《大行報告》大摩上調信義光能(00968.HK)目標價至21元 福萊特玻璃(06865.HK)上調至34元
摩根士丹利發表研究報告,指因應太陽能玻璃價格上升,國家工信部發表對水泥和玻璃產能互換實施的草案,指明太陽能玻璃可於當中獲豁免,但新產能需獲國家工業聯會或當局主持聆訊,以確保符合項目建築、技術、能源採購標準、環保要求等。
該行指,信義光能(00968.HK)於事後公布進行配股,發行3億股股份,每股13元,以自2021年起於國內增加生產線,以令市佔率由目前的約35%增至45%,預期福萊特玻璃(06865.HK)未會跟隨相關策略。
該行又指,太陽能玻璃市場的產能會於明年持續緊張,因新供應需於第四季才可開展,但至2022-23年預期市場將會有供應過剩的情況。不過因應產能擴張,以及科技的應用,預期新產能可有助收益率提升,以及有能力生產符合未來趨勢的較大型玻璃,故相信兩公司均可以維持高利潤的表現,同時成本下降亦有助太陽能電廠加快增加裝機容量。
該行升信義光能目標價由11.5元升至21元,福萊特玻璃由19元升至34元,評級均為「增持」。
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