《大行報告》匯豐研究下調福萊特玻璃(06865.HK)目標價至41元 評級「買入」
匯豐研究發表研報指,由於大宗商品短缺導致天然氣成本高企,以及3.2毫米產品平均售價自高位回落,福萊特玻璃(06865.HK)首季盈利按年跌48%,表現遜預期,但相信市場已預計到,而且料爲暫時性影響。
該行指出,福萊特的出貨量仍然維持高水平,按年增長160%,按季比較亦升65%,反映出需求強勁。管理層解釋,公司生產並未受到疫情相關封城措施所影響,但物流成本有所上升,加上天然氣成本短期內料維持高位,利潤率將面對挑戰。
匯豐研究將2022至2024年的盈利預測下調6%,並將光伏玻璃的毛利率預測下調至26.5%(原本27.4%),但隨着太陽能需求的增長,預期產品平均售價可持續提升,維持對其「買入」評級,認爲負面因素屬暫時性,未來幾個季度可能會迎來複蘇,目標價由45元下調至41元。
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