大行評級|花旗:上調金風科技目標價至5.35港元 重申“買入”評級
花旗發表研報指,金風科技透過產品結構升級及更好的成本控制,將其風力發電機銷售毛利率由2024財年上半年的3.9%,預計提高至2025至2026財年的8%以上。花旗提及,金風科技海外訂單目標由2023財年的2GW(吉瓦),增加至2024財年的4GW,預計2025財年將達5GW。另外,金風科技於2024年上半年獲3GW新增訂單,在中國內地離岸風電招標中佔40%市場份額。花旗上調金風科技2024至2026年各年淨利潤預測介乎20%至53%,並預計2024至2026財年風力發電機組銷售毛利率,將分別達4.8%、7.3%及8.2%。另外,當風電機組毛利率較基本情況每上升1個百分點,其2024財年淨利將增加2.15億元,即8.5%。花旗認為出口和離岸銷售提升其毛利,有望推動估值重評,將金風科技目標價由4.3港元上調至5.35港元,重申“買入”評級。
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