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交銀國際:光伏玻璃龍頭具備長期成長空間 首選福萊特玻璃(6865.HK)
格隆匯 07-27 17:33

交銀國際發佈報告,在全球新增裝機增長、雙玻滲透率提高、龍頭份額上升等推動下,該行認為光伏玻璃龍頭具備長期成長空間,維持對福萊特玻璃(6865.HK)和信義光能(0968.HK)的買入評級,首選前者。

近期光伏行業基本面改善信號不斷出現。4-5月我國光伏組件出口量同比僅略有下降,反映疫情對海外需求影響低於預期。同時,國內光伏競價項目規模也超預期。該行預計今年全球光伏新增裝機同比持平,明年將增長1/3至160吉瓦。此外,2.0毫米雙玻滲透率正快速提高,也有利玻璃需求和產品結構優化。

兩家龍頭信義光能、福萊特,去年光伏玻璃業務毛利率繼續遙遙領先,其擴產速度也遠快於行業平均,該行預計其合計產能市佔率將由2019年底的46%快速提高至2021年底的63%。

隨着雙玻需求大增,2.0毫米玻璃價格已率先反彈,該行預計下半年玻璃價格有望大幅反彈,而原燃料價格大幅下跌有利玻璃成本降低。

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