美银证券:赣锋锂业锂价回调反映多重忧虑 公司指市场需求预期已过于悲观

智通财经
2 hours ago
【美银证券:赣锋锂业锂价回调反映多重忧虑 公司指市场需求预期已过于悲观】美银证券发布研报称,赣锋锂业在电话会议上讨论近期锂价弱势,似乎反映多重市场忧虑,包括主要行业参与者削减订单的传闻、电池出货强劲但下游储能装机及电动车销售未跟上所引发的供需错配及库存累积忧虑、上海有色网数据修订所引发的隐性库存猜测,以及高仓单未必代表库存充裕等问题。该行维持"买入"评级,H股目标价70港元。该行指,赣锋不同意悲观论调,不认为电池持有大量库存,公司库存偏低、行业偏紧,现货供需非常紧张,今年处于短缺且去库存持续,并非需求崩溃的市场。公司假设明年供应增长20%至25%、需求增长约25%,认为市场需求预期已过于悲观;公平锂价约为15万元人民币,但10万至12万元人民币是关键支撑,成本上升快于预期,在12万元人民币水平已可见供应减少。

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