《大行報告》高盛調整新能源股目標價 信義能源(03868.HK)、信義光能(00968.HK)及福萊特玻璃(06865.HK)評級「買入」
高盛發表報告指,該行覆蓋研究的中資新能源股,於去年第四季及今年首季的交付有強勁增長,但毛利走勢則各異。雖然內地疫情爆發導致部分物流受影響,但該行相信太陽能今後的勢頭會持續強勁。
高盛表示,由於今年上半年的有效多晶矽供應仍然緊張,預計今年多晶矽價格仍將保持於較高水平,但估計供應緊張將逐步緩和,多晶矽價格料將於今季尾開始趨向溫和,令太陽能供應鏈價格正常化,預期將有助推動太陽能供應鏈內下半年需求及利潤再分配。
另一方面,該行預期內地今年第二季的電網資本開支將保持強勁,風能需求將於渦輪機價格下跌的情況下復甦,且仍看好今年內地電池隔膜(battery separator)的銷售。
高盛調整對中資新能源股的目標價(另見表),稱其覆蓋的中資太陽能及風能股,年初至今股價已平均下跌15%及29%,相信表現疲弱是由於部分企業去年第四季業績差,及市場對疫情相關的生產及物流破壞有憂慮。不過,有關太陽能及風能股現時估值相當於今年企業內含價值(EV/EBITDA)的13.6倍及15.3倍,低於三年歷史平均的13.8倍及19.5倍,相信估值有吸引力。
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