《大行報告》大摩升金風科技(02208.HK)評級至「增持」 目標價上調至18.12元
大摩發表的研究報告,將金風科技(02208.HK)評級由「與大市同步」升至「增持」,H股目標價由13.31元升至18.12元。該行指出內地期望2030年到碳峰值,該行估計在2025年或之前每年新增風電安裝量將達50吉瓦,到2030年則最少為55吉瓦,而2021/22年則為每年36-40吉瓦左右。該行同時估計風電渦輪更換需求將自2026年起提升,此外公司的風電渦輪利潤於上半年擴張8.3個百分點至20.5%,相信可達到2021財年指引,將公司2021年毛利率估算由14.7%升至18%,並將2022及23年估算由14%升至16%,以反映成本管控見效。
大摩指出,到6月底金風科技正在營運及在建的風電場分別為5.6吉瓦及2.5吉瓦,公司已提升今年新增風電項目投資至1.5吉瓦,並計劃未來將出售其中一半。此外公司亦將運用風電資源鎖定更多來自國企營運商的渦輪訂單。
該行將公司A股及H股目標價提升36%,以反映毛利率估算提升、出售風電場收益增加及長遠渦輪出貨量提升等。(el/k) ~
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