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《大行報告》匯豐研究上調中車時代(03898.HK)目標價至55元 評級「買入」
匯豐研究發表報告指,中車時代電氣(03898.HK)管理層維持對擴展電動車市場抱持保守態度,報告引述管理層指其第二條IGBT(絕緣柵雙極電晶體)生產線正處於測試,對在年底大規模生產的時間表未有改變,該行稱對此感略爲失望。 該行認爲監於全球芯片短缺,內地IGBT生產商有很好的機會從全球同業那裏獲取市場份額,但機會不會一直持續。該行分析師預料電動車IGBT產能制約將在明年緩解。另外,報告指公司的IGBT產品已理想汽車(02015.HK)和小鵬汽車(09868.HK)中進行了測試,有可能從明年開始成爲除國有背景汽車製造商之外的主要新客戶。該行亦認爲二號生產線量產也可能會釋放一號生產線的部分產能,長遠可用於新能源市場發展,例如太陽能或風能需求。該行估計功率半導體對收入的貢獻可能會從2020年的5%增加到2025年的14%,但盈利或可能需要3-5年。 該行指,公司A股發行於未來兩週成事,料可支持新業務的發展和市值管理,維持「買入」評級,目標價由49元升至55元。
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