《大行報告》匯豐研究下調龍源電力(00916.HK)目標價至14.7元 評級「買入」
匯豐研究發表報告,指龍源電力(00916.HK)早前發盈警,預計2022年度淨利潤按年下降30%至40%。若不包括一次性費用,跌幅則料介乎10%至20%。
報告指,去年利潤減少的主要原因是去年第四季發生資產減值,與更換效率較低的舊風電機組和烏克蘭的風電場資產有關。剔除上述項目,該行認為核心基礎上利潤受到的影響應更輕。根據監管機構最近的審計,來自政府的可再生能源補貼的應收賬款應處於良好狀態,因此即使已經逾期一段時間,有關減值風險仍較小。同時料產能增長將加速,而效率較高的渦輪機成本較低,應支持盈利能力。
該行指,公司最近任命新主席的潛在企業行動,可能是值得關注的催化劑。重申「買入」評級,H股目標價由15元降至為14.7元。
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