《大行》中金:信義能源(03868.HK)上半年盈利增長亮眼 升目標價至1.35元 維持「中性」評級
中金研究報告指出,信義能源(03868.HK)公布今年上半年業績,營業收入12.1億元人民幣,按年增7.7%;歸母淨利潤4.5億元人民幣,按年增23.4%,業績高於該行預期,主要由於成本費用管控得當。每股中期股息2.9港仙,按年增26.1%,分紅比例微升至49.4%。
發展趨勢上,中金指出,新項目收購靜待各地「136號文」細則明朗。截至上半年末,母公司信義光能(00968.HK)約有1.2GW儲備項目可供集團收購,其中860MW為平價項目。公司於2024年已審批但未收購項目尚有200MW,位於廣東,省內綠電需求旺盛、尚無限電情況。
中金考慮到信義能源財務費用率及所得稅率壓降,上調其2025至2026年淨利潤5.2%和5%至10億和10.7億元人民幣。當前股價對應2025至2026年9.6倍和8.9倍市盈率;維持「中性」評級。中金又考慮到136號文穩定存量項目收益預期、公司存量資產優質且政策頻出提振行業估值表現,上調目標價41%至1.35港元,對應2025至2026年10.7倍和10倍市盈率。
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