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《大行報告》大和降福萊特玻璃(06865.HK)評級至「跑贏大市」 目標價維持26元
阿思達克 02-16 10:43
大和發表研究報告指,福萊特玻璃(06865.HK)的光伏玻璃料出現供過於求的狀況,市場憂慮其均價進一步下跌,首季業績很大可能遜於預期,集團評級由「買入」下調至「跑贏大市」,維持目標價26元。 該行表示,全行大規模產能擴張的情況與其預期一致,截至今年2月9日,光伏玻璃日熔化產能達到每天8.14萬噸,較去年12月底的7.49萬產能增長8.7%,按年增長81.5%。該行認為,基於今年全球太陽能裝置320GW的基本情況,光伏玻璃可能會出現供過於求的情況,供需比為55%。 該行指,除了供需失衡導致平均售價下行風險外,集團在成本方面也面臨不利局面。由於冬季供暖季節尚未結束,天然氣成本仍處於相對較高的水平,純鹼價格亦呈上升趨勢,年初至今上漲2.7%。此外,由於低端企業的良品率差距正在縮小,料集團未來與低端企業的成本控制差距可能會縮小。
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