研報掘金丨國泰君安:首予龍源電力“增持”評級,目標價7.13港元
國泰君安研報指出,龍源電力(0916.HK)風電裝機佔比較高,受益於來風好轉短期盈利改善在即;隨着老舊風場改造、資產注入推進,長期盈利空間打開。首次覆蓋,目標價7.13港元,給予“增持”評級。公司風電裝機容量、裝機佔比處於同行業領先水平;考慮到風電項目收益率總體高於光伏、疊加公司風電資產的區域稟賦,認爲公司橫向比較優勢突出。來風好轉趨勢已現,發電量及盈利改善在即:判斷2024年公司風電發電量短期承壓與來風較差有關;2025年1~2月來風好轉趨勢已現,公司2025年風電發電量及盈利同比改善在即。此外,隨着資產注入穩步推進,公司外延式成長空間打開。公司應收款管理能力較強(2023年公司應收賬款及應收票據週轉天數303天,處於行業較低水平),隨着可再生能源補貼逐步收回,公司現金流改善彈性凸顯。
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