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《大行報告》大和首予中國電力(02380.HK)「買入」評級 目標價5.6元
阿思達克 01-24 10:24
大和發表研究報告,首次覆蓋中國電力(02380.HK),給予「買入」評級,認為中國電力或是首家向可再生能源發電企業轉型的H股燃煤發電公司。 報告指出,中國電力去年發布的戰略計劃中提到,至2023年清潔能源佔比目標達到70%以上,至2025年達到90%以上,計劃在2022至2025年期間每年建設8至10GW的風能及太陽能產能,目標項目內部回報率為9%至10%。該行預計2020至2023年公司太陽能和風能板塊淨利潤年複合增長分別達到53%及48%。 同時,大和預計公司將以高於1倍的市賬率出售更多的燃煤資產,令燃煤綜合產能從2020年底的15GW下降至2023年底的11.8GW。在可再生能源產能提升支持下,預計2020至2023年純利年複合增長33%,於2023年達到39.93億元人民幣。目標價5.6元,對應2022年預測市盈率19.4倍。 在不考慮進一步股權融資的情況下,大和預計中國電力的資產負債率將從2021年的71%,穩步上升至今明兩年的76%及79%,淨負債率料大幅上升至371%及458%,預期公司可能會在A股市上市,從而籌集資本支持產能擴張。
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