中金:维持福耀玻璃(3606.HK)“跑赢行业”评级 目标价30港元
中金发表报告称,福耀玻璃(3606.HK)上半年收入为102.9亿元人民币,同比增长2%,归母净利15.1亿元人民币,同比下降19.4%,基本符合此前预期。考虑到SAM并表以及车市复苏慢于预期,该行下调2019年和2020年净利润19.5%和8.9%至30.85亿和37.29亿元人民币,维持A股跑赢行业评级和27元人民币目标价,对应22.0倍2019年市盈率和18.2倍2020年市盈率,维持H股跑赢行业评级和30港元目标价,对应21.8倍2019年市盈率和18.1倍2020年市盈率。

该行表示,福耀第二季汽车玻璃主业的毛利率环比基本稳定,彰显优秀的成本控制能力。国内业务受下游产量疲弱拖累,但海外业务增速依然接近20%,其中,第二季美国工厂产能进一步爬坡,净利润超1亿人民币,环比第一季的640万美元提升明显。另外,国内汽车产量低点已过,车市逐渐向好,而公司主业盈利能力稳定,行业复苏将有望带来公司盈利逐步回归,中长期也看好SAM业务整合。
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