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《大行》瑞銀首予協鑫科技(03800.HK)「買入」評級 目標價1.9元
阿思達克 07-31 10:07
瑞銀研究報告指,協鑫科技(03800.HK)可受惠於反內捲政策下的供應削減,公司的生產成本較低且能源效率優於同行。在市場低迷下,公司的顆粒矽市佔率由2024年初的12%升至今年首季的25.8%,當中逾四成客戶為一、二線企業。在行業整合期間,該行預期公司可展示顯著的超額收益能力,加上持續提升的產品品質與純度,公司技術研發扎實,長期表現可跑贏同行。 該行指,協鑫科技目前市賬率(PB)較A股同行低,但資本回報率(ROIC)較同行高;首予「買入」評級,目標價1.9元。
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