大和:升信義光能(0968.HK)目標價至8港元 評級升至優於大市
大和發表研究報告指,信義光能(0968.HK)受新型冠狀病毒肺炎疫情影響,導致海外需求低迷,光伏玻璃的平均售價在今年第二季下跌了17%。同時,中國早前公佈今年太陽能招標項目,總共26吉瓦,當中大部分將於今年底前完工,以避免補貼削減。另一方面,下半年或會重啟太陽能安裝,有可能刺激全球需求,支持下半年光伏玻璃平均售價。該行上調信義光能目標價至8港元,評級亦由持有上調至優於大市。
大和表示,領先的光伏玻璃生產商的產能擴張受到疫情影響,可能緩解了市場供過於求的情況,併成為均價的另一個支持因素,又指光伏玻璃的平均售價在過去6星期保持穩定,因此下跌的趨勢似乎有限。國內需求將由招標項目去支持,並預料海外安裝將在下半年重啟,加上第三季起天然氣成本或更便宜,預計今年光伏玻璃的毛利率將保持在30.3%。
此外,該行又將公司今年至2022年的每股盈利預測上調7%至8%。


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