大行评级丨小摩:首予建滔积层板“增持”评级及目标价65港元

格隆汇
Sep 23
摩根大通发表研报,首次覆盖建滔积层板,给予“增持”评级,目标价65港元,相当于2026及2027年预测市盈率21倍及13倍,对比过去10年平均12.5倍。该行指出,人工智能及一般服务器需求急增,令玻璃布出现大幅短缺,电子级玻璃布价格今年以来已升逾100%,有望提升公司整合利润率及市场份额。该行预测2025至2028年间每股盈利将升8倍,主要驱动因素包括:行业短缺及向高端CCL迁移带动CCL混合平均售价累计上调150%、江西及广东产能扩张项目、未来两年织布机队规模增加75%,以及HVLP1-3铜箔爬坡及HVLP4潜在客户认证。

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