越秀证券:升新天绿色能源(0956.HK)评级至“买入” 目标价降至2.44港元
越秀证券发表报告表示,新天绿色能源(0956.HK)上半年天然气业务维持急速增长,相关收入按年上升41.9%至42.5亿元(人民币,下同),主要受惠天然气业务增长提速,叠加气价毛差上升,而收入及利润占比进一步提升至65.7%及27.9%,相对洁净能源业务的增长则较为平稳,按年上升14.3%至210亿元。该行将公司评级由“增持”升至“买入”,而目标价则由2.67港元,下调8.6%%至2.44港元。
报告认为,公司受惠国家整体天然气供应稳定性提高及区内爆改气发展天然气业绩增长能见度高,但公司洁净能源业务风电装机增长进度不确定性高,因此调整相关业务的收入及利润增速,将2019财年天然气业务的收入及EBITDA增长预测由27.2%及56%,上调至31.3%及96%,而2020财年的增长预测则由24.9%及41.9%转变至25.1%及20.91%,而2021财年由23.3%及24.7%至转变至23.6%及18.32%。
报告又指,由于预测未来2-3年公司风电及光伏发电业务的风电新增装机进度将放慢,将2019财年风电及光伏发电业务的收入及EBITDA增长预测由8.6%/10%,下调至7.3%/9.3%,2020财年由16.6%16.6%下调至9.8%/9.5%,而2021财年则由10.8%/8.3%下调至7.2%/7.1%。
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