《大行報告》美銀證券升福耀玻璃(03606.HK)評級至「買入」 上調信義玻璃(00868.HK)目標價至39元
美銀證券發表研究報告指,在基本材料中,玻璃板塊是該行首選之一。本年至今浮法玻璃毛利率維持在51%,高於去年上半年的25%,以及五年均值32%。該行上調浮法玻璃今明兩年價值預測,料按年分別漲價35%及5%。
報告料浮法玻璃今明兩年需求分別升5.6%及2%,受惠去年底至2022年的物業竣工上行周期,以及汽車需求上升。該行料內地今年汽車銷售按年升10%,全球汽車生產料升12%。
美銀證券料浮法玻璃今明兩年有效產能增長分別僅1%及0.5%,該行引述市場數據顯示今年僅新增8條生產線,每日產能增6,100噸。在產能置換限制新規下,大部分閒置產能不能交換及將永久失去。河北沙河市及邢台市已削減生產線,料在環保限制下將有更多生產線關停。
報告上調信義玻璃(00868.HK)2021至2023財年各年盈測分別39%、42%及18%,目標價由26.9升至39元,相當於2021財年核心業務市盈率11倍,評級「買入」,並為行業首選。美銀證券另將福耀玻璃(03606.HK)目標價由46元升至64元,評級由「中性」升至「買入」,上調2021至2023財年各年盈測分別5%、18%及35%,指其受惠浮法玻璃價格上升,汽車玻璃生產浮法玻璃自足率近90%;另汽車玻璃產品組合升級將為福耀玻璃汽車玻璃業務長遠增長鋪路。
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