《大行報告》大摩:龍源電力(00916.HK)高估值及低增長 予「與大市同步」評級
摩根士丹利發表報告指,以已安裝產能計,龍源電力(00916.HK)仍然是中國再生能源營運商的龍頭,但由於2019年至去年的新增產能增加較同業爲慢,僅上升22%,與主要國企同業介乎34%至117%增幅比較是最低,因而令集團去年的盈利增長落後。
該行表示,雖然風力渦輪機的價格已經下降一半,但龍源的風電資本開支仍然高企,與十年前相若,認爲此會限制其內部回報率。
大摩相信,龍源的估值不再吸引,以市賬率計,其與中廣核新能源(01811.HK)、新天綠色能源(00956.hk)及大唐新能源(01798.hk)比較存在溢價,認爲市場對集團的盈利增長預測是過高。
該行維持對龍源電力股份「與大市同步」評級,目標價16元,再生能源行業中喜好中廣核新能源。
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