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《大行報告》富瑞上調信義玻璃(00868.HK)目標價至9.53元 評級「跑輸大市」
阿思達克 03-02 09:50
富瑞發表研究指,信義玻璃(00868.HK)去年純利51.27億元,按年下降56%,符合其早前公布的盈利預警,意味著其去年下半年純利為18.22億元,按年下降71%,下半年浮法玻璃業務的毛利率下降至17%。 報告指,雖然這是集團擴大其市場份額的機會,但房地產行業的需求或持續疲軟,供需不平衡可能會使利潤率保持在較低水平。該行對信義玻璃保持謹慎,重申「跑輸大市」評級,目標價則由9.03元上調至9.53元。 該行認為,2021年是集團盈利的周期性高峰,而去年房地產竣工情況已放緩,並料將持續到2023至24年。需求放緩加上原材料價格和天然氣價格續維持在高位,都將削弱集團的利潤前景。
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