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《大行報告》匯豐研究下調協鑫科技(03800.HK)目標價至3元 降新特能源(01799.HK)目標價至13元
匯豐研究發表報告指,多晶矽價格正在築底,但要出現結構性反彈仍需要更多成本較高的工廠退出。次季大部分公司出貨量增加,但平均售價下降令盈利能力受壓。預計協鑫科技(03800.HK)和新特能源(01799.HK)盈利將按季下降,但按年增長。 此外,匯豐研究指,由於過去幾個月多晶矽價格下跌速度較快,見到更多投資者重新審視多晶矽公司。維持對協鑫科技「買入」評級,目標價由3.5元下調至3元,因其在行業下行周期中具成本優勢,毛利率在40%以上。同時維持對新特能源「減持」評級,目標價由14.2元下調至13元,因其成本結構缺乏競爭力,在行業衰退時可能遭受更多損失,而且其A股IPO進展較預期慢。
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