信義玻璃(00868.HK)料內地今年地產建築及竣工回升 玻璃需求有一定改善
信義玻璃(00868.HK)行政總裁董清世在全年業績電話會議上表示,去年由於內地房地產市場震盪,令浮法玻璃需求關係嚴重失衡,地產項目建築及竣工滯緩令玻璃需求及產能下跌,浮法玻璃行業的毛利受到影響,整個行業於去年可說是最困難時期。
他指,雖然公司去年浮法玻璃毛利有較大幅度下跌,但仍有超過25%,行業而言已是相當突出水平。在內地政府推出「保交樓」等房地產支持政策下,預期今年地產項目建築及完工會有回升,玻璃需求亦料有一定改善。
董清世認為,今年浮法玻璃價格及毛利表現需視乎兩大主要成本能源及純鹼的走勢,雖然近期內地管道天然氣價格穩定,液化天然氣(LNG)價格也出現下降趨勢,但較長期價格表現仍然難以預測。不過,他稱目前浮法玻璃價格已處低谷,再下跌幅度料有限,未來回升的機會較高。
另外,首席財務官劉錫源提到,公司借貸以港元為主,利息採用香港銀行同業拆息(Hibor),因此去年利率升幅未有完全跟貼美國加息幅度,公司去年的借貸成本仍維持約2.25%的低水平。他稱由於公司手頭現金充裕,去年第四季策略性地償還部分銀行貸款,以減少利息開支。
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