研報掘金丨天風證券:三峽能源新能源裝機規模有望加速擴張,維持“買入”評級
天風證券研報指出,電量提升帶動營收增長,三峽能源(600905.SH)前三季度營收同比+11%,受會計準則變化及22年投產裝機較少等影響,前三季度業績有所承壓。全國層面來看,前三季度我國風資源較好、而光資源較弱;風電利用小時同比提高了49小時,而光伏下降了45小時。疊加裝機增長,前三季度公司實現發電量400.34億千瓦時,同比增長13.36%。2023年新增核准、備案項目總計1415.94萬千瓦。目前組件價格已有所回落,公司新能源裝機規模有望加速擴張。該行考慮到公司三季報業績情況及項目建設等情況,下調盈利預測,預計公司2023-2025年歸母淨利潤為72.5、89.9、100.5億元(前值為85.6、99.6、110.8億元),對應PE19、15、14倍,維持“買入”評級。
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