大和:下調福耀玻璃(3606.HK)目標價至19.11港元 評級“跑贏大市”
大和發表研究報告,削福耀玻璃(3606.HK)目標價29.2%,由27港元下調至19.11港元,維持“跑贏大市”評級。
集團主要業務汽車玻璃首季收入同比跌17.6%,主要由於國內及海外市場分別跌27%及7.5%,但表現好過整體國內汽車市場的跌45%。汽車玻璃平均售價上升2%,因產品組合改善,有更多增值產品,該行認為推出增值產品有助帶動未來的平均售價。
該行表示,雖然內地市場的需求反彈,但目前海外生產暫停,故對其集團第二季業績維持審慎看法。另外,該行預期第三季海外工廠開始恢復生產,以及下半年的內地市場也將全面恢復,集團下半年的盈利將回升。
該行下調福耀玻璃2020至2021年淨利潤預測8至27%,以反映其首季業績及該行下調海外市場今年銷量的預測。目前該行預計海外市場今年銷量跌兩成,內地市場增2%。另又下調對其2020至2021年毛利率預測,由36.8至38.4%下調至35.5至37.7%。

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