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交银国际:维持大唐新能源(1798.HK)“买入”评级 目标价0.89港元
格隆汇 08-30 10:47

交银国际发表研究报告称,大唐新能源(01798.HK)上半年销售收同比增长2.9%至44.92亿元人民币,归属母公司股东净利润下降7.2%至8.26亿元人民币,净利润低于市场普遍预期。基于中期业绩表现,该行下调对其今明两年每股基本盈利预测18.2%及9.6%,并调低目标价25.2%,由1.19港元降至0.89港元,维持“买入”评级。

该行表示,由于弃风率继续下跌及去年基数偏低,预计下半年公司风电发电小时数仍将增加,尤其是预计山东地区风况改善,可提高下半年电价水平。不过,受折旧提高的影响,预计公司今年全年的毛利率同比略为下降。

该行指出,截止6月底,公司累计装机容量9吉瓦,在建项目容量1.9吉瓦,公司预计年内能完成1吉瓦的并网,但预计实际并网量达到目标的约60%,明年才能实现更高的并网装机量。上半年公司计提了约8000万元人民币的在建工程减值准备,由于公司在建工程较多,可能需要继续计提减值准备。 

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