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【大行言論】信義玻璃(0868-HK)漲0.88%,摩通維持中性評級 @ 2012-02-28T14: Back Hot News
Keyword:信義
Concept:信義玻璃盈利 , 8億元
信義玻璃(868)純利跌近兩成,毛利率因價格競爭及原材料成本上升而大跌,加上派息減少,業績令人失望,更即時反映...
信義玻璃昨日公布年度業績,截至去年十二月底,全年收益錄為82.27億港元,同比增29.3%。然而,純利同比下降19.5%,只錄得12.65億港元,。末期派息0.05港元,與上一年同期派息0.13港元同比下降超過60%。淨利潤的大幅下滑,主要由於浮法玻璃及太陽能玻璃產品的價格競爭劇烈,原材料及生產成本上漲及緊縮的貨幣政策侵蝕了毛利。該公司預期國內浮法玻璃市場的需求及價格仍會繼續波動。雖然該公司積極開拓海外汽車玻璃市場並擴大高性能低輻射建築玻璃的市場占有率,但從年報上看,浮法玻璃的收益依然在總收入中占有最大的比重,高達41.23%,因此短期內,浮法玻璃需求及價格的波動依然會對該公司的前景有很大的影響。我們相信浮法玻璃的價格仍有待行業庫存消化後,便有機會見到明顯改善,但投資者短期內仍宜保持較審慎的態度。公司股價自去年11月宣布擱置分拆其太陽能業務上市之後,就一直在低水平徘徊,表明部份消極因素已被提前消化,因此我們預計該股短期內不會出現大跌的情況。
信義玻璃公布截至去年底止全年業績,營業額上升29.3%至82.3億元,純利減少19.5%至12.6億元,毛利率大跌 11.5個百份點至28.6%,末期息每股派5仙,減少61.5%。信義玻璃中午收報4.77元,跌0.6%。

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