《大行報告》高盛降金風(02208.HK)目標價至17.5元 評級「中性」
高盛發表研究報告,指金風科技(02208.HK)首季業績對辦,收入按年升25%至68億元人民幣,純利按年升8.6%至9.72億元人民幣。報告稱,風力發電機付運帶動增長,產品組合改善亦提振毛利率,首季按年升7個百分點至28.4%。金風今年市佔率目標達25%。管理層稱,今年首季風力發電機毛利率達15%,指引全年風力發電機毛利率達18%。由於競爭加劇,管理層料今年發電機投標價格趨降,但透過發電機效益及原材料使用率改善,成本減省將加快。
報告稱,金風具穩固積壓訂單,管理層料今年內地風電裝置達35至40吉瓦。高盛另稱,在「十四五」期間風電場經營料加快。首季平均使用時間按年增30%至710小時,高於全國均值。
為反映首季業績及更新發電機價格展望,該行下調金風2021至2025年盈測介乎0.2%至4%,目標價削13%至17.5元,相當於預測2025年企業價值對EBITDA約13倍,評級「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.