麥格理:升信義光能(0968.HK)目標價至5.67港元 評級“跑贏大市”
麥格理髮表研究報告,重申信義光能(00968.HK)評級“跑贏大市”並將公司2019-21年預測每股盈利分別升1%、0%及11%,以反映太陽能玻璃有效產能2021年將增15%,加上受惠玻璃沙成本向下太陽能玻璃毛利率升約1個百分點等,目標價升19%至5.67港元。
該行指出2021年前太陽能玻璃有效產能將增約15%,雖然兩大生產商信義光能及福萊特玻璃(06865.HK)均宣佈進取的擴張計劃,到2021年日產能將增1.04萬噸,佔全球現有產能約42%,相信太陽能玻璃過度供應不會多於15%,而2016-18年時則現26%過度供應的情況。麥格理相信一線生產商加入成本較低的產能,將排擠小型生產商的高成本產能,因此料到2021年底兩大生產商的市佔率將提升至69%,而信義光能市佔亦將由去年的27%增至2021年的41%。
信義光能管理層指公司於北海持有的沙礦將在2020年首季開始可提供低成本的沙,估計到2020年底有一半的沙可由公司自行供應,該行估計其毛利率將擴張1個百分點至31%,並可持續維持在30%以上的水平。
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