《大行报告》高盛降金风(02208.HK)目标价至17.5元 评级「中性」
高盛发表研究报告,指金风科技(02208.HK)首季业绩对办,收入按年升25%至68亿元人民币,纯利按年升8.6%至9.72亿元人民币。报告称,风力发电机付运带动增长,产品组合改善亦提振毛利率,首季按年升7个百分点至28.4%。金风今年市占率目标达25%。管理层称,今年首季风力发电机毛利率达15%,指引全年风力发电机毛利率达18%。由於竞争加剧,管理层料今年发电机投标价格趋降,但透过发电机效益及原材料使用率改善,成本减省将加快。
报告称,金风具稳固积压订单,管理层料今年内地风电装置达35至40吉瓦。高盛另称,在「十四五」期间风电场经营料加快。首季平均使用时间按年增30%至710小时,高於全国均值。
为反映首季业绩及更新发电机价格展望,该行下调金风2021至2025年盈测介乎0.2%至4%,目标价削13%至17.5元,相当於预测2025年企业价值对EBITDA约13倍,评级「中性」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.