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研報掘金丨財通證券:首予桂冠電力“增持”評級,來水改善有望帶動利潤修復
格隆匯 03-14 15:25
財通證券研報指出,桂冠電力(600236.SH)為大唐旗下水電上市平台,廣西紅水河干流水電龍頭。廣西水電電價相對穩定,來水顯著修復支撐枯期電量。2025 年一季度蓄能逐步釋放,龍頭電站出庫流量顯著高於去年同期,公司枯期電量有較好支撐。公司已完成八渡水電站從規劃到預可研到可研階段大部分工作,力爭在“十四五”期間開工。西藏松塔水電站可研階段勘察設計工作已完成近70%,國家重提西南水電背景下松塔建設進度有望加速。公司高度重視股東回報,通過提質增效重回報行動方案承諾2024 年股利支付率不低於70%,在槓桿較低、來水修復利潤提升背景下公司有望維持較高分紅比例。高ROE+高分紅,來水改善有望帶動利潤修復。首次覆蓋,給予“增持”評級。
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