《大行报告》中金:福耀玻璃(03606.HK)首季业绩超预期 维持「跑赢行业」评级
中金发表报告,指福耀玻璃(03606.HK)首季业绩超预期,主要原因是汽车行业缺芯与材料涨价对公司经营影响较预期低。预期今明两年度纯利增长分别上升54.5%和29.2%。该行维持「跑赢行业」评级,目标价56.7元,对应30.4倍2021年市盈率及23.5倍2022年市盈率,较现时股价有30.9%的上行空间。
中金认为,福耀玻璃的短期芯片影响可控,因公司和全球主流车企建立了长期稳定的合作关系,下游风险较为分散可有效减低单一品牌车型因缺芯而下调生产的风险。另外, 公司积极拓展特斯拉(TSLA.US)等新客户加强销售管理的风险,市占率有望长期提升,一定程度上对冲缺芯对行业生产带来的负面影响。长远而言,功能性玻璃如静音玻璃、 抬头显示玻璃、全景天幕玻璃、调光玻璃的新车渗透率提升,将带动汽车玻璃平均销售价格大幅增长。
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