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《大行報告》匯豐上調內地新能源股目標價 行業迎結構性增長 首選風電板塊
阿思達克 01-25 15:57
匯豐研究發表報告,上調內地風電及太陽能板塊行業預測,反映更樂觀的增長展望。據國家能源局數據,內地去年增加48GW太陽能產能及72GW風電產能,勝市場預期,該行料在即將到來的「十四五」規劃,裝機料進一步加快。

該行提升全球太陽能裝機2021至2025年預測,當中提升中國內地預測由原先的介乎45至85GW,上調至介乎55至85GW。增長看似具結構性,容許該行看好相關設備股。在太陽能供應鏈方面,該行看好多晶矽及太陽能玻璃生產商,源於供需關係改善;同時料晶圓生產商在供應過剩下毛利率續受壓。太陽能玻璃方面,銷售均價去年升45%,未來兩至三個月料續升,直至因新產能投入而回落至較低水平。該行並上調2021至2025年內地風電新裝機預測,指風電潛在被市場低估。

匯豐偏好風電設備股多於太陽能股,主因估值計風險回報較佳,重申予金風科技(02208.HK)「買入」評級,即使銷售均價受壓,仍受惠銷量增加,成本減省;另東方電氣(01072.HK)及上海電氣(02727.HK)亦受惠風電增能增加。

太陽能板塊方面,匯豐偏好信義光能(00968.HK);並上調龍源電力(00916.HK)目標價,以反映增展前景改善。龍源計劃首次A股集資,而同業均具溢價,將有助其進行潛在併購,亦成為潛在股價催化劑。詳細投資評級及目標價見另表。

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