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《大行報告》瑞銀上調龍源(00916.HK)目標價至9元 評級「買入」
阿思達克 11-23 09:50
瑞銀發表研究報告,重申對龍源(00916.HK)正面看法,認為其表現在過去3年跑輸MSCI中國指數70個百分點,股價未反映風電強勁增長表現、產能增長加速、公司投資的項目較少獲補貼,同時不確定性風險亦較少,以及未來可能獲補貼的潛在因素,重申「買入」評級。

該行相信公司未獲津貼的項目,會持續帶動公司獲重估,因未有政策風險。而在十四五規劃下,公司擬增加產能一倍至2025年2.5GW,電網平價項目由今年的0%增長增至2023年的25%,相關項目提供內部回報率(IRR)約8%。

該行又指,對中央政府逐步解決國家電網支持的債券逾期補貼表示樂觀,假設集資3,000億元人民幣,並平均分配予現有企業,料公司每股獲取2元人民幣的現金。瑞銀上調龍源2020-22年盈利預測4.9%,主要反映產能增長加速,目標價由6.4元升至9元。

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