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招银国际信义光能(0968.HK)产能增速看涨需求前景维持“持有”评级
格隆汇 08-16 10:39

招银国际发表研报称,信义光能(0968.HK)在中期业绩发布会上宣布2020年光伏玻璃有效产目标计划同比增长42.1%。资本市场对于信义光能的情绪正变得更加积极,该行对公司的盈利预期维持不变,继续维持“持有”评级。

该行指出,信义光能意图进一步扩大市场份额,解释了公司的有效产能增速远高于市场对于2020年全球新增装机15-20%的增速预期,其积极的产能扩张反映需求前景看涨。在目前光伏玻璃每平方米人民币26-27元人民币价格基础上,公司的毛利率,除福莱特玻璃以外,较其它同业高10个百分点以上,管理层对目前的玻璃价格标示满意。

该行表示,公司获得了470兆瓦级70兆瓦平价及竞价项目,平价项目大多数为地面电站,而竞价项目补贴强度仅为度电人民币2-3分。管理层预期未来项目开发成本在2020/21年仍有10%左右的降本空间,成本降低将进一步提升项目的回报水平。

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