全球能源行业转型：美国新能源深度剖析IRA细则落地可能进一步加速新能源投资

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【表_yejiao1】本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer)表_yemei1 观点聚焦 研究报告 Research Report 2023 年 9 月 24 日 全球能源转型 美国新能源深度剖析；IRA 细则落地可能进一步加速新能源投资 【表_信息】市盈率 P/E 股票名称 评级 目标价 2023E 2024E Albemarle Outperform 240.00 7.0 8.3 Array Tech.Outperform 28.00 21.2 15.5 Ballard Power Outperform 8.00 n.a.布鲁姆能源 Outperform 33.00 n.a.50.4 Clearway Energy Outperform 43.00 21.4 15.8 Enphase Energy Outperform 248.00 26.0 20.0 利文特 Outperform 37.00 10.4 8.7 Lynas Rare Earth Outperform 12.00 22.8 21.7 MP Materials Outperform 56.00 86.1 24.0 Nextracker Outperform 50.00 23.4 18.1 普拉格能源 Outperform 15.00 n.a.SolarEgde Tech.Outperform 300.00 16.9 14.3 Vestas Wind Sys.Outperform 300.00 721.5 27.8 JGC Holdings Outperform 2,386 13.9 13.1 RENOVA Outperform 2,375 9.0 19.0 资料来源：Factset,HTI 相关报告 Oil price rally overdone;Sharp decline in refing margins suggest demand response;Elevated energy prices in the medium term(19 Sep 2023)Strong 3Q Earnings Momentum q/q for Asia Old Energy,Global Wind and EV Battery Makers(19 Sep 2023)Lower lithium prices to continue;Earnings upgrade for battery producers;Global M&A in progress(14 Sep 2023)Higher margins for Rare Earth magnet makers;Rising NdPr oxide prices,positive for producers(14 Sep 2023)US Hydrogen M&A just the start?US Hydrogen Names a buying opportunity(13 Sep 2023)Widening Global LNG supply deficit;Benefit for LNG value chain plays,but risks for buyers(11 Sep 2023)Oil Price Rally unlikely to Be Sustained Unless China Oil Demand Surprises,but China Energy to Outperform Global Energy Equities;Buy China Oil Services(8 Sep 2023)Presentation：US Hydrogen names underperformance a buying opportunity（美国氢能公司表现不佳买入机会）(8 Sep 2023)US hydrogen names underperformance a buying opportunity(8 Sep 2023)Chinese urea export policy tightening poses some upside for global prices;Positive f