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《大行報告》瑞信料信義系組多晶硅合營短期影響有限 長期可產生協同效應
信義光能(00968.HK)與信義玻璃(00868.HK)成立合營信義晶硅,從事多晶硅生產項目。瑞信發表報告,認為該廠建設期相對較長,短期影響料有限,對信義光能維持「跑贏大市」評級,目標價20元。 瑞信指該多晶硅工廠一期最早可在2023年投產,相信這也有助於分散其太陽能價值鏈風險敞口,使其更好地受益於不斷增長的太陽能需求。長遠而言,合營料可產生協同效應,因在行業垂直整合下,多晶硅及太陽能玻璃有相近客戶群。 該行指,儘管太陽能需求疲軟導致近期玻璃價格疲軟,但預計信義光能將受益於2022年太陽能需求復甦和市場份額增長。
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