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《大行報告》大和上調福萊特玻璃(06865.HK)目標價至48元 評級「買入」
阿思達克 10-28 10:04
大和發表研究報告,指福萊特玻璃(06865.HK)近日公布收購石英岩礦商三力礦業和大華東方礦業,涉資最多36.5億元人民幣。 該行指出,矽砂是生產汽車玻璃的主要原料,相信收購有助確保公司矽砂的供應,及減少原材料對外採購成本。至今,公司50%的矽砂是由關連公司供應,收購後自家供應比率將再提升。不過,實際自足率仍未確定,因開採時間表、申請情況及已開採石英岩質量尚未確定。 大和稱,收購總現金代價36.5億元人民幣,相當於福萊特玻璃總資產29.8%,及淨資產的50.5%,料主要透過動用現金結餘及借貸支付。截至今年9月底止,集團持有20億元人民幣現金及債務對資產比率36.7%,低於2018至2020年均值46.7%,料有潛在舉債空間。 該行表示,福萊特玻璃第三季純利按年升30%至4.56億元人民幣,符預期,惟毛利率按年跌11個百分點至32%,主因生產成本上升。由於原料成本高企及冬季高峰潛在天然氣成本上漲,料末季毛利率進一步收窄至30%。考慮融資成本潛在上升,下調今年盈測,但上調2022至23年盈測介乎1%至2%,以反映生產成本下降預期,目標價由47元升至48元,評級「買入」。
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