[Table_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) [Table_yemei1] 观点聚焦 Investment Focus 研究报告 1 Feb 2024 全球能源战略 沙特不追求提高石油产能似乎是对一个更绿色世界的认可 [Table_Info] 市盈率 P/E 股票名称 评级 目标价 2024E 2025E Albemarle Outperform 200.00 11.0 8.4 Array Tech. Outperform 25.00 10.5 8.0 Ballard Power Outperform 6.50 n.a. n.a. 布鲁姆能源 Outperform 28.00 66.7 18.4 Clearway Energy Outperform 34.00 18.4 19.1 Enphase Energy Neutral 115.00 28.6 19.5 INPEX Outperform 2,700 7.3 7.0 利文特 Outperform 31.00 9.8 7.2 Lynas Rare Earth Outperform 12.00 42.2 15.7 MP Materials Outperform 45.00 34.5 10.2 Nextracker Outperform 54.00 20.6 16.6 普拉格能源 Neutral 5.00 n.a. n.a. SolarEgde Tech. Neutral 100.00 77.8 12.9 Vestas Wind Sys. Outperform 290.00 42.8 21.5 JGC Holdings Outperform 2,386 12.6 11.5 RENOVA Neutral 1,450 8.3 23.7 资料来源： Factset, HTI Related Reports Improving Refining and Chemicals Outlook in China (30 Jan 2024) Another Good Year for Oil Services; Higher Margins; More LNG FIDs in 2024 (26 Jan 2024) US New Energy Deep Dive; US New Energy to recover, but be selective (23 Jan 2024) Vietnam New Energy Deep Dive; Opportunities in Vietnam’s green revolution (22 Jan 2024) Unsustainable lithium prices likely to see more supply delays and cuts; Lithium equities valuation almost at a 10-yr low (18 Jan 2024) HTI’s Proprietary Global New Energy M&A Database; Fossil fuel deals outpace new energy transactions, but M&A may recover in 2024 (16 Jan 2024) Lithium prices so far averaging c60% below our FY24 forecast; Sharp rise in Chinese lithium supply despite robust demand (15 Jan 2024) Lower Rare earth prices despite positive demand fundamentals; Magnet margins possibly the worst since May 2023 (15 Jan 2024) Vestas, Nextracker, Bloom Energy – key picks into earnings (12 Jan 2024) What’s 4Q23 earnings looking like – Wind equities and Korea old energy offers best earnings and value balance (9 Jan 2024) Global Energy 2024 outlook; Theme #10: Focus on value and feedstock cost advantage for Global petrochemical/fertilizer names (5 Jan 2024) Global Energy 2024 outlook; Theme #9: Cautious Refiners (4 Jan 2024) Global Energy 2024 outlook; Theme #8: Beaten down Rare Earth sector, but positive fundamentals (4 Jan 2024) Presentation: Global Energy 2024 Outlook: US New Energy to Recover, but Be Selective (3 Jan 2024) （本报告为 2024 年 1 月 30 日发布的英文报告的翻译版。） 关注全球能源股的价值和股息率 沙特阿美（海通国际未覆盖）已收到国家能源部的一项指令，将最大可持续产能维持在 1200 万桶／日，而不是继续增加到 1300 万桶／日（见新闻稿），这对于全球石油服务长期支出前景来说似乎不太积极，并可能增加...
