研報掘金丨海通證券:首予國投電力“優於大市”評級,價值區間17.10元-19.38元
海通證券研報指出,截至24Q3,國投電力(600886.SH)在運裝機4254萬千瓦,其中水/火/風光分別為2130/1320/803 萬千瓦。公司2023/24Q1-3實現歸母淨利67/66億元,YOY64%/9%。該行認為隨着市場化交易的推進,枯水年份由於供需緊張形成的價格上行有望緩和水電營收下滑,從而增強業績穩定性。根據公司“十四五”規劃,2025年新能源裝機將達到1700萬千瓦,仍有近1000萬千瓦的裝機目標待實現。參考可比公司25年18倍PE估值,考慮後續定增攤薄,給予公司25年15-17倍PE,對應合理價值區間17.10-19.38元,首次覆蓋給予優於大市評級。
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