《大行報告》中金恢復予龍源(00916.HK)「跑贏行業」評級 目標價10.76元
中金發表研究報告指,恢復龍源(00916.HK)H股的「跑贏行業」評級,目標價10.8元。該行預計,集團今明兩年的每股盈利分別為0.99元人民幣和1.16元人民幣。
該行表示,在早期「十四五」政策引指下,行業基本面已出現改善跡象,行業估值因快速增長預期而上升,但其後要資源競爭激烈、上游價格高企、資本市場估值下降等問題。不過,該行認為綠色電力行業正在觸底反彈,因為中國正從能源消費控制轉向碳排放總量和強度控制,預計隨著政策鼓勵國有企業專注於主業並加強中央與地方政府之間的合作,行業內部競爭將得到緩解。
另外,上游價值鏈供求狀況趨向寬鬆,核心成本降幅可勝預期,有助提振電信營運商的投資回報和建設情緒。該行看好新能源進入市場,預計將鼓勵業主合理投資,提高營運和交易能力。
該行提到,集團的目標是在「十四五」期間新增風電和太陽能發電容量30GW,意味著2022至2025年的復合年增長率為22%。該行相信,這個目標是合理且可以實現的。
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