研報掘金丨海通證券:龍源電力資產整合推進,維持“優於大市”評級
海通證券研報指出,龍源電力(001289.SZ)風電業績承壓,資產整合推進。上半年營收/歸母淨利189/38.3億元,YOY-4.9%/-22.9%;Q2實現營收/歸母淨利90/14.3億元,YOY-10%/-45.4%。資源擾動,風電量價承壓。測算公司24H1度電淨利0.098元,同比-0.031元。公司2022年初回A上市時,承諾在三年內(22-24年)通過資產重組等形式,推進集團內存續風電資產注入與火電業務整合。根據公司7 月公吿,控股股東國家能源集團擬啟動向本公司注入部分新能源資產的工作,預計新能源裝機規模約400 萬千瓦,初步計劃分批註入。公司持續獲取優質資源開發指標。24H1公司新簽訂開發協議7.59 GW,其中風電3.955 GW、光伏3.635 GW,均位於資源較好地區。公司作為綠電龍頭,同時存在資產注入預期,可以給予估值溢價,給予公司24年20-22倍PE,對應合理價值區間15.6-17.16元,維持優於大市評級。
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