[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) [表格_页眉 1] [Table_yemei1] 观点聚焦 Investment Focus 研究报告 16 Feb 2024 全球能源战略 中国液化天然气购买量增加；欧洲液化天然气需求增长将导致全球液化天然气市场紧张 [表格_信息] 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 69.00 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 Presentation: Global Energy Ideas and Read Across for Asia (7 Feb 2024) TotalEnergies (TTE FP): Good LNG Offset by Weaker Refining; Dividend Raised; Buyback Extended (7 Feb 2024) Presentation: Global Energy Ideas and Read Across for Asia (7 Feb 2024) Global energy equities to sustain good dividend yield and buybacks; Good returns for renewables (6 Feb 2024) Saudi not pursuing an increase in oil production capacity seems an acknowledgement of a greener world (30 Jan 2024) 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) （本条注释是对最初于 2024 年 2 月 14 日用英文撰写并发布的注释的中文翻译） 对太阳能和海上风电的积极评价 我们的《全球能源战略》报告重点介绍了全球主要能源公司在财报季的管理层更新，这对太阳能和风能公司以及液化天然气生产商来说都是一个积极的解读。 看好液化天然气前景；中国液化天然气购买量增加：道达尔能源对 2024 年...
