大行评级|美银:首予建滔积层板“买入”评级及目标价53港元

格隆汇
Aug 12
美银证券发表研报,首次覆盖建滔积层板,予其“买入”评级,目标价53港元,相当于预测今年下半年至明年上半年市盈率12倍,较历史交易均值(9倍)高出0.5个标准差。该行认为建滔积层板受惠于覆铜板(CCL)加价及高端玻璃纤维布短缺的溢出效应,盈利显著扩张。该行表示,建滔积层板的垂直整合能力显著提升其对上游材料短缺及价格上涨的盈利敏感度。2025年的覆铜板(CCL)加价主要是反映铜价上升,而2026年初以来的更频繁加价则主要由玻璃纤维布短缺所致。该行指出,由于AI需求迅速上升及设备前置时间较长,导致玻璃纤维布行业出现结构性失衡,因此预期此上升周期将持续至2027年。

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