《大行報告》瑞銀下調信義光能(00968.HK)目標價至20元 評級「買入」
瑞銀發表研究報告指出,信義光能(00968.HK)上半年純利19.05億元,按年跌38%,與早前發盈警的預期一致,主要由於成本上升及定價壓力。同時,公司宣布計劃發行A股上市,惟程序複雜關係因此未能確定發行時間及規模。管理層預期發行A股可為太陽能玻璃、太陽能發電場及多晶硅的未來發展提供資金。
該行將信義光能2022至2024財年的每股盈利預測分別下調11%、3%及3%,以反映成本上升壓力下毛利下跌,目標價由21.6元降至20元,維持「買入」評級。另預期在行業產能過剩的情況下,公司下半年毛利仍將受壓,但長期而言則有望改善,因料2023年多晶硅價格回落,而太陽能需求回升。
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