《大行報告》大摩:信義光能(00968.HK)配股以擴充產能 指前景仍正面
信義光能(00968.HK)通過配股集資26億元,用於擴張太陽能玻璃產能。摩根士丹利發表研究報告預期,公司將成為市場供應緊張的主要受惠者,而矽砂自給率提升有助其節省成本。
該行續指,由於需求旺盛及太陽能玻璃供應緊張,3.2mm太陽能玻璃價格自7至8月份的每平方米26元人民幣,升至9月份的每平方米30元人民幣,實際執行價達到每平方米31至33元人民幣。而3.2mm的價格高於2mm,主要是反映海外訂單增加。
該行認為市場前景仍正面,並引述公司指由於玻璃生產線的建設周期為18至24個月,而現時正值具挑戰的政策環境,因此看到2021年的新產能有限。隨著市場供應緊張,加上需求增長15至20%,將會繼續支持太陽能玻璃價格及令信義光能受惠。在公司即將有新產能的情況下,料其會繼續獲得市佔率。投資評級「增持」,目標價為10.7元。
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