瑞信:予福耀玻璃(3606.HK)“中性”評級 上調目標價至24.08港元
瑞信發佈報告稱,下調福耀玻璃(3606.HK)今明兩年盈測介於3.8%至6.1%,主因內地工廠使用率下降。以今年預測市盈率16倍為基礎,目標價由21.44港元升至24.08港元,予“中性”評級,並指現估值並不吸引。
該行估算的內地乘用車今年產出增長2%,與銷售預測相符,主因去年在代工生產(OEM)層面沒有顯著去庫存。該行預計,內地汽車零件生產商將面對更大降價壓力,源於代工生產商進取的削減成本計劃。
該行表示,公司在內地汽車玻璃市佔約70%,作為主要部件生產商將面對同類壓力。在內地汽車業未見明顯復甦下,該行預計,低使用率及降價壓力將壓抑福耀今年利潤展望。該行還預計,福耀旗下歐洲SAM業務去年產生3億人民幣虧損,相當於其去年一成的盈利。

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