汇丰银行-全球-能源行业-海上风力发电走向全球-2019.2-102页.pdfVIP免费

Disclaimer&Disclosures:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofithttps://www.research.hsbc.comPlayinterviewwithSeanMcLoughlinOffshorewindGoingglobalTheriseoftheUSandnewAsianmarketsoverthenextdecadeisagrowthopportunityfortheEuropeansupplychainAsturbinessuper-scaletodrivedowncosts,oil&gasentrantsarenewcompetitorsforutilitiesandsuppliersalikeWehighlight10Buy-ratedstocksthatoffersectorexposureEqUITIESIndustrIalsFebruary2019By:SeanMcLoughlin,AdamDickens,TarekSoliman,KimFustier,EvanLiandGordonGray1EQUITIES●INDUSTRIALSFebruary2019ExecutiveSummary2Investmentthemes6Europegrowthspurtpost202113TakeoffbeyondEurope18Supplychainexpanding25Wheredooffshoreoilfieldservices(OFS)fitin?35Companysections43Nexans(NEXFP)44Prysmian(PRYIM)47ShanghaiElectric(2727HK)50SiemensGamesa(SGRESM)52SifGroup(SIFGNA)55Iberdrola(IBESM)58Ørsted(ORSTEDDC)62Petrofac(PFCLN)66Saipem(SPMIM)69WoodPlc(WG/LN)72Equinor(EQNRNO)75RoyalDutchShell(RDSLN)79Subsea7(SUBCNO)83TechnipFMC(FTIUS)86VestasWind(VWSDC)89XinjiangGoldwind(2208HK)92Disclosureappendix97Disclaimer100ContentsYashBanthia,contributedtothisreport.YashBanthiaisemployedbyanon-USaffiliateofHSBCSecurities(USA)Inc.,andisnotregistered/qualifiedpursuanttoFINRAregulationsEQUITIES●INDUSTRIALSFebruary20192AnattractivegrowthsectorwithinrenewablesAssuper-scaleoffshorewindturbinesbecomeareality,theindustryissettowitnessaglobalexpansionbeyonditsbirthplaceintheNorthSeaacrosstheAtlanticandintoAsiaataglobal9%CAGRoverthenextdecade.KeyauctionresultsintheUKandUSdueinH12019willprovidethenextdatapointsinanindustrythatisdrivingdownitscostofenergytowardstruecompetitiveness.Newentrantsfromtheoil&gassectorarejoiningtheinvestmentmixandhavethepotentialtochangelong-termcompetitivedynamics,particularlyintheUSmarket.Inthisreport,weassesshowsuppliersinEuropeandAsiaarepositionedforgrowthandwelookattheleadingoilcompaniesinvestinginoffshorewind.WehighlightseveralBuy-ratedstocksacti...