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《大行報告》瑞銀上調福耀玻璃(03606.HK)目標價至66.4元 評級「買入」
阿思達克 01-18 11:18
瑞銀發表的研究報告指,最近發布的車款反映全玻璃車頂及HUD抬頭顯示器採納程度快過預期,故將2021年全球及國內全玻璃車頂滲透率將分別由各10%升至12%及13%,而HUD滲透率則料會由8%升至10%,長遠而言該行對全玻璃車頂及HUD採納看法更趨正面,認為福耀玻璃(03606.HK)對車用玻璃有了解,加上有供應蔚來EC6/ET7、本地Tesla Model Y等的全玻璃車頂,相信公司的銷量規模及平均銷售單價增長均可受惠,並帶動公司2020至2025年的淨利年複合增長至23%,而該行對公司2021至2022年的盈利預測較市場高7%至8%,瑞銀認為市場低估了全玻璃車頂及HUD滲透率提升的速度,反映隨著更多車款採用相關設計,福耀玻璃在估值上有上行空間。

瑞銀指出隨著全球乘用車生產及銷售反彈,加上全玻璃車頂及HUD採納,帶動了每輛車的玻璃供應及平均銷售單價,估計福耀汽車玻璃銷量及價格均有機會創新高,而2020至2025年相關分部收入的年複合增長將達15%。此外該行亦料公司可搶佔全球的全玻璃車頂及HUD風罩市場份額,到2025年相關收入將達130億元人民幣,並貢獻淨利35%。

在利潤層面方面,該行指出全玻璃車頂及HUD的收入佔比到2023年將達25%,而2019年相關產品收入佔比僅在4%左右,令公司2021至2023年各年整體毛利率分別提升至40.8%、41.1%及41.3%。瑞銀將公司2021及2022年每股盈測分別升13%及10%,目標價由40.6元升至66.4元,予「買入」評級。

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