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大行評級|大摩:信義光能中期淨利潤符合預期 予其目標價5.8港元及“增持”評級
格隆匯 08-01 13:35
摩根士丹利發表研報指,信義光能中期淨利潤按年增長41%,表現符合預期,主要來自於期內產品銷量上升、生產成本下降,以及去年同期基數較低所帶動。董事會宣派中期股息每股0.1港元,即派息比率為約45%。管理層在電話會議中透露,基於當前供求情況,預期2毫米玻璃價格仍有下行空間,同時由於中國新產線投產時間推遲,預期今年全年有效營運產能將降至980萬噸。大摩指出,受到需求疲軟及供應高企的雙重打擊,光伏玻璃價格在過去兩個月急跌,從4月份的每平方米17.5元下跌至目前的14元,市場整體經營壓力仍然存在。不過由於行業有部分產能須進行維護,大摩估計可能略微緩解供應高企的壓力,加上預期安裝旺季需求回升,將支持行業基本面或於下半年起略有改善。大摩給予信義光能“增持”評級,目標價為5.8港元。
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