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大行評級|大和:上調福耀玻璃目標價至70港元 上調今明兩年盈利預測
格隆匯 03-20 14:17

大和發表研究報告指,福耀玻璃會計政策改變,令去年第四季毛利率低於預期,第四季收入按年升17%至109億元,全年收入則按年升18%至393億元。就2024財年全年而言,公司玻璃出貨量超過1.56億平方米,增長11.2%,其中中國本地市場出貨量按年增長19.3%,海外市場則按年升19.7%,均跑贏乘用車銷售量。

大和預料,踏入2025年,包裝費入賬方式改變料致毛利率較該行原先預測拉低約1.4個百分點;另該行認爲,美國工廠二期產量提升,以及相關勞動成本上升,將會對集團今年毛利率造成壓力。考慮碳酸鈉成本及運費率今年有望下降,該行將公司在2025年至2026年每股盈利預測上調4%至5%,將其目標價由68港元上調至70港元,評級爲“買入”。

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