《大行报告》大摩上调福耀玻璃(03606.HK)目标价至46元 评级「与大市同步」
大摩发表研究报告,上调福耀玻璃(03606.HK)目标价,由22元升至46元,评级「与大市同步」,认为其太阳能玻璃市场可进一步带动长远前景。
该行指,市场对公司太阳能玻璃的发展感到乐观,因目前市场需求强劲,供应紧绌令利润丰厚。公司指计划配股以捉紧太阳能玻璃的发展机会,但指任何投资都需至少2年时间才有成果,故目前仍存不确定性。
该行又指,汽车市场需求快速复苏,而公司市占率增加,规模改善亦带动利润明显增长,下游需求增加有利如福耀等垂直整合公司发展。
该行表示,目前公司在全球汽车玻璃有28%市占率,目标於未来3年增至35%。考虑到公司在中国市占率为65-70%,相信公司需增加欧美等海外市场占比。另外,福耀称客户对铝窗框、饰条和车顶架需求强劲。
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