《大行報告》野村下調福耀玻璃(03606.HK)目標價至22.1元維持「減持」評級
野村發表報告指,雖然今年上半年中國汽車生產錄得16%的下跌,但相信福耀玻璃(03606.HK)在同期仍可有2%至4%的收入增長,主因集團的海外銷售有15%增長,中和了國內收入下跌8%的影響。
該行表示,集團產品組合改善,使汽車玻璃平均售價有1%至2%的增長,但此並不足以完全緩和浮法玻璃去庫存的毛利率風險。同時集團與德國企業SAM汽車集團的整合亦會有毛利率稀釋。
野村認為,有關風險將導致福耀玻璃上半年的純利下降約15%,表現跑輸其主要同業敏實集團(00425.HK)的估計下跌10%。因此,該行將福耀玻璃今明兩年收入分別下調5%,盈利預測亦分別下調19%及23%,毛利率預測由40%降至38.3%。此外,股份目標價由22.6元下調至22.1元,評級維持「減持」。
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