ENERGY TRANSFER:核心能源基建 构筑价值护城河

华泰证券
02 Jul

首次覆盖Energy Transfer 并给予“买入”评级,目标价23.34 美元(25 年10x EV/EBTIDA)。ET 凭借全产业链布局、Permian 核心地位及出口龙头优势,在能源转型中占据“基础设施红利”。财务稳健+分红增长+管理层执行力构成抗风险壁垒,美国电力需求增长与LNG 全球化机遇提供上行弹性,其不可替代的资产网络、高可预见性现金流及新兴业务布局,使其成为兼顾防御性与成长性的...

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