協合新能源(00182.HK)：積極開發風電優質平價項目，競爭優勢明顯，給予‘’買入‘’評級，目標價0.4港元
機構：國元證券
評級：買入
目標價：0.4港元
2019年盈利6.04億元人民幣，同比增長20.3%：2019年公司實現收入18.36億元人民幣,同比增長29.8%;毛利為11.21億元，同比增長29.4%;股東應占溢利為6.04億元人民幣，同比增長20.3%。每股基本盈利為7.22分，擬派末期股息每股0.025港元。2019年公司獨資電廠表現良好，2019獨資風電廠發電量增長36.6%;獨資風電廠加權平均利用小時數為2,277小時，比全國平均水平2,082小時高195小時。
2020年1季度發電量同比微降1.89%，2季度將恢復正增長：公司2020年3月份風電發電量為420.03GWh，同比增長0.51%，3月份總髮電量466.91GWh，同比微升0.17%;2020年1至3月份總髮電量為1,217.41GWh，同比微降1.89%。1季度發電量同比微降主要受疫情影響，隨着3月國內復工復產進度的加快，發電量已經逐步回升，預計2季度將恢復正增長。
積極開發風電優質平價項目，競爭優勢明顯：未來公司將加大風電優質平價項目開發力度，把追求度電成本最低作為公司核心競爭力。2019年新增投產總裝機容量386MW，權益裝機容量318MW；其中平價容量149MW。公司2019年新增核准容量886MW，其中平價項目共計741MW，截至目前已核准項目共計1,495.5MW，其中平價容量超過60%。未來3年，公司目標每年新增600-800MW裝機。公司通過用優質平價項目置換具有綠電補貼依賴的存量項目，有利改善現金流，優化負債結構，提高公司整體投資回報率。
更新目標價0.4港元，給予買入評級：我們更新公司盈利預測並結合行業內可比公司估值情況，給予公司目標價0.4港元，相當於2020年0.5倍PB和5倍PE,目標價較現價有33%上升空間，給予買入評級。
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