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《大行》高盛料太陽能玻璃需求續跌 籲沽售信義光能(00968.HK)福萊特(06865.HK)
高盛研究報告指,信義光能(00968.HK)與福萊特玻璃(06865.HK)(601865.SH)發布的盈利預警均顯著遜預期,雖然自4月起,所覆蓋太陽能玻璃股的股價有所上升,反映市場憧憬反內捲政策下供應收縮及提價,但該行認為行業的盈利下行壓力將在今年下半年至明年進一步加深。 該行將今年第三季至明年的平均售價預測下調介乎9%至20%,至每平方米10至11元人民幣,以反映下半年供需惡化及原材料價格持續通縮,並料第四季玻璃需求的回調幅度會更深。另外,該行料兩間公司下半年的有效產能將較上半年下降約20%,單位生產成本上升10%。 基於有效產能減少、價格下降及成本上升的預測,該行將福萊特玻璃及信義光能2025至26年的EBITDA預測分別下調58%及73%,2027至30年EBITDA預測平均下調2%。福萊特玻璃H股目標價由6.7港元微降至6.6港元,福萊特A股目標價由10.3元人民幣降至10.2元人民幣,信義光能目標價維持1.9港元,均維持「沽售」評級不變。
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