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《大行報告》中信証券升協鑫科技(03800.HK)評級至「買入」 看好顆粒硅業務成長性
中信証券發表報告指,協鑫科技(03800.HK)全年業績符合預期,在不考慮資產減值和出售聯營公司新疆戈恩斯股權帶來的虧損後全年淨利潤超75億元人民幣。顆粒矽品質不斷優化,推動顆粒矽產銷兩旺,公司全年顆粒矽產量達20.36萬噸,隨著技術優化、模塊化產能擴張和品質提升,公司顆粒矽全年成本下降 27%,其中包頭基地生產成本已低至每公斤35.9元人民幣,較棒狀矽成本優勢持續擴大,市佔率有望進一步提升。報告亦提到,集團模組化產能擴張加速,預計2024年底產能可望接近50萬噸;而集團回購註銷及分紅將進一步強化市場信心。 不過,該行指,考慮到矽料價格下降趨勢,調整公司2024至2025年每股盈利預測分別至0.13和0.17港元,新增2026年每股盈利預測為0.21港元,給予公司2024年約13倍市盈率,對應目標價1.8港元,看好公司顆粒矽業務成長性,上調至「買入」評級。
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