研報掘金丨海通證券:予川投能源“優於大市”評級,享大水電投資天時地利
海通證券研報指出,川投能源(600674.SH)為四川省屬水電龍頭,享大水電投資天時地利。公司主營四川省內田灣河等多座水電站,參股雅礱江(48%)和大渡河(20%)流域水能資源,並參與光纖光纜等投資業務。根據公司官網,雅礱江水風光大基地基本階段規劃裝機7800萬千瓦,其中水電+抽蓄3900 萬千瓦,風光3900 萬千瓦,關注風光增量(由於四川水風光消納壓力小,盈利普遍較好),預計24-26年雅礱江貢獻47/49/53 億投資收益(假設雅礱江來水逐步恢復)。此外,公司積極拓展新能源發電及調節能力建設,2023光伏發電量YOY+173%,並取得120萬千瓦屏山抽水蓄能項目開發權。該行給予公司24年19-21倍PE,對應合理價值區間20.14-22.26元,首次覆蓋給予“優於大市”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.