《大行報告》花旗升福萊特玻璃(06865.HK)目標價至37.5元 新產能計劃可推動高增長
花旗發表研報指,福萊特玻璃(06865.HK)宣布將斥資約43.5億元人民幣,於安徽建設5座日熔化量1,200噸光伏組件玻璃項目,計及新增產能後,預期今年及明年高效產能增長率每年將分別達61%及86%。
報告指,公司早前發盈喜,預期淨利潤將增長1.1至1.3倍,基本符合該行此前的15億元人民幣的預測;加上日前與與晶科集團訂立長期銷售合約,合約期自2021年起至2023年底止,涉及59GW(約3.38億平方米)組件用光伏壓延玻璃,令公司已鎖定今年及明年光伏玻璃出貨量約59%及21%,預期未來可維持高增長趨勢。
考慮到行業需求短缺將推動光伏玻璃的銷量及利潤空間,花旗預測福萊特玻璃2020至2022年淨利潤可增長5%至11%,將目標價由31.7元上調至37.5元,相當於2021年預測市盈率21.3倍,重申「買入」評級。
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