大行評級|交銀國際:下調福萊特玻璃目標價至11.3港元 首季大幅扭虧超預期
交銀國際發表研究報告指,福萊特玻璃首季盈利1.06億元,遠勝於市場預期的虧損7000萬元,並較上季虧損2.89億元大幅扭虧爲盈。內地2mm光電玻璃均價按月上升,同時純鹼價格下跌及降本增效致成本下降,推動毛利率及淨利率按季大幅上升8.8及9.6個百分點,分別至11.7%和2.6%,高於該行預期3.3個百分點。
該行表示,由於內地二、三線企業投產超出預期,而且考慮到對等關稅對越南產能的影響,下調福萊特玻璃2025至27年的盈利預測15%、10%及9%,將目標價由13.45港元下調至11.3港元。另外,由於產品價格上漲,該行預計公司次季盈餘可望按季大幅增加,集團盈利優勢仍然明顯,維持“買入”評級。
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