《大行報告》大和首予新特能源(01799.HK)「買入」評級看46元 料今年純利升逾兩倍
大和發表研究報告,首予新特能源(01799.hk)「買入」評級,目標價46元,此相當預測今年市賬率3.5倍。該行稱,公司為全球第四大多晶矽生產商,隨著其實際產能逐漸擴大至80ktpa,至今年底完成約1.9GW建設-擁有-運營(BOO)產能,料其今年純利按年升逾兩倍,2019至2022年純利年均複合增長料達71%。
該行稱,與一線多晶矽生產商通威股份(600438.SH)及大全新能源(DQ.US)比較,市場予新特能源估值不合理地低。即使新特能源因多晶矽價格谷底反彈,股價自去年12月以來累升約三倍,其現估值相當於今年預測市盈率12.7倍,較大全低出53%及較通威低出67%。
大和預期多晶矽長期供應短缺,推高價格,料新特能源估值將續升。另新特能源近期宣布潛在A股發行,大和料交投量將持續上升,A股發行集資所得將支持未來產能擴張。該行料2020至2022年新特能源在多晶矽市佔維持約10%,料A股發行可收窄其與同業估值差距。
大和料新特能源今年純利可按年升218%至18.2億元人民幣,明年進一步升至20.17億元人民幣。
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