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《大行報告》建銀國際首予天齊鋰業(09696.HK)「跑贏大市」評級 目標價61元
建銀國際發表研究報告指出,天齊鋰業(09696.HK)是內地第二大鋰化合物生產商,充分整合上游優質鋰資源,使其在市場波動的情況下仍能維持高盈利能力。公司計劃未來三年將上游鋰資源產能提高29%,由2022年的162萬噸增至2025年的214萬噸;另計劃將中游鋰化合物產量由2022年的6.88萬噸碳酸鋰當量(LCE),增加至2027年的30萬噸LCE。 該行預期,天齊鋰業在產能穩步擴張,以及低成本鋰精礦供應帶來的成本優勢下,盈利能力較高,料公司明年純利按年增長4%,2025年增長9%。另預期隨著全球市場再平衡,碳酸鋰價格將趨於穩定,估計在全球電動車及儲能行業需求增長的推動下,2024及2025年的碳酸鋰價格將按年增長5%。 此外,該行認為天齊鋰業受惠於去年強勁的現金流和股權融資,公司資產負債表顯著改善,估值吸引,首予其「跑贏大市」評級,目標價61元。
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