《大行报告》汇丰上调内地新能源股目标价 行业迎结构性增长 首选风电板块
汇丰研究发表报告,上调内地风电及太阳能板块行业预测,反映更乐观的增长展望。据国家能源局数据,内地去年增加48GW太阳能产能及72GW风电产能,胜市场预期,该行料在即将到来的「十四五」规划,装机料进一步加快。
该行提升全球太阳能装机2021至2025年预测,当中提升中国内地预测由原先的介乎45至85GW,上调至介乎55至85GW。增长看似具结构性,容许该行看好相关设备股。在太阳能供应链方面,该行看好多晶矽及太阳能玻璃生产商,源於供需关系改善;同时料晶圆生产商在供应过剩下毛利率续受压。太阳能玻璃方面,销售均价去年升45%,未来两至三个月料续升,直至因新产能投入而回落至较低水平。该行并上调2021至2025年内地风电新装机预测,指风电潜在被市场低估。
汇丰偏好风电设备股多於太阳能股,主因估值计风险回报较佳,重申予金风科技(02208.HK)「买入」评级,即使销售均价受压,仍受惠销量增加,成本减省;另东方电气(01072.HK)及上海电气(02727.HK)亦受惠风电增能增加。
太阳能板块方面,汇丰偏好信义光能(00968.HK);并上调龙源电力(00916.HK)目标价,以反映增展前景改善。龙源计划首次A股集资,而同业均具溢价,将有助其进行潜在并购,亦成为潜在股价催化剂。详细投资评级及目标价见另表。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.