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《大行報告》花旗降信義光能(00968.HK)目標價至5.6元 下調盈測反映第四季毛利受壓
花旗發表報告指出,由於信義光能(00968.HK)第四季光伏玻璃毛利率受壓,加上成本上升,該行對信義光能今年全年盈利預測下調7%,另考慮到其多晶矽工廠的預計虧損,對其2024及2025年盈利預測下調6%至15%。 該行認為,儘管第四季行業需求疲弱,但信義光能仍保持健康的庫存水平,降價壓力較小型同業少。該行維持對其「買入」評級,預期公司光伏玻璃的毛利將於2024至2025年有所改善,因屆時行業產能增長料較低(料今年按年增長27%);隨著季節性需求回升,估計公司季度毛利率可能會從明年第二季觸底。現估值相當於預測明年市盈率7.9倍及市賬率1.1倍,均屬2013年上市以來紀錄低,對其目標價由10元下調至5.6元。
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