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中金:降龙源电力(0916.HK)至5.3港元 维持“中性”评级
格隆汇 09-11 10:38

中金发布报告称,龙源电力(00916.HK)2019年1-8月,共实现发电量33,236GWh,同比增长1.1%。其中,风电发电量 26,477GWh,同比增长1.8%,主要受益于风速提升;火电发电量同比降低1.7%,或与电力需求下滑及部分火电机组进行维修有关。

该行估算,8月风电利用小时数同比增长8小时或7%至136小时, 主要考虑风资源改善。大部分地区风资源较7月有所改善,尤其是华东和华南地区,风速分别同比增长4.3%和11%。分省份来看福建、重庆和湖南风电发电量增速最快,分别同比增长184%、117% 和 86%;而上海、浙江和南非增速最慢,分别同比下滑 37%、24% 和 24%。

该行表示,依然对风电抢装保持谨慎,预计补贴发放延期将持续令估值承压。维持“中性”评级。补贴目录中新增可再生能源产能的潜在影响引发市场担忧,因此该行将目标价下调17%至5.3港元,对应8.3倍2019年和7.5倍2020年市盈率,较当前股价有19%的上行 空间。当前股价对应7.0倍2019年和6.3倍2020年市盈率。

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