【券商聚焦】招银国际首予重塑能源(02570)“买入”评级料新一轮补贴或成短期股价催化剂

金吾财讯

Mar 06

金吾财讯 | 招银国际研报指，重塑能源(02570)从燃料电池系统制造起家，逐步自研膜电极和双极板等核心零部件，并拓展到制氢设备。自2021年起，重塑一直占据中国燃料电池系统销量的前两名（该机构估算市场份额在18-27%之间），并展示出了强于竞争对手的技术know-how和成本控制能力。该机构预测重塑至少保持18%的市场份额，在25-27财年的系统销量为1,200/1,400/3,600台，对应收入为6.6亿/7.5亿/16.7亿元。该机构预计重塑的净亏损在25-27财年逐步收窄，并于28财年在经营利润层面扭亏为盈。首次覆盖予以“买入”评级，目标价80港元，基于4倍27财年P/S。该机构提到，新一轮补贴或成短期股价催化剂。该机构预计2026-30年的氢能补贴会在今年上半年公布，并比上一轮更快落实。该机构预计本轮补贴会适用于更多示范城市群及更多氢能的下游应用，或导致总补贴额比上一轮翻倍。由于近几年的成本下降导致必要的单车补贴减少，该机构预计新一轮的氢能补贴在2026-30年期间至少支撑10万燃料电池汽车的销量，4倍于上一轮补贴。该机构认为制氢和氢能基建也将受益于新补贴。由于目前燃料电池销量的低基数，该机构认为新一轮补贴对头部玩家的销量提振会非常明显。

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It is expected that a new round of subsidies may become a short-term stock price catalyst","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02570":1.5},"content_text":"金吾财讯 | 招银国际研报指，重塑能源(02570)从燃料电池系统制造起家，逐步自研膜电极和双极板等核心零部件，并拓展到制氢设备。自2021年起，重塑一直占据中国燃料电池系统销量的前两名（该机构估算市场份额在18-27%之间），并展示出了强于竞争对手的技术know-how和成本控制能力。该机构预测重塑至少保持18%的市场份额，在25-27财年的系统销量为1,200/1,400/3,600台，对应收入为6.6亿/7.5亿/16.7亿元。该机构预计重塑的净亏损在25-27财年逐步收窄，并于28财年在经营利润层面扭亏为盈。首次覆盖予以“买入”评级，目标价80港元，基于4倍27财年P/S。该机构提到，新一轮补贴或成短期股价催化剂。该机构预计2026-30年的氢能补贴会在今年上半年公布，并比上一轮更快落实。该机构预计本轮补贴会适用于更多示范城市群及更多氢能的下游应用，或导致总补贴额比上一轮翻倍。由于近几年的成本下降导致必要的单车补贴减少，该机构预计新一轮的氢能补贴在2026-30年期间至少支撑10万燃料电池汽车的销量，4倍于上一轮补贴。该机构认为制氢和氢能基建也将受益于新补贴。由于目前燃料电池销量的低基数，该机构认为新一轮补贴对头部玩家的销量提振会非常明显。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}