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《大行報告》大摩上調贛鋒鋰業(01772.HK)目標價至199元 評級「增持」
摩根士丹利發表研究報告指,贛鋒鋰業(01772.HK)通過一系列收購,已擴闊上遊資源渠道,並在鋰生產和電池業務上加以擴張,認爲長遠而言有助確保其在全球鋰業中的領先地位。 報告指出,贛鋒鋰業繼續在國內外上遊資源和中遊鋰化學制造領域擴張,基於上遊和中遊的歸屬產能,估計贛鋒的自給率可由今年的約30%,提升至2025年約54%,更高的自給率令公司成爲更加垂直整合的鋰業企業,有助捕捉鋰化學品價格潛在上漲趨勢。 大摩指出,贛鋒完成現有項目收購及增持後,將在美洲及中國生產鋰;除中國和歐洲外,美國市場將成爲電動汽車相關鋰需求的下一個增長動力,反映出公司全球佈局清晰。 雖然市場憂慮鋰價再上行空間有限,以及磷酸鐵鋰(LFP)可能會降低氫氧化鋰需求,但大摩表示,最近見到電池製造商開始提高價格,以轉移成本壓力,加上冬天內地滷水產量季節性下調,疊加農曆新年前補貨潮,料推高價格,因此提高對贛鋒2021至2022年每股盈利預測,目標價由189元升至199元,評級「增持」,認爲近期H股股價回調是投資者入市良機。
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