《大行報告》匯豐研究下調信義光能(00968.HK)目標價至8.6元 評級「持有」
匯豐研究發表研究報告指出,市場對太陽能的需求預期維持,該行將2022至2025年的全球太陽能安裝預測上調至每年超過254至375吉瓦(GW),較原預期多15%至38%,當中對中國的預測上調介乎23%至50%,至每年98至150吉瓦。
該行預期,2023年多晶硅價格及模塊成本將有所回落,以加速太陽能投資,尤其是公用規模項目。並相信內地太陽能設備監於成本優勢,其出口將保持強勁,但潛在的貿易關稅和美國對當地供應商的補貼,在中期內或構成威脅。
總體而言,該行認爲短期內缺乏太陽能電價的利好政策,加上內地政府對可再生能源補貼的結算仍存不確定性,因此相比起可再生能源公用股,該行更爲偏好光伏設備股。其中,該行對信義光能(00968.HK)維持「持有」評級,目標價由13.6元降至8.6元,認爲與純光伏玻璃公司相比,信義光能的盈利更具韌性,但考慮成本及產品平均售價走勢,該行對公司短期的盈利不確定性持審慎態度。此外,該行對2022至2024財年光伏玻璃毛利率的預測,由原預期的26.9%、28.4%及29.8%,下調至25.8%、24.5%及26%。
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