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《大行報告》交銀國際升信義光能(00968.HK)目標價至5.93元 光伏玻璃毛利率遠超預期
交銀國際發表報告指,信義光能(00968.HK)去年實現收入和純利266億和41.9億元,按年增長30%和10%,下半年實現純利28億元,按年增長46%,高於該行和市場預期17%/19%。該行預計玻璃過剩將明顯緩解,價格將企穩,隨著需求按季持續增長,下半年價格將由低位明顯反彈。 該行上調對信義光能今明兩年盈利預測10%和5%,基於10倍2024年市盈率,將目標價由5.18元上調至5.93元。公司目前股價僅對應6.4倍2024年市盈率,估值處於過去5年最低水平,該行認為市場對光伏玻璃產能過剩過度悲觀,公司本次對多晶矽盈利的指引也有望緩解市場對該業務虧損的過度擔憂,維持「買入」評級。
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