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研報掘金丨國元國際:予龍源電力“買入”評級,目標價8港元
格隆匯 06-04 14:03

國元國際研報指出,龍源電力(0916.HK)2025年一季度盈利下滑受風資源不佳,經營開支上升等多重因素影響。2025年公司計劃新開工新能源項目5.5GW,投產5GW,其中風電3.2GW,集中式光伏1.7GW,光熱項目10萬千瓦。2024年公司取得開發指標14.72GW,其中風電6.37GW,光伏8.35GW,未來新能源裝機將保持穩定增長。龍源作為風電龍頭企業,佔據風電優質資源區域,存量資產規模和質量領先行業,在新能源全面入市形勢下,公司存量資產得到有效保障,未來在市場化交易中也將體現出競爭優勢,存量資產收益保障收益率確定後,綠電資產價值疊加環境價值有望重估。更新盈利預測並給予公司8.00港元/股目標價,對應2025年8.5倍PE,目標價較現價有25%的升幅空間,給予“買入”評級。

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