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《大行報告》瑞信上調東岳集團(00189.HK)目標價至17.5元 評級「跑贏大市」
阿思達克 07-30 10:43
瑞信發表研究報告,指現時市況波動,正好給予投資者機會購入具結構性增長能力的股份,例如新能源車,相信東岳集團(00189.HK)為新能源車供應鏈中的一隻潛力股。近期在PVDF(聚偏二氟乙烯,氟碳塗料的原材料之一)價格急升(較2021上半年急升75%),令投資者開始關注該市場。瑞信升其2021至2023年每股盈利10%至24%,目標價相應由6.9元升至17.5元,維持「跑贏大市」評級。

該行指出,內地PVDF市場正經歷供需失衡,源於新能源車組裝帶來需求急增,惟在更嚴格審批下新供應有限,料供應緊張情況會持續兩至三年。

瑞信表示,公司透過利用氟化物方面的專長,有能力生產達汽車鋰電池標準的PVDF,而其綜合價值鏈有助捕捉是次PVDF價格上升機會,該行估算PVDF價格每增長10%,將提振公司經營溢利增長6%。

報告稱,即使過去一個月公司股價升120%,但現價仍相當於明年預測市盈率15倍,或市賬率2.3倍,較電池材料同業有70%大幅折讓。

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