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《大行報告》摩通降信義光能(00968.HK)及信義能源(03868.HK)評級至「中性」 目標價下調20%
信義光能(00968.HK)及信義玻璃(00868.HK)斥33億人民幣組多晶硅合營。摩通將信義光能及信義能源(03868.HK)評級由「增持」降至「中性」,將信義光能目標價下調20%至14.8元,將信義玻璃目標價下調20%至4.8元,認爲這投資額對於信義玻璃來說規模不大,然而太陽能玻璃在2022年將與2021年比經歷較弱的行業週期,信義光能作爲行業整合者上可能只會在長遠來說有吸引力。 摩通認爲,信義光能聚合生產經驗,未知其是否具有所需的製造技術,管理層也承認多晶矽行業在2022/2023財年進入下行週期,不見多晶玻璃和太陽能玻璃之間的許多協同效應,即使信義光能能夠長遠成爲一個成功的領先多晶硅公司,它的估值仍然會受壓,認爲成立多晶硅合營是一個壞的舉動。
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