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《大行報告》美銀證券:贛鋒鋰業(01772.HK)中期業績略勝預期 評級「買入」
美銀證券發表報告指,贛鋒鋰業(01772.HK)發盈喜,料中期稅後淨利潤(NPAT)按年增長408至535%,至72億至90億元人民幣。單計第二季,預計稅後淨利潤介乎37億至55億元人民幣,按季增長4%至55%。核心稅後淨利潤爲49至67億元人民幣,增長58至116%。在計及12億元公允價值損失後,仍遠超過該行預計的33至36億元,因低估了贛鋒鋰業對鋰價上漲的敏感度。 該行指,贛鋒鋰業中期業績略勝預期,就第2季度增長而言,天齊鋰業(09696.HK)增長率最高,爲89%至149%,因爲其高自給率的鋰輝石供應能夠把握原料價格上漲。不過,贛鋒增長仍大幅高於依賴外部採購的雅化集團(002497.SZ)和盛新鋰能(002240.SZ)。該行對贛鋒目標價爲104港元,維持「買入」評級,因估值不高,2023財年預測市盈率爲10.8倍。
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