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《大行》匯豐降信義光能(00968.HK)福萊特玻璃(06865.HK)目標價續籲買入
匯豐環球研究報告指,內地今年首5個月急趕安裝太陽能,安裝量已達198吉瓦。基於6月1日起電價變動,公用事業公司正推遲投資,以等待政策變得更明確。截至7月9日,太陽能玻璃平均售價分別按月及按年跌17%及31%,反映基本面疲弱。但近期中央政策呼籲減產,或可推動行業整合,將有助支持中期價格,亦解釋到近日信義光能(00968.HK)及福萊特玻璃(06865.HK)的股價回升。 報告提到,太陽能玻璃庫存仍在積累,內地主要太陽能玻璃生產商已同意減產30%,但信義光能和福萊特玻璃尚未確認;該行料生產商會透過暫時封堵爐口等措施來減少供應,並認為任何由政府推動以解決產能過剩及惡性價格戰的重整政策,均會是行業催化劑。 該行料信義光能上半年淨利潤按年跌67%,而福萊特玻璃次季淨利潤按年跌71%,按季升1.04倍;將信義光能目標價由4.4元降至4.2元;福萊特玻璃H股目標價由14.3元降至13.8元,A股(601865.SH)目標價由24.5元人民幣降至22.6元人民幣;均予「買入」評級。同時予信義能源(03868.HK)「持有」評級,目標價由0.9元升至1.3元。
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