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《大行報告》大和升信義光能(00968.HK)評級至「跑贏大市」 指未來盈利增長能見度高
大和發表研究報告指,信義光能(00968.HK)目前處於行業有利地位,料可成為太陽能玻璃行業的領導者之一,在原材料和能源成本可能下降的基礎上,公司平均售價水平穩定,料毛利率有潛在回升空間,盈利增長具更高可見性。 該行指,行業數據顯示,截至5月17日,3.2及2毫米太陽能玻璃價格分別保持在每平方米26元及18.5元人民幣,就目前庫存水平而言相信下行風險有限,預測信義光能的毛利率可能會自去年下半年的21.2%回升。 大和又指,2023至2025年間太陽能玻璃或是光伏行業中盈利增長最好的細分市場,預料信義光可受惠於約7至12個百分點的毛利率溢價。該行將信義光能投資評級從「持有」提升至「跑贏大市」,但基於利率波動影響及補貼應收賬款扣除的潛在風險,將2023至2024年的收入預測下調16%至24%,目標價亦從9.3元降至8.4元。
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