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大行評級|中銀國際:上調福耀玻璃目標價至68港元 重申“買入”評級
中銀國際發表報吿,預計福耀玻璃第三季福耀總收入有望保持按季增長態勢,並首次超過100億元人民幣,主要得益於國內市場的季節性改善及強勁的海外市場需求拉動。剔除匯兑影響,預計第三季核心淨利潤在毛利率提升的推動下,有望按季提升至21億元,再創歷史新高。毛利率將按季提升至38%以上。中銀國際將福耀玻璃2024至2025年淨利潤預測上調分別4至6%至73億和80億元以反映更高的毛利率假設。當前,福耀港股股價對應15.9倍2024年預期市盈率和14.4倍2025年預期市盈率,考慮到其持續超預期的盈利表現及將在中長期不斷增強在全球汽車玻璃行業的龍頭地位,該行認為當前估值並不昂貴。該行重申“買入”評級,並上調目標價至68港元,對應20倍2025年預期市盈率。
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