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《大行報告》匯豐研究下調保利協鑫(03800.HK)目標價至3.7元 評級「買入」
阿思達克 12-17 10:19
匯豐研究發表報告,指保利協鑫(03800.HK)折讓2.4%配股淨籌近50億元,應能支持明年的擴張資金, 並料原矽價格的快速下降將緩解對投入成本的擔憂,維持「買入」評級,但在考慮到新股稀釋因素後,下調2022-23年每股盈測7%至8%,將目標價由4元調低至3.7元,不過相信該股未來仍會有多種積極的催化劑。 匯豐研究指,保利協鑫已經計劃在明年積極擴張其顆粒多晶矽生產,這將令產能從今年底的2.4萬噸提升到明年底的25.4萬噸,導致明年的資本支出或達120億元人民幣,配股將帶來支持。 該行提到,明年隨著供求關係的慢慢改善,多晶矽的價格可能會呈逐漸下降趨勢,加上中國的電力短缺問題已基本得到改善,工業矽的價格已從10月份的高位下降66%,應有助於緩解對多晶矽生產商的原材料成本的擔憂。
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