【海通国际】全球能源行业策略：加速人工智能应用；氮肥前景向好；石油市场供应过剩-251207（14页）.pdf

1、 Table_yemei1 观点聚焦 Investment Focus 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)研究报告 Research Report 7 Dec 2025 全球能源全球能源策略

2、策略 加速人工智能应用；氮肥前景向好；石油市场供应过剩 Table_Info Target P/E Name Rating Price 2025E 2026E ADNOC Gas Outperform 3.9 15.7 14.9 ADNOC Drilling Outperform 6.2 16.1 14.9 ADNOC Distribution Outperform 4.7 17.4 16.4 ADNOC L&S Outperform 7.0 11.5 10.9 Borouge Outperform 3.0 19.4 15.8 Fertiglobe Outperform 3.0 25.1 21

3、.2 Array Tech.Outperform 11.8 11.2 9.4 Ballard Power Outperform 6.50 n.a.n.a.Bloom Energy Outperform 31.8 48.3 25.3 Chart Industries Outperform 227.0 12.1 9.7 Clearway Energy Outperform 34.0 38.8 27.4 Industries Qatar Outperform 15.5 15.6 14.1 INPEX Outperform 2,780 7.7 7.1 Maaden Outperform 58.0 31

4、.1 29.1 Nextracker Outperform 69.00 15.3 13.8 Presight Outperform 3.2 23.9 20.1 solutions by stc Outperform 359.0 18.9 17.2 SABIC Outperform 99.0 39.9 23.5 Saudi Aramco Outperform 32.8 16.4 15.8 Vestas Wind Sys.Outperform 131.00 18.6 13.3 Enphase Energy Neutral 85.00 17.4 13.9 Plug Power Neutral 5.0

5、0 n.a.n.a.RENOVA Neutral 1,450 20.6 19.3 SolarEdge Tech.Neutral 100.00 n.a.n.a.JGC Holdings Neutral 1,550 13.7 10.2 MP Outperform 77-77.7 资料来源：Factset,HTI Related Reports Fertiglobe(FERTIGLB UH):Strong beat;Medium-term EBITDA uplift on track(13 Nov 2025)ADNOC Logistics&Services(ADNOCLS UH)Solid resu

6、lts;FY25 and medium-term guidance reiterated(13 Nov 2025)Global Energy Strategy:Positive natural gas outlook;Limited evidence for chemicals recovery (7 Nov 2025)Saudi Arabian Mining(MAADEN AB):Strong EBITDA margins;Phosphate 3 on track;FY25 capex guidance reiterated(7 Nov 2025)沙特基础工业公司(SABIC AB):略有偏