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《大行報告》花旗下調信義光能(00968.HK)目標價至6.1元 評級「買入」
阿思達克 03-18 11:33
花旗發表的研究報告指,信義光能(00968.HK)去年淨利按年增29.7%至24.16億元,較市場預期高1.3%,而盈利增長主要受惠太陽能玻璃毛利率擴張,而銷量及平均銷售單價亦有增長,此外太陽能發電場方面利潤亦有不錯增長,帶動每股派息按年增102%至8.5港仙,派息比率則按年收窄2.4個百分點至46.8%。

該行指出公司玻璃銷售按年增長21.7%至67.67億元,毛利率按年擴闊5.9個百分點至32.1%,銷量亦升21.7%,平均銷售單價則升4-5%,而海外銷售佔比則按年增2.5個百分點至27.5%,料今明兩年其玻璃銷量將每年增25-35%,而管理層亦估計天然氣及純鹼的成本今年將分別跌2-3%及多於3%。

而在太陽能發電場方面,該行指出去年產能增長130MW至2,412MW,而銷售收入則升16.%至22.28億元,毛利率按年擴闊1.5個百分點至76.5%。該行指出公司淨負債對資本水平按年跌42.2個百分點至24%,主要受惠分拆信義能源(03868.HK),公司計劃今年太陽能發電場產能將增600MW,而玻璃產能則料增4,000噸,而今年資本開支預算則為33億元。

該行將公司2020-21年盈利預測削6-8%,以反映受疫情影響海外玻璃銷量增長較低,維持「買入」評級,目標價由6.3元降至6.1元。

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