麥格理:維持金風科技(02208)中性評級 目標價升至12.4港元
麥格理髮表報吿,上調金風科技(02208)目標價13%至12.4港元,維持中性投資評級。
報吿指,自2020年加快裝機後,預計中國風力發電機在5年計劃達到50吉瓦前,需求將會在今年達到低位。該行預計公司今年將會提供10吉瓦,按年減少6%,市場佔比約25%,及後在2022-2023年公司售電量有望增長至12吉瓦及13吉瓦。報吿又料,風力發電機毛利率今年將會有15%,在2022年後將會降至14%,盈利帶來更多不穩定。
報吿又指,預計公司今明年將每年增加1.5吉瓦太陽能發電,及後每年增加2吉瓦,但預計風力發電毛利率將會降至60%,過往5年一直維持65-68%水平,主要由於收費下降,隨着風電貢獻,預計長期毛利率將逐漸增長至略高於20%。

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