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《大行報告》瑞銀下調福萊特玻璃(06865.HK)目標價至40元 評級「買入」
瑞銀髮表研報指,福萊特玻璃(06865.HK)首九個月純利按年下跌12.4%至15億元人民幣,達到全年純利預測的約56.5%,其中第三季純利按年升10%,按季比較則下跌11.4%,相信表現疲弱主要是由於第三季玻璃價格下跌及利潤空間收窄所致。 該行指,集團第三季綜合毛利率按年下跌10.7個百分點至21%,當中光伏玻璃毛利率按季下跌1個百分點,管理層預期冬季供暖季節潛在成本增加可轉嫁,光伏玻璃價格下月將稍爲回升。 瑞銀將2022至2024年每股盈利預測下調17%、12%及12%,以反映光伏玻璃利潤率下降,目標價由42元降至40元。雖然光伏玻璃行業產能過剩問題持續存在,但該行預計福萊特玻璃現時股價在看跌情況下出現過度回調,維持「買入」評級。
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