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研報掘金丨東吳證券:發改委重新核定容量電價,不改抽蓄盈利水平 維持南網儲能“買入”評級
格隆匯5月16日丨國家發改委日前發佈《關於第三監管週期省級電網輸配電價及有關事項的通知》,核定2023年-2025年的電網輸配電價;抽水蓄能容量電價部分通常在輸配電價環節進行疏導,本次南網儲能(600995.SH)7座投運抽水蓄能容量電價也進行了重新核定。東吳證券研報指出,雖容量電價小幅下降,但電力市場化進程加快電量電價有望根本性提高,不改抽水蓄能的成長性、盈利性預期。南網儲能當前裝機(2022年底):在運抽水蓄能1028萬千瓦,市佔率22.5%;在運新型儲能11.1萬千瓦,佔比0.9%。未來規劃裝機:到2025年抽水蓄能投產1388萬千瓦,佔比22.4%;新型儲能投產200萬千瓦,佔比從2022年0.9%提升至7%。該行維持公司2023-2025年歸母淨利潤為21億、26億、33億元,對應2023-2025年PE為21倍、17倍、13倍,維持“買入”評級。
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