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《大行報告》里昂降信義玻璃(00868.HK)目標價至8.8元 評級「跑贏大市」
阿思達克 03-01 10:47
里昂發表研究報告指,信義玻璃(00868.HK)2023財年核心利潤升10%,而由於需求及平均售價改善和成本下降,下半年浮法玻璃毛利率較上半年上升9個百分點至30.6%。該行認為,隨著原材料成本下降,集團利潤率在今年大部分時間將保持健康水平。然而,該行估計,在悲觀的情況下,2026年浮法玻璃毛利率僅為個位數。整體而言,作為成本最低的生產商,該行認為集團比市場預期更具韌性,其估值反映了許多悲觀情緒。 該行認為汽車和建築玻璃業務合計價值約佔當前市值的65%至100%。鑑於供應過剩風險,該行將目標價從12元下調至8.8元,但維持「跑贏大市」評級。
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