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《大行報告》瑞信降信義光能(00968.HK)目標價至19元 評級「跑贏大市」
阿思達克 05-07 09:37
瑞信發表的研究報告指,信義光能(00968.HK)及福萊特玻璃(06865.HK)5月交付的3.2mm太陽能玻璃報價為每平方米約23元人民幣(下同),與行業降價程度一致,反映按月跌幅近18%。該行估計3.2mm玻璃窗的毛利率將由4月的36%進一步降至5月的22%,料短期價格維持低水,而受需求相對較弱及模組利用率低影響,庫存方面亦受壓。

該行指出以現時價格來看,認為低線的生產商已接近虧損水平,認為生產收支平衡點將在每平方米20至21元左右,估計價格下行空間有限。對信義光能來說,該行將其2021至2023年每股盈測降7%至16%,以反映下調玻璃銷售均價估算,目標價由20.5港元降至19港元,評級維持「跑贏大市」。太陽能同業間,瑞信短期傾向選擇盈利能力較強及估值低的多晶矽公司,如通威股份(600438.SH)及大全新能源(DQ.US)。

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