《大行報告》美銀證券升信義光能(00968.HK)目標價至6元 增長前景可見
美銀證券發表報告指,信義光能(00968.HK)預計去年的產量無法完全滿足中國光伏安裝量的需求,因此今年3月的每月組件生產計劃強勁,而最近集團的玻璃庫存亦下降至約3周,低於28.6天的市場平均水平。
集團預計,如果這種趨勢持續,四月價格上升的可能性會愈來愈大,但鑑於有更多新產能,令上升幅度或會比較溫和。在多晶矽方面,公司預計,在全面投產後,以當前價格計算,利潤率將錄得正數,而目前尚未有進一步擴產計劃。集團認為多晶矽擴張並不是首選。不過,該行認為多晶矽拖累盈利的可能性較低。
該行表示,由於太陽能玻璃去商品化,組件生產商愈來愈傾向於信義光能等一級玻璃生產商,而海外產能也將是公司利潤率高於平均水平的另一個來源。隨著需求改善、今年有效產能增加35%、及利潤率優勢,該行相信集團的盈利增長可見度將有所提高。該行將公司2024至26財年的預測調高25至40%,預計2024財年的毛利率為22.6%,目標價上調15%,由5.6元升至6元,重申「買入」評級。
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