新天綠色能源(00956.HK)：A股IPO成功過會，發行在即，給予“買入”評級，目標價2.35港元
機構：國元證券
評級：買入
目標價：2.35港元
投資要點
A股 IP0成功過會，預計 2020年 6-7月正式發行：2020 年 4 月 9 日，公司 A 股發行申請獲中國證監會通過，接下來將開始定時間準備正式 IPO 發行，預計將在 2020 年 6-7 月完成。公司此次擬登陸上交所主板，發行股數不超過 1.35 億股，發行後總股本不超過38.5 億股，其中 A 股不超過 20.11 億股，H 股不超過 18.39 億股。募集資金擬投入風電場建設，擬使用募集資金 4.42 億元人民幣。預期 A 股IPO 的成功發行，將拓寬公司融資渠道，而且 A+H 後公司將進入港股通，有利於提高市場流通性。
A股 IPO發行後將補發 2019 年股息：2019 年公司實現收入119.43 億元人民幣， 同比增長 19.73%； 毛利為 33.1億元人民幣，同比增長 15.6%；股東應占溢利為 14.15 億元人民幣，同比增長11.51%；每股盈利為人民幣 0.3617 元，同比增長8.36%。公司完成 A股IPO發行後，將補發2019 年股息，根據過往公司派息比率，預計派息率 30-40%。
未來天然氣業務比重將進一步增加：公司 2020年天然氣銷氣增長目標8-9%，主要來自河北農村煤改氣及工業鍋爐改造。2020 年資本開支 100億元人民幣，天然氣業務佔比提升至60 億元人民幣。2019 年公司天然氣業務税後利潤 6 億元人民幣，同比增長 27.8%，佔比31%，同比提升3個百分點。隨着公司加大天然氣業務的投資，未來天然氣業務利潤貢獻比例將進一步提升。
給予買入評級，目標價 2.35 港元：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 2.35港元，相當於 2020 年5倍 PE和 0.6倍PB， 目標價較現價有38%上升空間，給予買入評級。
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