《大行報告》麥格理上調信義光能(00968.HK)目標價至17.9元 評級維持「跑贏大市」
麥格理發表報告指,內地工信部早前公布有意將太陽能玻璃的產能擴張限制移除,為回應最新的政策改變,信義光能(00968.HK)公布進行第二輪配股,以每股13元配售3億股股份,籌資約39億元。
該行表示,是次監管改變將鼓勵更多新產能,預期太陽能玻璃市場在2022年後的供應將會增加。而信義光能在太陽能玻璃行業仍是最有競爭力的市佔增加者,該行喜好集團對最新政策變化的反應迅速,認為其行動是有效地向較落後的企業發出訊息,即在集團之外的任何進一步產能擴張,或導致未來的盈利能力下降。
麥格理上調信義光能股份目標價13%,由15.8元升至17.9元,評級維持「跑贏大市」,並調升集團今年至2022年的每股盈利預測分別12%、18%及14%,已反映今年業績料勝預期,太陽能玻璃銷售均價上升及明後兩年攤薄。該行估計,信義光能的市場佔有率將由2019年的30%,增長至2022年的約42%。根據其最新的擴張計劃及全球至2025年的裝機量,集團至2025年的市佔可能再增長到約46%。
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