《大行報告》花旗上調建滔積層板(01888.HK)目標價至23元 評級「買入」
花旗發表研究報告指,建滔積層板(01888.HK)於今年1月至3月對覆銅板產品FR4再作新一輪提價,每月每張上調10元人民幣,達到200至210元人民幣,高於指引的上調5至10元人民幣。
該行指出,首季銅箔價格已上升約35%至40%,玻璃纖維布平均售價亦已升55%至60%,上游提價幅度高於積層板產品,預期對行業升級週期下,建滔積層板銅箔及玻璃纖維布產品毛利率可分別達到50%及28%以上,估計上游業務今年將貢獻逾三成盈利。
花旗認為,在全球通貨膨脹及行業垂直整合的大環境下,建滔積層板表現較同行好,將其列為首選股,上調盈利預測31%至32%,目標價上調至23元,認為近期股價調整是入市機會,評級「買入」。
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