《大行報告》交銀國際升協鑫科技(03800.HK)目標價至1.67元 顆粒硅品質持續提升
交銀國際發表報告指,協鑫科技(03800.HK)去年實現歸母淨利25.1億元人民幣,略高於業績預告中值24.5億元人民幣,剔除出售棒狀矽資產確認虧損39億元人民幣的影響後,下半年淨利約9億元人民幣,較上半年下降84%,主要是由於多晶矽及矽片價格大跌。
該行認為,公司顆粒矽成本為行業最低,去年以來全國多晶矽主產區電價明顯上漲,電耗更低的顆粒矽成本優勢擴大,而隨著品質提升,顆粒矽相比N型棒狀矽的銷售折價也有望收窄,同時鈣鈦礦等業務有望成為新的增長點。基於預測2024年市盈率13倍,上調目標價至1.67元,維持「買入」評級。
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