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《大行報告》大和首予信義玻璃(00868.HK)「買入」評級 目標價32元
阿思達克 12-16 11:02
大和發表研究報告指,首次給予信義玻璃(00868.HK)「買入」評級,指出由於內地政府自2014年以來禁止新增產能,預計因供應有限,浮法玻璃未來價格將保持韌性。 在需求方面,由於房地產建築正處於上升週期,加上疫情相關干擾,該行認為強勁房地產完工週期將持續到2022年底。此外,內地有約20%受冷修影響的生產線料將在2022年繼續停產,令浮法玻璃供應繼續緊張。 大和預計,信義玻璃產能於2021至2023複合增長率達25%,有助鞏固市場領先地位。由於規模更大、定價能力更強、供應鏈更加一體化,信義的毛利率比同行高出5至20個百分點,因此給予目標價32元,2022年每股盈利預測為3.176元。
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