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《大行報告》大摩下調金風科技(02208.HK)目標價至11.14元 評級「增持」
阿思達克 03-12 11:01
摩根士丹利發表報告表示,預測中國的新增風電裝機容量將由2019年的25.8吉瓦增加到2020年的27.8吉瓦,其後自2021年開始將穩定在每年約20吉瓦,又指基於新型肺炎疫情的影響,預期政府可能會考慮延長取消補貼的期限,由今年底延至明年首季甚至上半年,因此部分安裝計劃將由今年轉移至2021年。

報告又指,預期風電銷售於2019至2021年分別為7.8、9及7.1吉瓦,更料2021年平均價格下跌5%至15%。但該行相信,金風科技(02208.HK)在產品質量、規模及生產成本等方面有競爭優勢,故可能會繼續鞏固市場,因此上調其今明兩年盈利預測11%至15%,以反映更高的風電場出售收益,長線而言,預期持續的市場整合及節省財務成本將推動其核心利潤增長,因此維持其「增持」評級,目標價則由11.69元降至11.14元。

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