全球能源行业战略：油服增长及利润率稳健全球能源并购有利于美国石油服务业-231026（42页）.pdf

1、 Table_yejiao1 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer)【表_页眉 1】观点聚焦 研究报告 Research Report 26 Oct 2023 全球能源战略全球能源战略 Global Energy Stra

2、tegy 油服增长及利润率稳健；全球能源并购有利于美国石油服务业 Table_Info 市盈率 P/E 股票名称 评级 目标价 2023E 2024E Albemarle Outperform 240.00 6.3 7.7 Array Tech.Outperform 28.00 20.1 14.3 Ballard Power Outperform 8.00 n.a.n.a.布鲁姆能源 Outperform 33.00 n.a.37.4 Clearway Energy Outperform 43.00 23.0 13.2 Enphase Energy Outperform 248.00 24.8

3、 19.7 INPEX Outperform 2700 8.0 7.6 利文特 Outperform 37.00 8.5 7.2 Lynas Rare Earth Outperform 12.00 23.7 12.5 MP Materials Outperform 56.00 57.6 20.9 Nextracker Outperform 50.00 22.6 17.5 普拉格能源 Outperform 15.00 n.a.n.a.SolarEgde Tech.Outperform 300.00 13.1 11.1 Vestas Wind Sys.Outperform 300.00 n.a.3

4、0.2 JGC Holdings Outperform 2,386 13.6 12.9 RENOVA Outperform 1,450 6.9 14.5 资料来源：Factset,HTI Related Reports EU Support for Wind Industry;Positive for Vestas(24 Oct 2023)Global Energy M&A highlights sector value and an elevated long term oil price(24 Oct 2023)Buy Livent,JGC,Nextracker and Plug into

5、 the results and be more cautious on Vestas,Clearway Energy,MP Materials,Enphase and RENOVA(17 Oct 2023)Global Ideas across the old and new energy value chain(16 Oct 2023)Positioning across the Global old energy and new energy value chain;定位全球“旧能源”和“新能源”价值链(16 Oct 2023)Improvement in NdPr Oxide Pric

6、es,but Challenging Earnings Environment;Low Magnet Margins Persisting(16 Oct 2023)EV Battery Producers Likely to Outperform New Energy Sub-sectors;Downside Risks for Lithium Prices(16 Oct 2023)Increasingly tight Global LNG market;Potential for Higher LNG prices;Positive for LNG Producers/Contractors