《大行》花旗降信義光能(00968.HK)目標價至2.3元 維持「中性」評級
花旗研究報告指,將信義光能(00968.HK)2025年淨利潤預測下調46%,2026至2027年下調32至36%,以反映太陽能玻璃價格較低及預期產量沒有擴張;目標價由3.65元降至2.3元,維持「中性」評級,因市賬率較便宜。
該行認為公司正面對不同挑戰,如銷售價格下滑,5月份2.0mm及3.2mm太陽能玻璃的售價分別按年跌25.5%及17.8%。另外,行業庫存升至29.2日的高位;基於關稅的不確定性,該行料太陽能安裝量於今年4月見頂後將於下半年下跌。再者,來自二線及以下同行的競爭加劇,作為龍頭的福萊特玻璃(06865.HK)和信義光能的生產佔比下跌了2.9個百分點至39.2%。該行又料信義光能2025全年的有效年熔化量將按年跌6.6%至846.8萬噸,而管理層於2月時指引為按年升1%至908萬噸。
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