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异动解读 | Bloom Energy盘中大跌9.31%，做空报告质疑扩产能力及供应链引发市场担忧

异动解读
Jul 10

Bloom Energy Corp (BE) 今日盘中大跌9.31%，引起了市场的广泛关注。

消息面上，做空机构Hunterbrook发布报告，质疑公司5吉瓦年产能需消耗约220吨氧化钪，接近全球年供应总量240吨，并对营收增速及核心客户甲骨文项目许可进度提出质疑。尽管Bloom Energy回应称拥有充足氧化钪供应且供应链不依赖中国，可支撑每年25吉瓦产能，但市场对其长期扩产可行性的担忧尚未完全消除。

此外，宏观经济逆风与利率前景预期的转变也对公司造成压力。作为一家依赖大规模项目融资的资本密集型企业，Bloom Energy对资金成本尤为敏感。利率在更长时间内维持高位的预期压缩了利润空间，并延长了潜在客户的投资回收期，导致清洁能源基础设施的需求出现明显降温。同时，燃料电池行业面临物流瓶颈和高于预期的投入成本，引发外界对公司积压订单执行力和短期内实现正自由现金流的担忧。

分析师群体态度的明显转变进一步加剧了抛售压力。多家研究机构近期下调了该公司的营收增长预期，理由是固体氧化物技术在数据中心市场的普及速度放缓。杰富瑞此前维持持有评级，目标价246美元显著低于市场一致预期，估值偏高信号持续施压。

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