《大行報告》高盛微升贛鋒鋰業(01772.HK)目標價至115元 評級「買入」
高高盛發表研究報告,表示經調整全球鋰價格預測後,決定將贛鋒鋰業(01772.HK)今明兩年的經常性每股盈利預測亦相應上調2%至169%,並將2024至2027年預測下調4%至8%,預計贛鋒穩健的項目管道及經營成本改善,將支撐公司鞏固市場份額及盈利空間。
該行指,現時贛鋒鋰業H股及A股股價年初至今較同業落後41%及25%,部分是由於合約價格動態及原材料自給率較低,當中已反映出中期及長期風險預期,估計中期及長期鋰價將分別介乎每噸8,450至17,364美元及每噸15,000美元水平。
高盛預計氫氧化鋰價差將從上半年的每噸4萬美元下調至下半年的1.9萬美元,但相信對盈利不會造成太多負面影響,另外將贛鋒2022至2027年電池業務毛利預測上調4%至57%,預計電池業務到2027年將為毛利貢獻約30億元人民幣,佔總利潤的約13%,並將目標價由114元上調至115元,評級「買入」。
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