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瑞信: 大幅上调保利协鑫能源(03800)目标价900%至2.2港元 评级“中性”

智通财经 ·  {{timeTz}}

智通财经APP获悉,瑞信发布研究报告,将保利协鑫能源(03800)评级由“跑输大市”上调至“中性”,目标价由0.22港元大幅上调900%至2.2港元。

报告中称,鉴于多晶硅现货价格较高,目前约为每公斤110元人民币(下同),而2020年的平均价格为每公斤76元,预计保利协鑫在2021财年会转盈,认为经过最近的股价调整,当前的估值,预计2021年的21倍预测市盈率变得更加合理。

该行认为,颗粒状多晶硅的质量仍然是关键问题,将判断能否可以扩大市场份额,并克服高纯度的要求所带来的挑战。去年其太阳能发电场子公司出售资产后,以及2021年1月相对较大的配股,相信公司的偿付能力风险已经降低。鉴于多晶硅价格上涨,预计2021-22年现金流量也可能变强,基于较高的多晶硅价格假设,将2021-22财年预测更改为纯利约25及26.5亿元。

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