福萊特玻璃(06865.HK)：光伏玻璃毛利率超預期，下半年漲價剛剛開始，維持“買入”評級，目標價15.6港元
機構：國元證券
評級：買入
目標價：15.6港元
投資要點
公司2020年上半年光伏玻璃毛利率40.05%，超出預期：
2020年上半年公司實現收入約為人民幣24.96億元，同比上升22.69%；淨利潤約為人民幣4.61億元，同比上升76.27%；擬派每股中期股息人民幣6.5分。期內光伏玻璃收入同比增長38.92%，主要受益產能擴張和雙玻需求增加以及平均價格高於去年同期。期內光伏玻璃分部的毛利率達到40.05%，同比提升11.28個百分點，主要受益2020年上半年平均光伏玻璃產品銷售價格上升，同時部分原材料價格下降所致。20201H公司光伏玻璃收入佔比達到85%（20191H：75%），光伏玻璃收入佔比的提升，疊加高毛利帶來公司綜合毛利率提升約10個百分點，達到38.14%。公司上半年業績表現特別是光伏玻璃毛利率超出市場預期。
公司順利融資，加速擴產：
2020年公司新增四條太陽能玻璃生產線，總產能為4,400噸/日，將分別於2020年底和2021年投產2,000噸/日和2,400噸/日產能，繼公司可轉債成功發行後，根據公司A股發行預案，公司將進一步擴充安徽鳳陽2*1,200t/d窯爐線，屆時未來公司總日熔量將由5,400噸增加至12,200噸，產能擴充將進一步鞏固公司龍頭行業地位，規模成本優勢更加顯著。
下半年光伏玻璃漲價剛剛開始：
上週光伏玻璃價格提前出現反彈，主要由於四季度提前搶裝帶來需求爆發，預期下半年光伏玻璃整體供需偏緊，而隨着公司產能的逐步投產，2020-2022年公司業績將持續高增長。
維持買入評級，提高目標價至15.6港元：
我們提高公司盈利預測並結合行業內可比公司估值情況，提高公司目標價至15.6港元，相當於2020年和2021年25倍和16倍PE，目標價較現價有23%上升空間，維持買入評級。
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