《大行報告》大和降信義玻璃(00868.HK)目標價至9元 去年業績及未來展望均遜預期
大和發表研究報告指,預計今年浮法玻璃的需求溫和增長。由於2022年以來項目延遲竣工,去年中國新樓竣工面積按年增長16%。鑑於2022至23年的新住宅建設低迷,預計2024至25年房地產竣工面積僅錄得溫和增長甚至下降。然而,政府最近推出旨在為特定房地產項目提供貸款的白名單政策可能在一定程度上有助於促進房地產建設活動。信義玻璃(00868.HK)的目標是到今年底將浮法玻璃產能提高至每年935萬噸,按年增6%,當中印尼的浮法玻璃生產線將於今年底建成。
該行表示,集團去年推出價格折扣以維持汽車玻璃售後市場份額,導致下半年汽車玻璃收入按年減少5%,毛利率降1.8個百分點。今年公司計劃將汽車玻璃產能擴大至2,930萬片,較去年同期增長6%。該行預計2024至25年全球乘用車保有量將維持2至3%的增長率,集團將在汽車玻璃售後業務獲得進一步的市場份額,但可能需要犧牲均價。
該行提到,集團去年業績及未來展望均遜於預期,重申其「跑贏大市」評級,目標價由14元下調至9元,又下調今明兩年的收入預測11至14%,而純利預測則調低21至28%。
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