《大行报告》瑞银上调福耀玻璃(03606.HK)目标价至66.4元 评级「买入」
瑞银发表的研究报告指,最近发布的车款反映全玻璃车顶及HUD抬头显示器采纳程度快过预期,故将2021年全球及国内全玻璃车顶渗透率将分别由各10%升至12%及13%,而HUD渗透率则料会由8%升至10%,长远而言该行对全玻璃车顶及HUD采纳看法更趋正面,认为福耀玻璃(03606.HK)对车用玻璃有了解,加上有供应蔚来EC6/ET7、本地Tesla Model Y等的全玻璃车顶,相信公司的销量规模及平均销售单价增长均可受惠,并带动公司2020至2025年的净利年复合增长至23%,而该行对公司2021至2022年的盈利预测较市场高7%至8%,瑞银认为市场低估了全玻璃车顶及HUD渗透率提升的速度,反映随着更多车款采用相关设计,福耀玻璃在估值上有上行空间。
瑞银指出随着全球乘用车生产及销售反弹,加上全玻璃车顶及HUD采纳,带动了每辆车的玻璃供应及平均销售单价,估计福耀汽车玻璃销量及价格均有机会创新高,而2020至2025年相关分部收入的年复合增长将达15%。此外该行亦料公司可抢占全球的全玻璃车顶及HUD风罩市场份额,到2025年相关收入将达130亿元人民币,并贡献净利35%。
在利润层面方面,该行指出全玻璃车顶及HUD的收入占比到2023年将达25%,而2019年相关产品收入占比仅在4%左右,令公司2021至2023年各年整体毛利率分别提升至40.8%、41.1%及41.3%。瑞银将公司2021及2022年每股盈测分别升13%及10%,目标价由40.6元升至66.4元,予「买入」评级。
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