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新天绿色能源(00956.HK):A股定增利好公司长远发展,短期摊薄影响有限,给予“买入”评级,目标价2.88港元
格隆汇 12-29 14:10

机构:国元证券

评级:买入

目标价:2.88港元

A股定增助力唐山LNG项目投产,利好公司长远发展:

近期公司发布A股定增预案,拟非公开发行不超过11.55亿股新A股,募集资金不超过51.1亿元人民币。募集资金净额其中约26.41亿元将用于唐山LNG项目首两个阶段,约11亿元用于唐山LNG接收站外输管线项目建设,余额约13.62亿元用于补充流动资金及偿还银行贷款。预期唐山LNG项目以及唐山LNG接收站外输管线项目建成后,将大大提高公司冬季保障供气能力,助力天然气业务板块业绩持续增长。公司控股股东河北建投拟以现金认购股份不低于48.73%,且不超过约6.61亿股,发行完成后河北建投对公司的持股比例不超过50.70%,彰显对公司未来业务发展的支持和信心。

A股定增有利减少财务成本,2021年利润摊薄影响有限:

目前公司总资产负债率达到69.23%,A股定增有利于降低资产负债率,减少财务费用,部分抵消股份增发对EPS的摊薄。基于A股定增的相关审批程序,我们预期正式发行可能要到2021年下半年,因此初步判断对2021年整体利润摊薄影响有限。

2020年11风电数据表现良好,销气量环比明显回升:

2020年11月风电发电量表现持续强劲,同比增长16.8%,1-11月风电同比增长9.6%。公司11月实现总销气量约3.04亿立方米,环比增长57.24%,其中批发销气量约1.72亿立方米,环比大幅增长约91%;零售气量约1.22亿立方米,同比增长约29%。

维持买入评级,目标价2.88港元:

我们暂不考虑A股定增影响,维持公司盈利预测,给予目标价2.88港元,相当于2021年5.5倍PE和0.63倍PB,目标价较现价有29%上升空间,维持买入评级。

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