1、 【表_页脚1】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。（免责声明的英文译文请参见附录）【表_页眉 1】观点聚焦 研究报告 Research Report 19 Oct 2023 年月日 全球能源战略全球能源战略 Global Energy Strategy 贯穿新能源和传统能源价值链的全球理念 【表_信息】市盈率 P/E 股票名称 评级 目标价

2、2023E 2024E Albemarle Outperform 240.00 7.0 8.3 Array Tech.Outperform 28.00 21.2 15.5 Ballard Power Outperform 8.00 n.a.n.a.布鲁姆能源 Outperform 33.00 n.a.50.4 Clearway Energy Outperform 43.00 21.4 15.8 Enphase Energy Outperform 248.00 26.0 20.0 INPEX Outperform 2700 8.6 7.9 利文特 Outperform 37.00 10.4 8.

3、7 Lynas Rare Earth Outperform 12.00 22.8 21.7 MP Materials Outperform 56.00 86.1 24.0 Nextracker Outperform 50.00 23.4 18.1 普拉格能源 Outperform 15.00 n.a.n.a.SolarEgde Tech.Outperform 300.00 16.9 14.3 Vestas Wind Sys.Outperform 300.00 721.5 27.8 JGC Holdings Outperform 2,386 13.9 13.1 RENOVA Outperform

4、 2,375 9.0 19.0 资料来源：Factset,HTI Related Reports High penetration and strong growth in September;Great potential in 4Q23(11 Oct 2023)US Hydrogen Development Accelerating;Buy Plug,Bloom Energy and Ballard(11 Oct 2023)Increasingly tight Global LNG market;Potential for Higher LNG prices;Positive for LN

5、G Producers/Contractors(11 Oct 2023)Argentina election potentially supportive for the lithium industry;Buy Livent and Albemarle(10 Oct 2023)Rising Middle East tension,but significant impacts to physical oil supply unlikely(9 Oct 2023)Middle East Drilling IPOs Highlights Positive Oil Service Cycle an

6、d Value in China Names(3 Oct 2023)US New Energy Deep Dive;IRA clarity likely to see further acceleration in new energy investment(25 Sep 2023)Oil Price Rally Overdone;Sharp Decline in Refining Margins Suggest Demand Response;Elevated Energy Prices in the Medium Term(19 Sep 2023)Strong 3Q Earnings Mo