《大行報告》花旗降龍源電力(00916.HK)目標價至6.5元 下調盈測反映電費及新增產能較低
花旗下調龍源電力(00916.HK)目標價,由9.2元降至6.5元,維持「買入」評級。該行亦下調對龍源電力2023年、2024年及2025年盈利預測4.8%、6.4%及9.6%,基於可再生能源上網電價及產能增長預測下調。
花旗報告指,內地4個省份已宣布今年下調可再生能源電價,未來數周或有更多省份跟隨,因地方政府在疲弱的經濟下,擬紓緩地區工業企業負擔。該行假設龍源電力平均可再生能源電價在今明兩年每年降4%,降幅高於早前假設的2%至3%。該行指,可再生能源電費每降1%,公司2024年預測盈利在基本情景下便將減少1.9%或1.52億元人民幣。
該行又指,公司去年達到新增可再生能源目標下限,基於多個離岸項目未完成。公司擬在2025年把可再生能源產能從2020年的22.3吉瓦翻倍,該行把對公司今明兩年可再生能源產能增長預測,由分別7.5及10吉瓦降至均為6吉瓦,並假設期間沒有資產注入。
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