《大行》匯豐研究升龍源(00916.HK)目標價至8.7元 重申「買入」
匯豐研究發表報告指,認為龍源電力(00916.HK)的盈利短期將面臨電網限電和電價下調的挑戰,尤其是對於大型可再生能源基地項目,但隨著輸電網絡及本地需求的增長,這些問題應該會逐漸解決,重申「買入」評級,H股目標價由8.3元升至8.7元。
該行認為,離岸風電場的回報前景明朗,內地正開放可再生能源市場,包括離岸風電。而在先前招標中已確認電價的項目,無論建設進度如何,都可保留其現有的電價機制;集團目前正營運2.6吉瓦的離岸風電項目,並有4吉瓦正在建設中。另外,集團指國家「十五五」規劃正進行中,行業重點或由產能轉為質量,例如營運及回報。考慮到電價的下行風險,以及成本和利用率,集團未來投資傾向風能多於太陽能;目前新項目的內部收益率(IRR)保持在7%。
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