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《大行報告》摩通上調信義光能(00968.HK)評級至「增持」 升信義能源(03868.HK)目標價至6.7元
摩根大通發表研究報告,上調信義光能(00968.HK)投資評級,由「中性」升至「增持」,主因相較原先目標,公司上調2022年底止產能增加目標約20%,至每日2.18萬噸;管理層對產品組合轉移至高毛利率產品語調樂觀;信義光能自6月初起股價跑輸太陽能上游同業逾20%,市場開始在目光放遠至明年多晶矽短缺過後的潛在復甦。信義光能股價亦跑輸業務最貼近同業福萊特玻璃(06865.HK)。該行上調信義光能2021至2023財年盈測13%至15%,並上調太陽能玻璃業務估值基礎,由21倍升至26.5倍,目標價相應由14.5元大升57%至22.7元。 報告稱,信義光能上半年純利按年升118%至30.72億元,近先前盈利指引上限。報告引述管理層稱,太陽能玻璃需求及庫存情況自6月起改善,模組生產商(客戶)加快生產。價格方面,管理層料未來波幅不大,太陽能玻璃價格已貼近多年低位,行內小型生產商盈利能力已疲弱。 在上半年業績公布後,報告亦上調同系信義能源(03868.HK)2021至2023財年盈測4%至8%,此外,上調太陽能發電場資產添置預測,由每年650MW升至700MW,目標價相應升17.5%由5.7元升至6.7元,評級「增持」。
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