《大行報告》大和首予天齊鋰業(09696.HK)「跑贏大市」評級 目標價90元
大和發表研究報告,首次給予天齊鋰業(09696.HK)「跑贏大市」評級,預測天齊今年度經常性淨利潤將達到205億元人民幣,高於對贛鋒鋰業(01772.HK)的191億元人民幣預測,當中天齊第二季經常性淨利潤預期達到55億元人民幣,亦高於該行對贛鋒的48億元人民幣預測。
大和表示,智利SQM強勁盈利表現將推動天齊業績增長,同時計及來自其他中國鋰精煉廠第三方處理業者的額外收入,以及考慮到公司上半年鋰輝石成本低於同行,預期今年表現將跑贏同業。
該行又指,天齊H股今年預測市盈率僅5.6倍,低於贛鋒H股的6.7倍,基於未來一年預測市盈率約8.25倍,給予目標價90元。
不過大和同時指出,天齊的長期增長前景不如贛鋒具吸引力,預期明年起贛鋒的產能持續增長,成本控制措施亦漸見成效。
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