《大行》里昂微升信義光能(00968.HK)目標價至4.1元 料受惠供給側改革
里昂研究報告指,信義光能(00968.HK)上半年收入及淨利潤分別按年跌6.5%及58.8%,與早前盈警一致,基於供需不平衡引致太陽能玻璃價格疲弱。該行認為,在搶裝潮後需求轉弱的情況下,企業已開始對窯爐進行冷修並延遲產能擴張,令行業庫存回落至30天以下。
該行仍然認為,太陽能玻璃龍頭企業應該會是供給側改革的主要受益者。基於投資者對供給側改革的憧憬,將信義光能目標價由4元微升至4.1元,重申「跑贏大市」評級,並將2025、26及27年淨利潤預測分別下調60.9%、33.6%及22.6%,基於產能擴張減慢及銷售價格預測被下調。
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