交银国际:协鑫(03800.HK)飙升 料因FBR夥粒硅已具大规模生产条件
保利协鑫(03800.HK)今日中午股价飙升24%报1.12元,成交额11亿元。据交银国际上周五发表报告表示,保利协鑫股价近期大幅上涨源於一些利好信息。公司FBR(硅烷流床法)夥粒硅项目已具备大规模生产的技术条件。公司当前颗粒硅产能约年产1万吨,公司预计明年下半年有望扩张至年产3万吨,完全达产後年产能达到5.4万吨。
交银国际认同保利协鑫FBR工艺的技术先进性及规模生产的可行性,但产品成本以及工艺稳定性等关键指标仍不明朗,因此该行对公司估值持谨慎态度。
该行将保利协鑫2020年每股基本亏损0.02元调整至亏损0.067元人民币,2021年每股基本盈利0.013元上调至0.024元人民币,2022年每股基本盈利0.011元上调至0.027元人民币,基於市净率0.8倍,目标价由0.25港元上调至0.93港元,维持「中性」评级。
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