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研報掘金丨華源證券:維持龍源電力“買入”評級,風電光伏裝機增速高於發電量增速
格隆匯 05-19 14:11

華源證券研報指出,龍源電力(0916.HK)發佈2025年一季度實現營收81.4億元,比去年持續經營收入增長0.92%(重述後,下同);歸屬普通股東淨利潤19.77億元,同比下降21.82%。公司一季度業績低於市場預期,或主要系部分區域風資源水平不佳。截至2025年一季度,公司控股裝機4115萬千瓦,其中風電裝機3044萬千瓦,同比增長10%;光伏裝機1070萬千瓦,同比增長65%。風電光伏裝機增速高於發電量增速,主要系部分大容量區域風資源同比下降。認為風電相對光伏而言是壁壘更高的少數低成本供給,在新能源發展早期體現不充分。風電運營是一個看歷史傳承的行業,優質資源先到先得,公司作為風電探路者的優勢或難以被追趕。維持“買入”評級。

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