《大行報告》瑞銀下調信義光能(00968.HK)目標價至18.2元 評級「買入」
瑞銀發表報告,指信義光能(00968.HK)去年純利按年跌22%至38.2億元,低於市場普遍預期的44.17億元,認為業績疲弱主要是由於成本上漲導致利潤率收縮,以及下半年銷量遜預期所致。
管理層透露今年有7條新生產線已獲批,新增每日產能7,000噸。該行預期,今年有效產量將按年增長50%以上。今年首季燃氣成本按季基本持平,純鹼價格按季輕微上升。管理層預計天然氣價格將在冬季供暖後回落。
瑞銀將信義光能今明兩年每股盈利預測下調8%及9%,以反映潛在的利潤率壓力,指出太陽能需求復甦及太陽能玻璃庫存下降都可能是行業主要催化劑,將目標價從20元下調至18.2元,並維持「買入」評級。
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