《大行報告》美銀證券:福萊特玻璃(06865.HK)越南生產線適時投產 重申「買入」評級
美銀美林發表研究報告指,國家諮詢文件透露,將放寬太陽能玻璃產能的審批,主因未來持續的光電產能和供應風險。該行與多間玻璃供應商討論後,發現監管機構目前只會批准需要、具先進科技、排放和能源效益符標準的產能。
該行指,上述的標準相等於具備效益、規模、成本、清潔等的福耀玻璃(06865.HK)和信義玻璃(00868.HK)均較有機會取得批准,而新生產的玻璃不准用於建築。浮法玻璃的生產線可用於生產太陽能玻璃,但太陽能玻璃卻不能用於生產浮法玻璃,加上兩間公司發行A股,相信產能轉換對均價和毛利風險較少。
該行又指,信義玻璃於12月17日公布發行3億股股份,籌集39億元以增加太陽能玻璃產能;福耀則計劃發行25億元人民幣A股。兩公司在籌集資金後,負債比率分別為21.7%及20.8%。而福耀在越南廠房第一條生產線於12月17日啟動,而第二條則會於明年首季,未來亦會繼續在國內增產,而信義亦會在國內增產,符合全球太陽能玻璃需求,對兩公司予「買入」評級,信義玻璃目標價為17.6元,福耀為30元。
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