《大行報告》瑞信上調信義玻璃(00868.HK)評級至「跑贏大市」目標價維持9.3元
瑞信在上周五(19日)發表研究報告,指過去三個月信義玻璃(00868.HK)股價累跌約10%,上調其投資評級,由「中性」升至「跑贏大市」,目標價維持9.3元。
報告稱,內地汽車需求放緩料對信義玻璃汽車玻璃業務影響有限,主因其專注於汽車售後玻璃置換市場。公司料在汽車玻璃業務可錄盈利按年增長。瑞信表示,售後玻璃置換的毛利率較出售予汽車代工商高出約5個百分點,因為客戶結構更趨分散。
瑞信表示,今年上半年公司浮法玻璃毛利率料約30%,相當於按年收縮約2個百分點;主因首季產能擴張後,內地浮法玻璃價格呈弱勢。報告稱,6月浮法玻璃價格自5月谷底反彈,按月升3.6%。今年下半年,倘房市調控放鬆將改善玻璃需求及價格,將有利於信義玻璃。
在H股汽車配件股中,該行喜好依次為敏實集團(00425.HK)、信義玻璃、耐世特(01316.HK)、福耀玻璃(03606.HK),最後為德昌電機(00179.HK)。
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