研報掘金|華泰證券:微降信義玻璃目標價至9.54港元 維持“買入”評級
華泰證券發表研究報告指,信義玻璃今年上半年實現收入及歸母淨利潤分別爲98.2億與10.1億元,按年下降11.6%及59.3%,歸母淨利潤符合業績預告(按年跌55%至65%),業績按年下滑主因浮法玻璃價格按年下降、信義光能投資收益下滑、以及資產減值損失增加。該行認爲,公司作爲浮法玻璃龍頭,具備規模和成本優勢,且汽車玻璃等多元化佈局有望助力公司中長期發展,維持“買入”評級,目標價由9.6港元微降至9.54港元。考慮到浮法玻璃價格按年延續下滑趨勢,該行下調信義玻璃浮法玻璃銷售均價假設,將2025至2027年每股盈利預測分別由0.72、0.83與0.93元,下調至0.51、0.62及0.74元。
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