大和:升贛鋒鋰業(1772.HK)目標至46.5港元 維持優於大市評級
大和發表研究報告指,贛鋒鋰業(1772.HK)年產5萬噸氫氧化鋰生產線將於今年底投產,相信資本支出效益、產能增長及議價能力都較理想,重申對其優於大市評級,並將目標價由39.5港元上調至46.5港元。
大和指,贛鋒鋰業氫氧化鋰的擴產計劃料可如期完成,帶動公司到今年底LCE年產能將增至10萬噸,惟受疫情影響,公司另一項4萬噸碳酸鋰的擴產計劃於近期已中止,料將順延至明年才完成。公司估計,未來兩年LCE總產能將分別達6至7萬噸及8至7萬噸。電池業務方面,公司目前正開發各種鋰電池,尤其是用於未來電動車的固態鋰電池,令公司業務間形成強大協同效應。
該行續稱,公司管理層説近期國內碳酸鋰價格有小幅度上漲,反映其價格已見底。另外,公司亦與TESLA簽訂合約,將可推動其電池需求。而旗下電池級碳酸鋰產品於去年約有70%是出口海外市場,儘管今年國內及海外市場銷售佔比或會有所變化,惟公司稱大部價格均按照長期合約的定價收取,料較現時鋰價有溢價。然而,隨著其他大型鋰業也開始增產,估計未來鋰價將會持續疲弱。

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