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《大行報告》瑞信上調福耀玻璃(03606.HK)目標價至49元 上季盈利高於預期
瑞信發表研究報告指,福耀玻璃(03606.HK)第三季盈利表現超出市場預期,按年增長84%至15.2億元人民幣,創歷史新高。首三季純利亦增長50.3%至39億元人民幣,達到市場普遍預期全年盈利預測的91%。 剔除美元升值帶來的5.44億元人民幣匯兌收益,福耀第三季經常性淨利潤按年增長17%,按季則增長14%。瑞信指出,按季錄得增長預期主要由於期內中國乘用車行業產量增長37%,以及純鹼價格下降、運輸成本下降和規模擴大,拉動毛利率上升。 展望未來,該行預計福耀第四季收入將再創歷史新高,可按季及按年增長11%及29%,達到83億元人民幣,指出今年底前5%優惠汽車購置稅稅率將逐步取消,前端需求將帶動業務進一步提升。 考慮第三季的外匯收益,瑞信將2022年每股盈利預測上調26.9%,2023至2024年每股盈測則微調0.9%及0.1%,目標價由48元上調至49元,維持「跑贏大市」評級。
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