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花旗:上調金風科技(2208.HK)目標價至12港元 評級“買入”
格隆匯 10-29 16:01
花旗發表研究報告,預期金風科技(2208.HK) 2020-21年盈利升逾11%,以反映更多出售風電場收益,及經營和財務成本下降,目標價升15%至12港元,維持“ 買入 ”評級。
該行指,金風風力發電機於第三季利潤按季擴張,原因包括生產成本下降、產品組合改變。公司維持其毛利率目標,以及今明兩年銷售分別升13%及15%,而今年上半年增長為11%。收入方面,公司手頭訂單亦已大致鎖定銷售價格。
公司今年目標是銷售10.5GW風力發電機,而明年是高於14GW,海外銷售分別為1.4GW及2GW,預期2021年海外銷售進一步提升,舒緩內地銷售削減,實現電網平價。隨着規模效應和成本控制,公司將降低研發開支、銷售及行政開支和財務成本佔收入比例3個百分點至17%。同時六條生產線合併至三條,將帶來更多彈性。

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