《大行報告》中金:福耀玻璃(03606.HK)首季業績超預期 維持「跑贏行業」評級
中金發表報告,指福耀玻璃(03606.HK)首季業績超預期,主要原因是汽車行業缺芯與材料漲價對公司經營影響較預期低。預期今明兩年度純利增長分別上升54.5%和29.2%。該行維持「跑贏行業」評級,目標價56.7元,對應30.4倍2021年市盈率及23.5倍2022年市盈率,較現時股價有30.9%的上行空間。
中金認為,福耀玻璃的短期芯片影響可控,因公司和全球主流車企建立了長期穩定的合作關係,下游風險較為分散可有效減低單一品牌車型因缺芯而下調生產的風險。另外, 公司積極拓展特斯拉(TSLA.US)等新客戶加強銷售管理的風險,市佔率有望長期提升,一定程度上對衝缺芯對行業生產帶來的負面影響。長遠而言,功能性玻璃如靜音玻璃、 抬頭顯示玻璃、全景天幕玻璃、調光玻璃的新車滲透率提升,將帶動汽車玻璃平均銷售價格大幅增長。
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