《大行報告》匯豐研究首予福萊特玻璃(06865.HK)「買入」評級 調整光伏股目標價
匯豐研究發表報告,擴大對內地光伏板塊覆蓋,首予福萊特玻璃(06865.HK)H股「買入」評級,目標價43元。該行稱,光伏終端需求仍強勁,近期因多晶矽短缺帶來的安裝回落料屬短暫。
由於較佳供需關係,該行仍偏好多晶矽多於晶圓/太陽能電池類股,報告稱多晶矽本週價格維持強勁,由於晶圓生產商補貨,短期未見有重大下行空間,並支持未來六至十二個月供需關係緊張。該行認爲,多晶矽價格有可能小幅調整,並屬正面,可刺激下遊裝機需求,利好供應鏈企業,以至多晶矽生產商。該行喜好大全新能源(DQ.US),因其具成本競爭力及100%多晶矽敞口;其次看好通威股份(600438.SH)。在晶圓/太陽能電池類股方面,則料面對市佔蠶食及毛利壓力風險。
匯豐研究表示,傳統3.2毫米太陽能玻璃銷售均價自年初歷史高位挫半,料短期再下行空間有限,二線生產商在現價僅能收支平衡,將窒礙小型廠商及新進行業者擴張。由於長期太陽能需求仍殷切,這爲龍頭企業提供擴大市佔的空間。該行喜好福萊特玻璃、信義光能(00968.HK)。
此外,報告稱,近期內地政策移除了上網電價不確定性,反映政府對氣候變化目標的投入及利好相關公用板塊。不過,現時資產補貼結算滯後問題仍未解決。即使模組成本上升,但考慮ESG熱潮,料對光伏設備的投資熱情仍會擴張,並偏好光伏設備多於相關公用板塊。該行喜好信義能源(03868.HK)。詳細投資評級及目標價見另表。
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