研報掘金丨華源證券:首予太陽能“增持”評級,其主觀能動性在央企中表現突出
華源證券研報指出,中國節能爲六小豪門電力央企之一,太陽能爲中國節能旗下唯一太陽能業務平臺,專注光伏電站與光伏製造兩大主業,截至2024年底,中國節能控股在運光伏裝機主要在太陽能體內。截至2024年底,公司在運裝機6.08GW,在建裝機2.08GW,在運裝機集中華東與西北,在建裝機分散在非西北區域。公司2024年市場化交易電量約佔47%,較2023年提升10個百分點。當前新能源電價補貼拖欠仍爲壓制整個綠電板塊的關鍵因素之一,若國補發放,將爲公司注入現金流,並有望解除部分估值壓制。公司PB長期低於1倍,公司於2023年下半年發佈三年分紅規劃,2025年4月發佈股份回購方案。公司管理層與中小股東利益深度綁定,其主觀能動性在央企中表現突出。首次覆蓋,給予“增持”評級。
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