新天绿色能源(0956.HK)：加快开拓燃气业务市场，维持买入评级，目标价 3.18 港元
机构：国元证券
评级：买入
目标价：3.18 港元
投资要点
投资唐山 LNG 接收站及配套外输管线项目： 近期公司唐山 LNG 接收站及配套曹宝段外输管线项目获国家发改委核 准。其中唐山 LNG 接收站总投资约人民币 253.9 亿元，设计总接卸能力 达 1,200 万吨/年，将分三期建设，年接卸能力分别为 500/500/200 万吨， 预计将分别于 2022/2025/2030 年投产；其配套工程曹宝段外输管线项目 起于河北新天唐山 LNG 接收站，止于天津市宝坻分输站，全长 176.18 公里，设计年输气量 112 亿立方米，日最大输气能力 1.6 亿立方米，总 投资约人民币 64.2 亿元，预计将于 2022 年四季度完工。
加快开拓燃气业务市场： 公司唐山 LNG接收站及配套曹宝段外输管线项目建成后可将唐山 LNG 项目引入的海外优质 LNG 气源输送至河北省腹地，通过与中俄东线、 陕京系统、永唐秦等输气管道实现互联互通，将有利于增强河北省及周 边地区天然气供应、储备和应急调峰能力。该项目将进一步提高公司气 源多元化水平，有利于公司加快开拓燃气业务市场，提升燃气业务比重。 1-10 月风电发电量保持较快增长： 公司 1-10 月累计实现风电发电量 68.5 亿千瓦时，同比增 14.1%；利用 小时数为 1,926 小时，虽同比下降 26 小时，但仍高于同期全国平均可利 用小时数 238 小时；限电率约 5.19%，较去年同期下降 0.5 个百分点。 、
维持目标价 3.18 港元，买入评级： 公司目前股价对应 2019 年 PE 和 PB 分别为 4.9 倍和 0.6 倍，股息率约 6.1%。估值优势明显，安全边际高。我们看好公司 A 股发行后，未来流 通性的改善及估值的提升，维持公司目标价 3.18 港元，相当于 2019 年 7.1 倍 PE 和 0.9 倍 PB ，目标价较现价有 45%的升幅，维持买入评级。
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