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信義能源(03868.HK)料購母企電場後業績有較大增長採高派息政策
阿思達克 06-18 08:07

由信義光能(00968.HK)分拆的太陽能電場營運商信義能源(03868.HK)5月底在聯交所主板上市。公司行政總裁董貺(水崖)表示,已於6月3日完成由母公司收購總核准容量為540兆瓦的6個太陽能發電場項目,公司營運規模增加至1,494兆瓦總核准容量,共15個大型地面集中式太陽能發電場項目。由於容量增長超過50%,預期公司今年下半年及明年的業績表現可有較大增長。

他指,現時公司負債率低,未來適當增加負債進行收購,以提高每股盈利及股東回報也屬合適。而公司對母企的電場資產有優先購買權,但沒有傾向以收購母企資產為先,會同時關注第三方電場的收購機會,目標為補貼少、處用電需求旺盛地區及單一規模大的項目。

董貺(水崖)直言,現時中國全國太陽能電場的收購機會頗多,除安徽、福建等公司已有項目的地區外,華東華南等地亦有不少機會及選擇,但公司並沒有對將來的新增裝機容量設下目標。

內地自去年年中起相繼出台各種政策,減少對太陽能發電的補貼及推動平價上網。他認為政策相當正面及清晰,向市場表明補貼會越來越少,有助推動行業技術加速進步。在成本持續下降的趨勢下,估計明年太陽能發電行業可做到全國性的平價上網。而平價上網項目由於無補貼,現金流會更加健康,電價亦可做到與火電相約。

董貺(水崖)又稱,去年中國社會用電量增長較GDP增長為高,太陽能發電所佔比例僅2.5%,因政府致力推動使用清潔能源,相信未來太陽能發電的增長空間仍大。而公司為電場營運商,加上項目所在地的日照時間穩定,可提供穩定收入,風險亦較電場建設商為低。另外,公司採取高派息率政策,計劃每年分派不少於可供分派收入的90%。

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