金吾财讯 | 国元国际研报指，新特能源(01799)2025年一季度实现收入人民币31.99亿元，营业成本人民币30.06亿元及归属于上市公司股东的净亏损人民币2.63亿元。行业周期底部，公司经营亏损，大额资产减值，A股上市撤回以及调出港股通等多重利空已经释放。未来在特变电工集团资金支持，以及应收账款保理等积极措施下，将有力保障公司穿越周期底部。该机构指，基于目前多晶硅价格，下行空间已极为有限。2025年整体行业业绩将持续承压，下半年在供给侧持续停产检修措施下，预期2026年供需关系改善后，价格有望回归理性。考虑公司风光电站建设及运营资产价值，公司价值严重低估，该机构更新公司盈利预测，初步判断2026年公司将回归正常盈利。给予公司5.66港元/股目标价，对应2026年8倍PE，目标价较现价有32%的涨幅空间，给予“买入”评级。
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