《大行報告》高盛上調福耀玻璃(03606.HK)目標價至24.6元 評級「沽售」
高盛發表報告指,福耀玻璃(03606.HK)去年第四季業績遜預期,收入為77億元人民幣,按年增長19%,符合市場及該行預期;而盈利亦按年增長32%至8.55億元人民幣,但較市場及該行預期分別低6%及25%。
該行提到,福耀的產品毛利率由2016年至2018年的43%,逐漸下降至2020年至2022年的 37%/36%/34%,認為其毛利率未來上行空間有限,主因電動車降價帶來價格壓力,加上投入成本持續高企,及毛利被海外項目和高附加值汽車玻璃產品攤薄。
高盛上調福耀玻璃股份目標價,由22.6元升至24.6元,評級「沽售」,並上調集團今明兩年盈利預測,由32億元及36億元人民幣,升至38億元及40億元人民幣,反映高附加值產品比例較高。
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