《大行報告》建銀國際降協鑫科技(03800.HK)目標價至1.4元 剝離新疆棒狀硅資產符合長遠發展策略
建銀國際發表研究報告指,協鑫科技(03800.HK)將透過派息及資本削減,以55億元人民幣現金對價出售江蘇中能持有的新疆戈恩斯38.5%直接股權。集團將在上年度確認交易虧損約40億人民幣。該行認爲,此次剝離新疆棒狀硅資產符合公司的長遠發展策略,相信此次出售所收到的現金將有助於補充公司的資本儲備,併爲中期內硅烷流化牀法顆粒硅項目的擴展提供資金。
該行表示,由於2023年底至2024年初的季節性疲弱及多晶矽供應量增加,預計農曆新年前多晶矽價格將徘徊在當前平均每公斤65元人民幣的低位。該行認爲,庫存控制對於多晶矽製造商非常重要,又相信集團的庫存風險較其他同行低。該行預期太陽能原料業務利潤率較低,同時銷量較高,將2023及24財年的核心盈利預測分別下調36%及5%,惟上調2025財年核心盈測1%,又將目標價由2.6元下調至1.4元,維持「跑贏大市」評級。
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