You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》大和降信义光能(00968.HK)评级至「持有」 目标价下调至11.5元
阿思达克 05-07 09:36
大和发表的研究报告指,经历3月尾降价30%後,认为光伏玻璃价格将再面对12-15%的跌幅,主要因为供应过盛等,估计玻璃库存在第三季需求旺季前将持续增加,同时有机会降价,料信义光能(00968.HK)於2021-22年的产能增长将慢於福莱特玻璃(06865.HK)。

该行指出随着光伏玻璃供应释放,加上受多晶矽成本上升影响,模组需求下跌,光伏玻璃库存水平有所提升,一线厂商库存天数约为10天,而二、三线厂商则为两星期。3月尾玻璃价格下调30%至每平方米28元人民币,福莱特玻璃目标将价格进一步降12-15%至每平方米22-23元人民币,该行认为减价有助刺激模组需求,并支持今年整体太阳能安装。据该行的渠道调查,信义光能确认公司会降价至每平方米23元人民币,与福莱特玻璃一致,该行将公司2021年平均销售单价预测由每平方米31元人民币降至26元人民币,以反映相关转变,估计今年公司毛利率将跌14个百分点至35%,同时估计在第三季尾前有机会进一步降价至每平方米20元人民币。

该行将公司2021-22年盈利预测降7-10%,以反映对光伏玻璃平均销售单价预测下调,不过部分被生产规模等因素抵销,目标价由14.5元降至11.5元,评级由「跑赢大市」降至「持有」。(el/u) ~

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account