《大行报告》大和下调龙源电力(00916.HK)目标价至11.5元 评级「买入」
大和发表研究报告指,龙源电力(00916.HK)的股价自3月2日起累计下跌近34%,相信是由於早前国家能源局发布意见稿,提到企业可透过减少存量补贴,来优先获得保障性消纳额度,令市场出现忧虑补贴将被削减的负面情绪。
大和预期,若当局落实削减补贴,将导致今年安装量减少,对现有项目的内部收益率进行潜在重估,可能会触发未来项目投资的更高融资成本。但该行预期,龙源电力及大唐新能源(01798.HK)等风力发电商可以选择发展太阳能项目。
该行指出,目前龙源的股价已过度调整,跌幅为每股应收补贴款的144%。考虑到现价为2021年预测市帐率的0.9倍,维持「买入」评级,将目标价由4元下调至11.5元,相当於其每股应收补贴款的90%。
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