《大行報告》美銀證券升信義玻璃(00868.HK)目標價至6元 去年業績符市場預期
美銀證券發表報告指,信義玻璃(00868.HK)去年業績符合市場預期、好過該行預期,主要受惠運費成本下降及出貨量增長,將其目標價由5.2元上調至6元,維持「跑輸大市」評級。
雖然管理層指,去年浮法玻璃的有效產能持平,但去庫存令下半年出貨量仍有中單位數增長,加上售價上升,下半年浮法玻璃收入較上半年增長18%,毛利率提升9個百分點至30.6%。
該行自2022年已對浮法玻璃價格悲觀,現時看法相同,因為60%至70%終端需求與房地產建築有關,相信浮法玻璃將會面對結構性的供應過剩。政府推動保交樓,只會延遲供應過剩的情況,但難以解決問題。
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