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《大行》富瑞降信義光能(00968.HK)目標價至4.59元 評級「買入」
富瑞研究報告指出,信義光能(00968.HK)2025年上半年收入、淨利潤分別爲109.32億、7.46億元人民幣,分別按年減6.5%、59%,符合其上半年業績預告。毛利率年減8.6%至18.3%,較2024年下半年的3.3%有所回升。海外出貨量增加(特別是北美)有助於緩解太陽能玻璃價格疲軟,因客戶由於關稅政策的不確定性加速訂單。信義光能管理層提及,太陽能玻璃價格可能於2025年7月觸底,行業正在削減供應,但信義光能在必要時也準備好再次應對價格競爭。 該行更新信義光能2025、2026、2027財年收入及淨利潤預測,至186.2億、207.67億、224.08億元及11.88億、20.23億、27.51億元人民幣;並將信義光能的目標價從5.07元下調至每股4.59港元,採用2027財年每股盈餘15倍市盈率,折現率10%。評級「買入」。 富瑞表示,信義光能是全球最大且成本最低的太陽能玻璃製造商之一,擁有30%的市場份額;又認爲公司將受益於太陽能的長期增長趨勢,但未來兩年行業產能增加將超過需求,信義光能正在加速自身產能擴張,並優先考慮市場份額增長而非短期盈利能力。隨着產能的推出,價格下調不可避免,富瑞認爲這將導致多年盈利下降。該行預期隨着公司更多產能上線,價格將進一步下調。
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