《大行報告》匯豐研究降信義能源(03868.HK)評級至「持有」 下調信義光能(00968.HK)目標價至8.8元
匯豐研究發表研究報告指出,信義光能(00968.HK)上半年純利按年跌27%至13.92億元,主要由於天然氣供應成本高企,導致太陽能玻璃製造的毛利率遜預期;人民幣貶值;借貸成本上升。雖然盈利收縮,但由於今年有效產能仍能維持於按年增長46%的指導水平,相信有望實現持續復甦。
該行對整個太陽能玻璃行業持建設性態度,認為投入成本降低導致毛利率擴張,而年初至今的產品均價保持良好。然而,信義光能計劃進軍多晶矽領域,預計將於2023年底投產,可能會帶來不確定性。由於供應激增,多晶矽價格可能會在今明兩年降至市場邊際成本水平。該行維持對信義光能「持有」評級,目標價由9.5元降至8.8元。
信義能源(03868.HK)方面,該行指公司上半年純利按年跌9%,原因是上網發電量按年增加26%,被人民幣貶值和借貸成本所抵銷。然而,公司股息策略改為簡單支付純利的49%,而不是超過可分配收入的90%,公司指是為了潛在的太陽能收購預留資金。鑑於股息分配缺乏可見性,該行將其評級由「買入」下調至「持有」,目標價由3.1元降至2.6元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.