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《大行報告》瑞銀上調福耀玻璃(03606.HK)目標價至76元 評級「買入」
瑞銀髮表的研究報告指,最近福耀玻璃(03606.HK)管理層與該行分享近期業務更新,面對次季汽車芯片短缺情況,公司在美國及本地的產能利用率仍稍高於70%及80%,按季溫和增長,料芯片短缺情況將在第三季有所緩和,儘管原材料成本提升,公司料次季毛利率將維持與首季持平,主要因爲公司有積極作出調整,而次季外匯虧損將較首季擴張,主要因爲匯率較波動。

管理層指出正開發近100個全玻璃車頂項目,其中多款新車將在下半年投產,管理層估計全玻璃車頂訂單在年尾將增加。而據公司正在發展的項目,管理層估計中期電動車全玻璃車頂的滲透率將達70-80%,同時亦有採納多功能玻璃的趨勢,因爲大部分全玻璃車頂亦具調暗功能的玻璃。隨着功能增加,公司估算全玻璃車頂所用的玻璃每幅可達2,500元人民幣,認爲全玻璃車頂滲透率提升有助推動公司銷量及價格表現,並料到2025年全玻璃車頂將貢獻公司淨利逾20%。

該行將公司2021年盈利預測降7%,以反映原材料成本提升及外匯的影響,考慮到近期公司在全玻璃車頂方面表現,將其2022-23年盈利預測升1-2%,目標價由74元升至76元,維持評級「買入」。(el/k) ~

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