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《大行報告》大和下調龍源電力(00916.HK)目標價至11.5元 評級「買入」
阿思達克 03-09 09:50
大和發表研究報告指,龍源電力(00916.HK)的股價自3月2日起累計下跌近34%,相信是由於早前國家能源局發布意見稿,提到企業可透過減少存量補貼,來優先獲得保障性消納額度,令市場出現憂慮補貼將被削減的負面情緒。

大和預期,若當局落實削減補貼,將導致今年安裝量減少,對現有項目的內部收益率進行潛在重估,可能會觸發未來項目投資的更高融資成本。但該行預期,龍源電力及大唐新能源(01798.HK)等風力發電商可以選擇發展太陽能項目。

該行指出,目前龍源的股價已過度調整,跌幅為每股應收補貼款的144%。考慮到現價為2021年預測市帳率的0.9倍,維持「買入」評級,將目標價由4元下調至11.5元,相當於其每股應收補貼款的90%。

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