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大和:升福萊特玻璃(6865.HK)目標價至19.5港元 評級維持買入
格隆匯 09-24 12:49

大和發表研究報告指,早前多份行業報告指出,中國可能會在第14個五年計劃,即2021年至2025年中,提高可再生能源安裝目標。因此,該行預期太陽能製造商將加快產能擴張。該行上調福萊特玻璃(6865.HK)目標價至19.5港元,評級就維持買入。

大和表示,福萊特玻璃在6月份宣佈計劃再擴建兩台熔爐,並擬於18個月內完成,24個月內全面投入生產。考慮到需求的潛在增長,該行提高公司的熔爐利用率預測,預料公司的有效玻璃產能到2022年,將會達到每天1.15萬噸,較原先預期的1.12萬噸高出3.4%。

該行又認為,公司或會宣佈2022年後進一步的產能擴張計劃,以應對中國積極推廣可再生能源的需求增長,並預期今年下半年玻璃的平均售價或保持每平方米30元人民幣以上的歷史高位。此外,該行預期,公司的支出將會減少,而在價格和成本的帶動下,公司的玻璃毛利率今年將達43%。

該行又將公司2022年的每股盈利預測上調3%,以反映新的有效產能預測。

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