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《大行报告》大和首予新特能源(01799.HK)「买入」评级看46元 料今年纯利升逾两倍
阿思达克 01-29 15:30
大和发表研究报告,首予新特能源(01799.hk)「买入」评级,目标价46元,此相当预测今年市账率3.5倍。该行称,公司为全球第四大多晶矽生产商,随着其实际产能逐渐扩大至80ktpa,至今年底完成约1.9GW建设-拥有-运营(BOO)产能,料其今年纯利按年升逾两倍,2019至2022年纯利年均复合增长料达71%。

该行称,与一线多晶矽生产商通威股份(600438.SH)及大全新能源(DQ.US)比较,市场予新特能源估值不合理地低。即使新特能源因多晶矽价格谷底反弹,股价自去年12月以来累升约三倍,其现估值相当於今年预测市盈率12.7倍,较大全低出53%及较通威低出67%。

大和预期多晶矽长期供应短缺,推高价格,料新特能源估值将续升。另新特能源近期宣布潜在A股发行,大和料交投量将持续上升,A股发行集资所得将支持未来产能扩张。该行料2020至2022年新特能源在多晶矽市占维持约10%,料A股发行可收窄其与同业估值差距。

大和料新特能源今年纯利可按年升218%至18.2亿元人民币,明年进一步升至20.17亿元人民币。

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