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《大行報告》瑞信下調福耀玻璃(03606.HK)目標價至27元 評級「跑輸大市」
瑞信發表報告表示,福耀玻璃(03606.HK)去年第四季純利5.5億元人民幣,按年下跌37%及按季跌33%,低於市場預期,尤其是上季經營溢利率按年下降5個百分點、按季下降2個百分點至17.1%,主要由於原材料價格上漲和運輸成本上漲。 瑞信表示,考慮到毛利率低於預期,將福耀玻璃2022至2023年盈利預測下調18.2%至19.5%,預計其「SAM」汽車飾件在2021年處於虧損狀態,儘管收入增長不錯,但由於鋁價上漲,預計2022年盈利能力仍將疲弱;目標價相應由38元下調至27元,維持評級「跑輸大市」。
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