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《大行》交銀國際降信義光能(00968.HK)目標價至3.7元 維持「買入」評級
交銀國際發表報告指,信義光能(00968.HK)上半年收入及盈利按年各降6.5%及58.8%,盈利超預告中值6%,下調2025-2027年盈利預測48%、29%及25%,估值由1.2 倍市賬率下調至1倍,並切換至2026年,目標價由4.28元降至3.7元,維持「買入」評級。 報告指,內地光伏搶裝結束後需求下降,光伏玻璃供給則在6月前增加,導致供需差擴大,2.0 毫米玻璃每 平米價格由4月高點的14.25元跌至7月的10.5元,全行業再度陷入虧損。6月以來行業大幅減產,內地在產產能已由5月底的10萬噸降至目前的8.9萬噸,後續或仍將有較大規模減產。在供給減少及組件客戶低價 囤貨的共同推動下,行業庫存天數由7月高點的36天快速降至月底的29天,預計8月起玻璃價格將見底回升。 報告指,7月1日中央財經委第六次會議召開,7月3日工信部部長主持召開光伏企業座談會,強調綜合治理光伏行業低價 無序競爭,推動落後產能有序退出。基於不得低於成本銷售的政策要求, 光伏主材價格大漲,關注該要求會否推廣至光伏玻璃。
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