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《大行报告》瑞银上调龙源(00916.HK)目标价至9元 评级「买入」
阿思达克 11-23 09:50
瑞银发表研究报告,重申对龙源(00916.HK)正面看法,认为其表现在过去3年跑输MSCI中国指数70个百分点,股价未反映风电强劲增长表现、产能增长加速、公司投资的项目较少获补贴,同时不确定性风险亦较少,以及未来可能获补贴的潜在因素,重申「买入」评级。

该行相信公司未获津贴的项目,会持续带动公司获重估,因未有政策风险。而在十四五规划下,公司拟增加产能一倍至2025年2.5GW,电网平价项目由今年的0%增长增至2023年的25%,相关项目提供内部回报率(IRR)约8%。

该行又指,对中央政府逐步解决国家电网支持的债券逾期补贴表示乐观,假设集资3,000亿元人民币,并平均分配予现有企业,料公司每股获取2元人民币的现金。瑞银上调龙源2020-22年盈利预测4.9%,主要反映产能增长加速,目标价由6.4元升至9元。

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