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《大行報告》花旗下調信義玻璃(00868.HK)目標價至33.8元 維持「買入」評級
花旗發表研究報告指,信義玻璃(00868.HK)2021年業績表現強勁,收入按年增長64%,淨利潤增長80%,意味下半年收入及盈利分別按年增長47%及23%,業績向好主要由於期內建築業強勁需求,浮法玻璃平均售價及銷量顯著增加,以及信義光能(00968.HK)與信義能源(03868.HK)利潤貢獻增加所致。 該行指出,去年下半年浮法玻璃業務收入按年增長58%,毛利提升78%,毛利率擴大5.9個百分點至52.5%,維持穩定水平。而期內建築玻璃業務收入則增長36%,毛利增長53%,毛利率提升至48%。 花旗表示,考慮到近期內地房地產市場發展,認為浮法玻璃平均售價前景疲軟,相應將2022至2024年淨利潤預測下調6%,維持「買入」評級,目標價從41.3元下調至33.8元。
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