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《大行報告》麥格理上調信義玻璃(00868.HK)目標價至23元 評級「跑贏大市」
阿思達克 12-21 10:21
麥格理發表的研究報告指,相信中國浮法玻璃市場未來兩年將較好,估計受惠落成面積及汽車需求等,需求將勁增6%,而供應則跌7%,主要因為冷修抵銷了新產能,而有逾4%的浮法玻璃正售予太陽能背板等,故料玻璃價格將按年升20%至逾2,000元人民幣一噸。早前信義玻璃(00868.HK)發盈喜料下半財年稅後溢利按年升70-98%,表現跑贏該行及市場預期,主要受惠量價齊升,以及信義光能(00968.HK)表現強勁等,而公司管理層對行業的看法亦與該行一致正面,估計受惠近期的併購,相信銷量有潛在上行空間。

另外該行認為明年供需前景將現利好,因為內地宣布計劃收緊產能轉換比例,但就未去除關於太陽能玻璃方面的限制,考慮到落成面積持續強勁,而汽車銷售亦升16%,相信將帶來上行空間。將公司2020-22年每股盈測預測升29%、15%及15%,目標價由14元升至23元,評級「跑贏大市」。

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