新天綠色能源(00956.HK):A股定增利好公司長遠發展,短期攤薄影響有限,給予“買入”評級,目標價2.88港元
機構:國元證券
評級:買入
目標價:2.88港元
A股定增助力唐山LNG項目投產,利好公司長遠發展:
近期公司發佈A股定增預案,擬非公開發行不超過11.55億股新A股,募集資金不超過51.1億元人民幣。募集資金淨額其中約26.41億元將用於唐山LNG項目首兩個階段,約11億元用於唐山LNG接收站外輸管線項目建設,餘額約13.62億元用於補充流動資金及償還銀行貸款。預期唐山LNG項目以及唐山LNG接收站外輸管線項目建成後,將大大提高公司冬季保障供氣能力,助力天然氣業務板塊業績持續增長。公司控股股東河北建投擬以現金認購股份不低於48.73%,且不超過約6.61億股,發行完成後河北建投對公司的持股比例不超過50.70%,彰顯對公司未來業務發展的支持和信心。
A股定增有利減少財務成本,2021年利潤攤薄影響有限:
目前公司總資產負債率達到69.23%,A股定增有利於降低資產負債率,減少財務費用,部分抵消股份增發對EPS的攤薄。基於A股定增的相關審批程序,我們預期正式發行可能要到2021年下半年,因此初步判斷對2021年整體利潤攤薄影響有限。
2020年11風電數據表現良好,銷氣量環比明顯回升:
2020年11月風電發電量表現持續強勁,同比增長16.8%,1-11月風電同比增長9.6%。公司11月實現總銷氣量約3.04億立方米,環比增長57.24%,其中批發銷氣量約1.72億立方米,環比大幅增長約91%;零售氣量約1.22億立方米,同比增長約29%。
維持買入評級,目標價2.88港元:
我們暫不考慮A股定增影響,維持公司盈利預測,給予目標價2.88港元,相當於2021年5.5倍PE和0.63倍PB,目標價較現價有29%上升空間,維持買入評級。
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