《大行報告》瑞銀升信義光能(00968.HK)目標價至9.2元 評級「買入」
瑞銀發表的研究報告指,信義光能(00968.HK)股價自2月起已升45%,跑贏恆指表現,主要因為太陽能需求較好,而公司對上半年太陽能玻璃的邊際利潤樂觀,惟公司2021年預測市盈率為14.7倍,低於行業平均,該行認為市場未完全反映下半年太陽能玻璃平均銷售單價提升對利潤的帶動,另外長遠公司估值亦有上升空間,故調整了對2020-25年的盈利預測,目標價由6.5元升至9.2元,評級「買入」。
該行指出公司發盈喜,料上半年淨利按年升35-50%,主要受惠太陽能玻璃平均銷售單價提升,而高利潤的產品貢獻亦較大,加上能源及原材料成本下降。該行估計太陽能玻璃的利潤可進一步擴張,主要是今年第三、四季受惠供需緊張有望加價並配合成本管控等。
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