研報掘金丨華源證券:維持內蒙華電“買入”評級,收購資產對價明確,業績承諾保障未來盈利
華源證券研報指出,內蒙華電收購資產對價明確,三年業績承諾保障未來盈利。公司本次收購正藍旗風電70%股權與北方多倫75.51%的股權,其主要資產為160萬千瓦的風電,該項目屬於“風火儲”沙戈荒新能源基地項目,與火電機組共用500千伏送出線路送至華北電網,項目年均發電量約52億千瓦時,倒算年均利用小時數3250小時,資源稟賦較好。更重要的是,該風電項目依託上都電廠372萬千瓦火電外送華北消納,預計電價水平高於省內消納項目,收益率水平較高。北方公司對正藍旗風電和北方多倫未來三年淨利潤進行承諾,充分體現對標的資產的盈利信心。2025年公司再次提出三年分紅承諾,明確2025-2027年每年以現金方式分配的利潤原則上不少於當年實現的合併報表可供分配利潤的70%,且每股派息不低於0.1元人民幣(含税),按照2024年每股分紅0.22元計算,公司當前股息率5.2%。繼續維持“買入”評級。
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