中金:维持信义玻璃(0868.HK)“跑赢行业”评级 目标价9.7港元
中金发布公告称,信义玻璃(00868.HK)近况8月以来,行业浮法玻璃涨价明显提速,累计涨幅超过80元/吨,超出该行及市场预期,该行认为信义玻璃作为浮法玻璃龙头有望受益。

该行表示,旺季浮法价格提涨强势,2H19业绩或有超预期空间。汽车、建筑玻璃毛利率有望分别维持上半年46%和40%左右的水平。加征的对美出口关税(公司承担 15%)反映在销售费用中,该行估算全年对税前利润影响在2亿港币左右,但考虑关税后,深加工板块全年盈利贡献仍将同比稳中有增。该行认为,在2020年有望迎来在建产能投放高峰,中期浮法产能有望持续增长。
该行表示,暂维持公司“跑赢行业”评级、盈利预测和目标价9.70港币(对应9x/8.7x 19e/20e P/E)不变。当前股价对应2019/2020 年 P/E 7.8x/7.6x,有15%上行空间。
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