研報掘金丨銀河證券:維持三峽能源“推薦”評級 項目儲備豐富,支撐裝機增長
銀河證券研報指出,三峽能源(600905.SH)24年實現歸母淨利潤61.11億元(扣非60.56億元),同比-14.81%(扣非同比-13.60%)。25Q1歸母淨利潤 24.47億元(扣非20.85億元),同比+1.16%(扣非同比-13.87%)。公司25Q1非經常性損益主要來自處置水電資產產生的投資收益。截至24年末,公司在建項目裝機容量1643.85萬千瓦,其中風電、光伏、抽薪、其他分別爲 486.84、745.01、360.00、52.00萬千瓦。具體到風電項目內部,公司目前在建的海上風電項目包括天津南港海上風電示範項目、陽江青洲五期海上風電項目、陽江青洲六期海上風電項目等,合計220.4萬千瓦,佔24年末在運裝機的30%+,看好公司作爲國內海風引領者持續受益於海風資產優異的盈利能力和裝機彈性。維持“推薦”評級。
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