《大行報告》富瑞升信義玻璃(00868.HK)評級至「持有」 目標價上調至11.52元
富瑞發表研究報告指出,信義玻璃(00868.HK)上半年純利按年跌35%至21.48億元,與早前盈警預期的跌幅35%至45%一致。浮法玻璃、汽車玻璃及建築玻璃的毛利率分別為21.6%、47.6%及31.1%,相對於去年下半年各為17.1%、50%及38.7%。當中,浮法玻璃的毛利率改善,與行業一致,因為純鹼和天然氣成本下降。
該行認為,展望下半年,隨著內地改變房地產政策的重點,對所有權和抵押貸款要求有所放寬。市場情緒變得更為正面,改善浮法玻璃銷量,部分規模較小的生產商已恢復生產,信義玻璃7月份訂單和銷量強勁。基於銷量改善,公司預期價格將於第三季繼續反彈。成本方面,純鹼價格於7月份按年跌19%,料純鹼成本將維持在較低水平。
該行相信信義玻璃下半年將受惠於生產成本下降及市場情緒改善,但預期在物業銷售及新屋開工量仍然疲弱的情況下,或導致明年竣工疲弱。該行上調公司今年純利預測,並將其評級由「跑輸大市」上調至「持有」,目標價由9.53元上調至11.52元,認為隨著毛利率連續改善和年初至今股價下跌,對信義玻璃保持審慎,預計明年仍將充滿挑戰。
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