《大行報告》大和升新天綠色能源(00956.HK)目標價至3.7元 重申「買入」
大和發表研究報告,指新天綠色能源(00956.HK)公布其再生能源擴張計劃,每年新安裝約500MW產能,屆2030年底,總再生能源安裝將增至約10GW,較2020年底約5GW產能倍升。考慮再生能源產能擴張及售電板塊利潤貢獻擴大,該行上調其今明兩年每股盈測2%至6%,重申「買入」評級,以現金流折現率計,目標價由2.75元升至3.7元。
報告稱,公司去年收取補貼7.09億元人民幣,去年底止總應收補貼共43.5億元人民幣。管理層稱,未來再生能源項目最低內部回報率要求為10%,確保即使沒有新能源補貼,項目仍可運作。
大和補充,新天綠色能源A股(600956.SH)51億元人民幣非公開發行正按步推進。雖然在2月8日股東大會上未獲通過,但董事會在3月5日舉行會議,決定在優化對現股東保障後,重新遞交方案,並將在4月23日股東大會上審議。報告認為,交易屬公司合理集資方式,以提振未來增長,並對股權攤薄影響減至最小。
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