2025-05-19-Bernstein-印度工业与基础设施Premier和Waaree能源公司2025财年第四季度短期前景强劲_但我们维持长期观点_16页_561kb

Bernstein Research updates price targets and earnings forecasts for Premier Energies and Waaree Energies based on strong short-term performance, but maintains an Underperform recommendation due to concerns about future industry supply glut and valuation. For Premier Energies, the EBITDA rose 186% year-over-year and the price target increased from INR 693 to INR 780. Waaree Energies saw EBITDA grow 121% YoY and its price target raised from INR 1,902 to INR 2,087. Key risks include potential US-China trade policies delaying SE Asia cell imports, Middle East manufacturing capacity expansion, and competition in India's growing solar market, which is expected to add 30 GW annually. Analysts highlight backward integration and new business ventures like battery storage, but note challenges like import restrictions and market saturation. Overall sustainability of high returns depends on policy support and successful integration plans.

Briefly, both companies are increasing capacity to capture market opportunities, with Premier adding wafer and ingot lines, and Waaree expanding modules and cells, but the long-term view remains cautious.