《大行報告》瑞銀上調福萊特玻璃(06865.HK)目標價至49.2元 評級「買入」
瑞銀髮表研究報告指,福萊特玻璃(06865.HK)2021年淨利潤按年增長30.2%,略低於市場預期,主要由於去年第四季原材料成本上漲及太陽能玻璃價格下跌,令第四季淨利潤按年跌50.7%。
福萊特玻璃目標今年底產能擴大至每日2.06萬噸,2023年增至2.54萬噸,但由於內地排放控制政策嚴格,管理層預計新生產線獲得政府批準的難度加大,可能導致供應低於預期,何時開始建設仍言之過早。 管理層並預計今年首季太陽能玻璃毛利率將繼續承壓,因爲混合成本可能會因天然氣、石油及純礆的成本大幅上漲而按季上升,公司將通過自有的矽砂礦、與中石油建設新輸電管道及增加純礆供應來源等方式儘量減少成本。
瑞銀將集團2022年每股盈利預測下調5%,以反映成本和利潤率壓力上升,並將2023至2024年每股盈利預測上調2%,預期2023年起供需略有改善,目標價由43元上調至49.2元,維持「買入」評級。
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