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《大行報告》瑞信上調東方電氣(01072.HK)目標價至16元 評級「跑贏大市」
瑞信發表研究報告指,國家能源局日前發表《抽水蓄能中長期發展規劃(2021-2035年)》相關文件,重申至2025年抽水蓄能投產總規模將達到62GW,較2020年的32GW增長近一倍。 瑞信指出,東方電氣(01072.HK)在抽水蓄能設備行業中擁有約40%市場份額,預期可成爲政策主要受惠者,估計行業需求未來幾年將顯着提升,由2016至2020年的9GW,增長至2021至2025年的30GW;2026至2030年進一步增至58GW。 該行預期,抽水蓄能業務將爲東方電氣2022至2023年毛利貢獻約12%至16%,考慮到強勁的訂單積壓,將期內每股盈利預測上調19%至24%,目標價至由12元提升至16元,即使近期股價上升,認爲估值仍具吸引力,維持「跑贏大市」評級。
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