中信里昂:予福耀玻璃(03606)“增持”评级 目标价上调14.5%至45.8港元

CITIC Lyon: Target price increase for Fuyao Glass (03606) “increase in holdings” rating by 14.5% to HK$45.8

Zhitong Finance ·  Mar 18 23:17

The Zhitong Finance App learned that CITIC Lyon released a research report stating that the target price for Fuyao Glass (03606) was “increased” by 14.5% from HK$40 to HK$45.8, mainly due to adjustments to the price-earnings ratio valuation. The company's gross margin increased 1.4 percentage points year on year in 2023. Due to product upgrades, the average sales price of its automotive glass increased 6% year on year. The report mentioned that the company's capital expenditure plan for 2024 is 8.1 billion yuan, mainly for high-end automotive glass and new plants in East China, and has a positive view on this. However, after the results, the bank lowered the company's net profit forecast for 2024 and 25 by 1.6% and 1.8%, respectively.

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