《大行》匯豐研究升信義玻璃(00868.HK)目標價至7.7元 維持「持有」評級
匯豐研究發表報告指,信義玻璃(00868.HK)上半年錄盈利10億元,按年跌61%,符合早前公布的盈利預告。然而,集團的汽車玻璃業務表現超出預期,產量在新產能的帶動下得以提升,而毛利率則因成本下降而持續擴大。目前汽車玻璃業務目前在毛利的佔比為58%,並料業務貢獻將繼續上升。
該行表示,鑑於浮法玻璃價格已達到部分玻璃製造商的成本,進一步壓縮利潤的可能性不大。該行認為低迷的行業盈利能力和持續的「反內捲」運動或會引發浮法玻璃未來減產,從而導致更健康的供需關係。這將使信義玻璃等具成本競爭力的龍頭企業賺取高於行業平均水平的超額利潤。同時,汽車玻璃業務增長應有助限制股價下行空間。該行將信義玻璃目標價由7.3元上調至7.7元,維持「持有」評級,料今年全年股息率約為4%。
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