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福莱特玻璃:辉立证券-福莱特玻璃-6865.HK-成本优势将随着光伏玻璃价格回落而凸显-210524

研报作者:章晶 来自:辉立证券 时间:2021-05-24 19:00:39
  • 股票名称
    福莱特玻璃
  • 股票代码
    6865.HK
  • 研报类型
    (PDF)
  • 发布者
    ta***er
  • 研报出处
    辉立证券
  • 研报页数
    5 页
  • 推荐评级
    买入
  • 研报大小
    1,262 KB
研究报告内容

EQUITYRESEARCH Page | 1 | PHILLIPCAPITALHONGKONGRESEARCH 福萊特玻璃(6865 HK) 成本優勢將隨著光伏玻璃價格回落而凸顯 中國|工業用品|公司報告 24 May 2021 投資概要 21年首季業績再次飈升,大升289% 受益于行業高景氣度延續和新産能投産,福萊特玻璃2021年首季實現營業收入20.57 億元,同比增長70.95%,實現歸母淨利潤8.38億元,同比增長289.38%,環比增長 2.6%,再創歷史新高。

盈利能力指標創新高 一季度光伏玻璃的價格維持在40/32元每平米的高位區間,較往年同期高11-14元左 右,是光伏玻璃廠家保持高盈利能力的前提條件。

另外從産品結構方面看,高毛利的 薄玻璃占比同比提升19個百分點至超30%,産品結構繼續優化提升了毛利率水平。

首 季公司毛利率錄得58.2%,同比提高18.4個百分點,環比略低0.3個百分點。

公司期間費用率表現良好,銷售/行政/研發/財務費用率分別變動-1.5/+0.7/+0.9/-2.1個 百分點,行政費用提高主要因爲股權激勵和員工薪資增加,研發費用增加主要因研發 項目增加所致;財務費用减少主要因利息費用减少和匯兌收益增加所致。

最終淨利率爲40.74%,同比提升22.9個百分點,環比提升4.33個百分點,盈利能力 指標均創歷史新高。

25億的A股定增完成後,公司的資産負債表得到加强。

同時,公 司增加了部分原材料儲備和存貨,以備未來波動。

成本優勢將隨著光伏玻璃價格回落而凸顯 2月公司公告擬增發丌超過 7600萬股H股,用于補充營運資金,有利于進一步加强公 司資産結構。

3月29日公司公告將投資58億元新增6座1200噸/天的産綫(嘉興2條+安徽4 條),預計將于2022-2023年投産。

2020年底,公司産能約爲6400噸/天,目前産能 爲8600噸/天,今年年底預計達到12200噸/天,全部投産後公司總産能預計將達到 19400噸/天,龍頭地位更加穩固。

在成本上,公司將建設終點至安徽産綫的天然氣管道直供項目,進一步加强未來公司 成本管控力,鞏固成本優勢。

三月底四月初,隨著行業供給快速釋放,下游逐漸進入淡季需求增速放緩,公司主動 大幅下調産品價格三成左右,預計將緩解下游成本壓力,增加需求,另一方面,也有 助于抑制行業産能過快膨脹,優化行業供給。

而受益于技術/規模/資本/客戶優勢,公 司的成本優勢將隨著市場價格回落而更加凸顯,市占率有望擴大。

評級:買入(維持) 現價HKD: 22.05 (現價截至2021年5月20日) 目標價HKD: 33 (+50%) 公司資料 普通股股東(百萬股) : 2146 市值(港幣百萬元) : 9923 52周最高價/最低價(港幣元) : 40.05/5.28 主要股東% 阮氏家族54.85 股價&恒生指數 Source: Aastock, Phillip Securities (HK) Research 財務資料 CNY mn FY19 FY20 FY21EFY22E Net Sales 4807 6260 9829 14350 Net Profit 717 1629 2168 3135 EPS, CNY 0.370.831.041.46 P/E, x 54.0 22.3 17.6 12.5 BVPS, CNY 2.313.705.466.56 P/BV, x 8.6 5.0 3.4 2.8 DPS 0.030.210.230.33 Div. Yield (%) 0.1% 1.1% 1.2% 1.8% Source: Company reports, Phillip Securities Est. 研究員 章晶 (+ 86021-51699400-103) zhangjing@phillip.com.cn Page | 2 | PHILLIPCAPITALHONGKONGRESEARCH FLATGlass Company Report 投資建議 儘管近期價格下降,但長期來看光伏行業熱度丌减,我們對公司的未來預期樂 觀。

考慮到市價調整和新産能投建,我們調整盈利預期,相應調整目標價至33 港元,對應2021/2022年各26.3/18.8倍P/E,和5/4.2倍P/B,維持買入評級。

(現價截至2021年5月20日) 風險 光伏行業需求下降,價格戰 原材料成本上升 Peer Forward Valuation Trend comparison (6865.HKVs 968.HK) Source: Bloomberg, Phillip Securities Hong Kong Research Page | 3 | PHILLIPCAPITALHONGKONGRESEARCH FLATGlass Company Report 財務資料 (現價截至2021年5月20日) Page | 4 | PHILLIPCAPITALHONGKONGRESEARCH FLATGlass Company Report PHILLIPRESEARCHSTOCKSELECTIONSYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERALDISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any product described in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products which may be described in this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in this research should take into account existing public information, including any registered prospectus in respect of such security. Disclosure of Interest Analyst Disclosure: Neither the analyst(s) preparing this report nor his associate has any financial interest in or serves as an officer of the listed corporation covered in this report. Firm’s Disclosure: Phillip Securities does not have any investment banking relationship with the listed corporation covered in this report nor any financial interest of 1% or more of the market capitalization in the listed corporation. In addition, no executive staff of Phillip Securities serves as an officer of the listed corporation. Availability The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction. Information contained herein is based on sources that Phillip Securities (Hong Kong) Limited (“PSHK”) believed to be accurate. PSHK does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. PSHK (or its affiliates or employees) may have positions in relevant investment products. For details of different product's risks, please visit the Risk Disclosures Statement on . 2021 Phillip Securities (Hong Kong) Limited Total Return Recommendation Rating Remarks >+20% Buy 1 >20% upside from the current price +5% to +20% Accumulate 2 +5% to +20%upside from the current price -5% to +5% Neutral 3 Trade within ± 5% from the current price -5% to -20% Reduce 4 -5% to -20% downside from the current price <-20% Sell 5 >20%downside from the current price Page | 5 | PHILLIPCAPITALHONGKONGRESEARCH Contact Information (Regional Member Companies) SINGAPORE Phillip Securities Pte Ltd 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101 Tel : (65) 65336001 Fax: (65) 65353834 .sg MALAYSIA Phillip Capital Management Sdn Bhd B-3-6 Block BLevel 3, Megan Avenue II, No.12, Jalan Yap Kwan Seng,50450 Kuala Lumpur Tel (60) 321628841 Fax (60) 321665099 .my JAPAN Phillip Securities Japan, Ltd 4-2 Nihonbashi Kabutocho, Chuo-ku Tokyo 103-0026 Tel: (81) 336662101 Fax: (81) 336640141 .co.jp INDONESIA PTPhillip Securities Indonesia ANZTower Level 23B, Jl Jend Sudirman Kav 33A, Jakarta 10220, Indonesia Tel (62) 2157900800 Fax: (62) 2157900809 .co.id CHINA Phillip Financial Advisory (Shanghai) Co. Ltd. No 436 Heng Feng Road, Green Tech Tower Unit 604 Shanghai 200070 Tel (86) 2151699400 Fax: (86) 2160911155 INDIA PhillipCapital (India) Private Limited No.1,18th Floor, Urmi Estate,95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013 Tel: (9122) 23002999 Fax: (9122) 66679955 .in THAILAND Phillip Securities (Thailand) Public Co. Ltd. 15th Floor, Vorawat Building, 849 Silom Road, Silom, Bangrak, Bangkok 10500 Thailand Tel (66) 222680999 Fax: (66) 222680921 .co.th FRANCE King & Shaxson Capital Ltd. 3rd Floor,35 Rue de la Bienfaisance 75008 Paris France Tel (33) 145633100 Fax : (33) 145636017 UNITEDKINGDOM King & Shaxson Ltd. 6th Floor, Candlewick House,120 Cannon Street London, EC4N 6AS Tel (44) 2079295300 Fax: (44) 2072836835 UNITEDSTATES Phillip Futures Inc. 141 WJackson Blvd Ste 3050 The Chicago Board of Trade Building Chicago, IL 60604 USA Tel (1) 3123569000 Fax: (1) 3123569005 AUSTRALIA PhillipCapital Australia Level 10,330 Collins Street Melbourne VIC 3000 Tel (+61) 386339803 Fax (+61) 386339899 .au SRILANKA Asha Phillip Securities Limited Level 4, Millennium House,46/58 Navam Mawatha, Colombo 2, Sri Lanka Tel: (94) 11 2429100 Fax: (94) 112429199 /home.htm HONGKONG Phillip Securities (HK) Ltd 11/FUnited Centre 95 Queensway Hong Kong Tel (852) 22776600 Fax: (852) 28685307

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