研報掘金丨海通證券:首予節能風電“優於大市”評級,目標價3.64-4.2元
海通證券研報指出,節能風電(601016.SH)深耕風電19年,運維經驗豐富。24Q4公司發電量30.5億度,其中陸風/海風分別為27.9/2.7億度,同比-1.4/+0.5億度,以發電量推算我們預計公司24Q4歸母淨利3.5億元,預計24年全年15.3億元,YOY+1.1%。認為未來隨新能源市場化交易比例逐年提升,行業電價或呈下滑趨勢,但公司機組結構以存量風電為主,且電力交易經驗優勢有望平滑這一影響,預計電價趨勢將較同行更平穩。給予公司25年13-15倍PE,對應合理價值區間3.64-4.2元,首次覆蓋給予“優於大市”評級。
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