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大和:下調保利協鑫能源(3800.HK)目標價至0.27港元 維持“持有”評級
格隆匯 11-20 14:24

大和發表研究報告指,華能集團早前終止向保利協鑫能源(3800.HK)收購協鑫新能源(0451.HK)51%股權,該行認為,由於協鑫新能源的財務狀況仍納入保利協鑫能源的資產負債表中,加上準單晶硅(Quasi-mono)的平均售價有可能在明年崩潰,因此將保利協鑫能源目標價下調40%,由原來的0.45港元降至0.27港元,維持“持有”評級。

大和表示,保利協鑫與華能在6月達成協議,出售協鑫新能源51%股份,該交易將會有助於促進華能的可再生能源裝置組合,並有效減輕協鑫新能源的財務負擔。不過雙方其後發現難以達成協議,該行估計其原因是估值問題。

該行又指,保利協鑫今年開始將產能轉移至準單晶硅,但大和預料全球的單晶片產能,將在2018至2020年期間以47%的複合年增長率增長至150GW,或會導致市場出現供大於求的情況,認為準單晶硅不太可能在未來的價格戰中生存。

另外,該行在相關情況下,將保利協鑫2020年至2021年的每股盈利預測下調14%至21%。

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