研報掘金丨廣發證券:首予浙能電力“買入”評級,有望加速公用事業化進程
廣發證券研報指出,浙能電力(600023.SH)為沿海火電龍頭,高ROE期待分紅及淨資產增長。參考同業估值,綜合考慮公司有望加速公用事業化進程,給予2024年1.3倍PB估值,對應6.63元/股合理價值,首次覆蓋給予“買入”評級。2023年公司發電量1632億千瓦時(同比+7.4%),當前公司火電盈利已大幅修復(23Q3加權ROE達9.3%,2020年為9.2%),測算23Q3在運火電淨資產已修復至87%。浙江電力供需偏緊,預計伴隨長協煤履約維持、煤電容量/輔助服務電價落地,高ROE水平有望保持;考慮在建煤電項目全投產、公司火電裝機超40GW,淨資產有望達964億元。
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