野村下调福耀玻璃(3606.HK)目标价至22.1港元维持“减持”评级
野村发表报告指,虽然今年上半年中国汽车生产录得16%的下跌,但相信福耀玻璃(03606.HK)在同期仍可有2%至4%的收入增长,主因集团的海外销售有15%增长,中和了国内收入下跌8%的影响。

该行表示,集团产品组合改善,使汽车玻璃平均售价有1%至2%的增长,但此并不足以完全缓和浮法玻璃去库存的毛利率风险。同时集团与德国企业SAM汽车集团的整合亦会有毛利率稀释。
野村认为,有关风险将导致福耀玻璃上半年的纯利下降约15%,表现跑输其主要同业敏实集团(00425.HK)的估计下跌10%。因此,该行将福耀玻璃今明两年收入分别下调5%,盈利预测亦分别下调19%及23%,毛利率预测由40%降至38.3%。此外,股份目标价由22.6港元下调至22.1港元,评级维持“减持”。
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