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信义能源(03868.HK)料购母企电场後业绩有较大增长采高派息政策
阿思达克 06-18 08:07

由信义光能(00968.HK)分拆的太阳能电场营运商信义能源(03868.HK)5月底在联交所主板上市。公司行政总裁董贶(水崖)表示,已於6月3日完成由母公司收购总核准容量为540兆瓦的6个太阳能发电场项目,公司营运规模增加至1,494兆瓦总核准容量,共15个大型地面集中式太阳能发电场项目。由於容量增长超过50%,预期公司今年下半年及明年的业绩表现可有较大增长。

他指,现时公司负债率低,未来适当增加负债进行收购,以提高每股盈利及股东回报也属合适。而公司对母企的电场资产有优先购买权,但没有倾向以收购母企资产为先,会同时关注第三方电场的收购机会,目标为补贴少、处用电需求旺盛地区及单一规模大的项目。

董贶(水崖)直言,现时中国全国太阳能电场的收购机会颇多,除安徽、福建等公司已有项目的地区外,华东华南等地亦有不少机会及选择,但公司并没有对将来的新增装机容量设下目标。

内地自去年年中起相继出台各种政策,减少对太阳能发电的补贴及推动平价上网。他认为政策相当正面及清晰,向市场表明补贴会越来越少,有助推动行业技术加速进步。在成本持续下降的趋势下,估计明年太阳能发电行业可做到全国性的平价上网。而平价上网项目由於无补贴,现金流会更加健康,电价亦可做到与火电相约。

董贶(水崖)又称,去年中国社会用电量增长较GDP增长为高,太阳能发电所占比例仅2.5%,因政府致力推动使用清洁能源,相信未来太阳能发电的增长空间仍大。而公司为电场营运商,加上项目所在地的日照时间稳定,可提供稳定收入,风险亦较电场建设商为低。另外,公司采取高派息率政策,计划每年分派不少於可供分派收入的90%。

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