大行評級|中銀國際:上調福耀玻璃目標價至72港元 次季業績或成扭轉股價表現的催化劑
中銀國際發表研究報吿,預計福耀玻璃次季收入按年增長13%至14%,達到107至108億元,主要得益於國內汽車玻璃收入提速(預計按年增長超15%)以及海外汽車玻璃銷售的穩步增長;毛利率較一季度35.4%改善超過1個百分點,主要得益於規模效應的提升、主機廠額外返利壓力減輕,以及純鹼等原材料和運費下降帶來的成本節約;加上歐元兑人民幣的大幅升值估計帶來超過3億元匯兑收益,並預計第二季度公司淨利潤有望達到25億至26億元,再創季度新高。
在中國汽車零部件廠商中,該行認為福耀玻璃通過海外產能和出口供應的靈活佈局率先實現海外擴張,同時近十年公司積極在美國完成產能建設,這意味着在當前地緣環境下,公司較大多數零部件公司在經營上具備更強的韌性和抗風險能力。該行維持福耀玻璃“買入”評級,目標價從65港元上調至72港元(基於2025年20倍預期市盈率),公司接下來公佈二季度業績或將成為扭轉其股價年初至今表現落後的催化劑。
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