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《大行報告》匯豐研究下調龍源電力(00916.HK)目標價至14元 評級「買入」
阿思達克 04-12 10:11
匯豐研究發表的報告指,早前國家能源局針對電價及補貼的諮詢文件為可再生能源營運商的項目回報帶來不確定性,相信除非政策更清晰,否則短期將令行業波動增加。而據媒體報道發改委早前發布諮詢文件指,2021年獲批的新風電或太陽能項目,除住宅或太陽能發熱項目外,將不獲國家補貼,雖然未來項目價格將透過競投釐定,不過將受限於個別省份的指引。該行相信消息或會影響市場對政府在可再生能源補貼上的信心,不過最終政策仍要待行業反饋,意味在正式推出時有機會有更好的結果,不過估計龍源電力(00916.HK)股價短期將隨投資氣氛轉變而進一步波動。

該行指出公司上月發電量按年持平,認為主要是受惠新產能及棄風率較低,不過相關因素部分被風資源弱勢所抵銷,估計其產能利用率按年跌10%,料今年首季將貢獻2021財年預測的30%。

匯豐研究認為在補貼層面存在不確定性,同時監管機構亦有機會為營運商施壓,影響到其項目回報可見性,不過具規模效率的營運商估計可搶佔市場份額,所以予龍源電力「買入」評級,估計公司可跑贏同業,將其2021-22年盈利預測降0-1%,目標價由14.5元降至14元。(el/k) ~

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