《大行報告》匯豐研究下調信義玻璃(00868.HK)目標價至15.9元 評級「持有」
匯豐研究發表研究報告指,信義玻璃(00868.HK)去年除稅後淨利潤按年跌56%,爲盈利預告中的上限,原因是需求疲弱導致平均售價較低。該行預計,隨着需求因成本降低而回升,利潤率將逐步提升,但由於基數高,上半年仍難以實現增長。該行維持信義玻璃「持有」評級,目標價由16.3元下調至15.9元。
該行預計浮法玻璃在項目完工的持續刺激下,房地產行業的復甦將繼續支撐需求,而天然氣和純礆等成本價格可能會從去年的高位回落。然而,由於去年上半年的基數較高,今年上半年的利潤率和盈利可能會下降。儘管復甦可能緩慢,但該行認爲,集團自當前低位的下行空間有限,下半年利潤率和盈利或會有更明顯改善。此外,該行預計今年的毛利結構將持續轉變,汽車玻璃的表現或優於浮法玻璃業務,佔整體毛利約40%。
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