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大和:升贛鋒鋰業(1772.HK)目標價至57港元 維持買入評級
格隆匯 11-04 12:50

大和發表研究報告指,贛鋒鋰業(1772.HK)在一線代工生產製造商提供頂級鋰源,在質量控制和供應上保持穩定,集團保守估計2020年的純利介乎4-5億元人民幣,或低於市場預期的6億元,該行將其目標價由51港元上調至57港元,維持買入評級。

該行指,集團新餘市的每年5萬噸氫氧化鋰項目於10月底開始運營,到明年第二季度將達到滿負荷生產,並於2021年提供2-3萬噸產量。贛鋒鋰業是僅有的兩個能夠突破3萬噸有效的氫氧化鋰容量瓶頸的生產商之一,故其核心競爭力來自其質量控制,另一核心競爭力是其供應穩定,贛鋒預計一些使用鋰輝石的中國二線鋰精煉廠將面臨生產中斷,但集團相信一線代工生產將繼續依靠其供應,這很大程度上不受質量和供應中斷問題的影響。

贛鋒鋰業指,鋰輝石和碳酸鋰的價格在中國有所反彈,相信每噸將分別達至500美元及7000美元。受疫情影響,氫氧化鋰的設施利用率仍保持90-95%。惟大和指,短期內對鋰的平均價格持更為悲觀的態度。

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