《大行報告》大和下調保利協鑫能源(03800.HK)目標價至0.2元 評級「跑輸大市」
大和發表研究報告,將保利協鑫能源(03800.HK)目標價由0.29元降至0.2元,指出晶圓生產的碳排放風險比純下游太陽能設備高,預計上半年公司將保持虧損狀態,或蝕2.61億元人民幣。
報告指,保利協鑫能源2019年每單位收入的溫室氣體排放強度,是該行可再生能源發電商最高之一,考慮到預期公司在2020至2022年仍將處於淨虧損狀態,因此任何碳排放成本增加,都將對其已經疲軟的財務狀況造成進一步的壓力。同時,保利協鑫能源目前沒有計劃在未來幾年新增太陽能發電場,預期未能從中國經核證減排(CCER)政策中受惠。
但該行指,由於目前晶圓生產尚未被列為國家碳交易體系覆蓋的高耗能行業,因此政策風險短期不變,重申「跑輸大市」評級。
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