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花旗:升信義光能(0968.HK)目標至12.3港元 維持買入評級
格隆匯 09-24 12:56

花旗發表研究報告指,信義光能(0968.HK)盈利受益於光伏玻璃價格上漲,且市場預期中國政府的發展計劃將提振需求。該行將目標價上調23%至12.3港元,維持買入評級。

花旗預計,今年公司玻璃銷售均價按年上升4%,毛利率約40%;又將2020-22年的盈利預測上調5-8%。該行續指,根據中國行業協會官員,中國今年的光伏裝機容量約40GW,2021-25年每年預計在50-60GW,中國首次提出2060年碳中和目標,明確非化石能源主體能源地位,這意味著十四五開始中國可再生能源發展規劃將進一步提速。

花旗指,如果以2025年18%的非化石能源貢獻節點測算,十四五期間風電、光伏年均新增裝機將達到29GW和81GW,其中光伏年均裝機相當於2019年的約3倍,光伏製造產業鏈料受益於平價時代市場空間的擴展、以及價格止跌,行業龍頭隆基有望受益行業增長邏輯帶來的估值提升。

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