[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) [Table_yemei1] Investment Focus 研究报告 Research Report 7 Sep 2023 全球能源战略 Global Energy Strategy 全球新能源观点；动力电池产能过剩；锂价下跌；欧洲光伏需求强劲 【TableInfo】 市盈率 P/E 股票名称 评级 目标价 2023E 2024E 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 利文特 Outperform 37.00 10.4 8.7 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 2,375 9.0 19.0 资料来源： Factset, HTI Related Reports Perspectives Across the China Old Energy Value Chain; Positive Urea Outlook; Overseas Business to Support Oil Service Margins (31 Aug 2023) Refining Rally to Continue, but Market Unlikely to be Structurally Tight in the Medium Term (28 Aug 2023) Oil Services Seen Best Earnings Upgrades; EV Battery Value Chain to Outperform Korean Old Energy Offers Best Value/Growth Outlook (21 Aug 2023) Presentation: Asia Refining – Short Term Upside or Structurally Tight Outlook? (16 Aug 2023) Lower Lithium Prices and Increased Supply, Possible Downside Risks to Prices, But Robust Demand (14 Aug 2023) D...
