大行評級|摩根大通:福耀玻璃仍是中國汽車零件企業中的首選股 維持“增持”評級
摩根大通發表報吿指出,包括美國國土安全部及美國國税局在內的多個執法機構,於當地時間7月26日搜查福耀玻璃於美國俄亥俄州的全資附屬福耀美國及其他27個地點(與福耀玻璃無關),而福耀美國並非該調查的目標,並於當日已恢復生產。該行相信,有關事件的影響有限,惟受消息影響,股價可能下跌,建議可趁股價疲弱進行吸納。福耀玻璃將於8月6日發佈業績。
該行認為,福耀玻璃仍是其所覆蓋的中國汽車零件企業中的首選股,因看好公司透過增加市場份額(由目前的30%至35%,未來五年內潛在提高至超過40% ),以及隨着大型天窗玻璃的採用,每輛車玻璃含量和價值的增加,相信公司可提高收入增長。該行料其全年的毛利穩定,並有上升趨勢。該行看好福耀玻璃全球汽車玻璃市場的領導地位,料可受惠於電動車和先進駕駛輔助系統(ADAS)在汽車產業的滲透率上升,帶來高附加值及更高的單車銷量。該行維持對其“增持”評級,目標價為50港元。
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