《大行報告》匯豐研究下調天齊鋰業(09696.HK)目標價至92元 降贛鋒鋰業(01772.HK)目標價至73元
匯豐研究發表研究報告指出,鋰價創新高下,帶動鋰業股去年第四季業績一如預期強勁。當中,天齊鋰業(09696.HK)上季盈利創新高,鋰精礦及鋰化合物的毛利均超預期,但被高過預期的少數股東權益所抵銷。派息率20%。
至於贛鋒鋰業(01772.HK)雖然產品均價創新高,但上季盈利按季下跌,主要由於原材料成本上升及銷量低過預期,但其電池毛利率較高(去年達17%),令該行意外。
該行看好鋰業股長期前景以及估值不高,但認為隨著鋰價下跌,鋰業股將繼續受壓。然而,一旦鋰價隨著電動車需求回升而企穩(可能於今年第三季出現),相信鋰業股股價將作出正面反應。對贛鋒鋰業H股目標價由77元下調至73元,對天齊鋰業H股目標價由95元下調至92元,兩股均維持「買入」評級。
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