利預測下調0%至7%,目標價由46元下調至45元。
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