全球能源行业策略：走访中国“新能源”与“旧能源”的感想（上篇）-230605（33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 yemei】观点聚焦 Investment Focus 研究报告 Research Report 5 Jun 2023 Jun 2023 全球能源策

2、略全球能源策略 Global Energy Strategy 走访中国“新能源”与“旧能源”的感想（上篇）Table_Info 市盈率 P/E 股票名称 评级 目标价 2023E 2024E Ballard Power Sys.Outperform 8.00 n.a.n.a.Bloom Energy Outperform 33.00 n.a.46.5 Clearway Energy Outperform 43.00 19.6 18.8 Enphase Energy Outperform 304.00 28.1 21.3 Livent Outperform 37.00 11.3 9.3 Lyna

3、s Rare Earth Outperform 12.00 17.0 18.1 MP Materials Outperform 56.00 22.4 12.7 Plug Power Outperform 15.00 n.a.n.a.SolarEgde Tech.Outperform 373.00 27.1 22.9 Vestas Wind Sys.Outperform 300.00 331.7 33.4 JGC Holdings Outperform 2,386 14.0 13.8 RENOVA Outperform 4,492 48.2 18.4 资料来源：Factset,HTI Relat

4、ed Reports Structurally Tight Rare Earth Outlook;Prefer Overseas Producers over China Peers(19 May 2023)2024 Likely to Be an Inflection Year for US Green Hydrogen;Buy US Hydrogen names(18 May 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(8 May 2023)Globa

5、l lithium outlook,potential for downside price risks,but Livent relatively defensive vs peers(5 May 2023)Cautious on Global fertilizer names;Asia petrochemical cycle may have bottomed;Refining recovery(4 May 2023)Asia refining magins at a“floor”;China PE market“net short”;Strong gas demand growth in

6、 China(2 May 2023)TotalEnergies(TTE FP):Robust Beat;Divestment Supports Transition to New Energy(27 Apr 2023)Positioning Across the Global Old Energy and New Energy Value Chain(24 Apr 2023)Buy Oil Services;No Impacts from OPEC+Output Cuts;LNG Order Cycle to Last until 2026(23 Apr 2023)（本报告为 2023 年 5