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《大行報告》大和上調信義光能(00968.HK)目標價至11元 評級「跑贏大市」
阿思達克 09-04 10:16
大和發表的研究報告指,信義光能(00968.HK)於9月3日宣布將配售2.82億新股,籌26.62億元提升太陽能玻璃產能等,該行指出本周太陽能玻璃的平均銷售單價升11%至每平方米30元人民幣,是過去兩年來最高,主要受惠模組需求強勁,以現價來算該行料公司毛利率可達45%水平,將公司今年玻璃的平均銷售單價升7%,淨利預測升9%,重申「跑贏大市」評級,目標價由10.2元升至11元。

該行指出配股價9.44元相當於9月2日收市價折讓8%,留意到配售股份數目較原先建議的為多,主要是因為配售獲4倍超額認購,需求強勁,認為亦反映了市場認同公司的長遠增長潛力。根據該行的渠道調查,今輪太陽能玻璃價格升勢主要受二、三線生產商供應短缺所帶動,而部分的報價已達每平方米31至32元人民幣,考慮到實際產能增加不多,估計下半年玻璃價格將維持在每平方米30元人民幣的水平,甚至有機會繼續向上。故該行將公司2020年的平均銷售單價預測升至每平方米28元人民幣,毛利率預測由37.5%升至42.3%。

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