金吾财讯 | 交银国际研报指，大唐新能源(01798)上半年盈利同比下跌3%，跌幅在市场预期之内，因综合上网电价同比下跌7%，加上折旧摊销费用同比上升4%/30%，导致风/光分部经营利润同比下降6%/29%。公司目前仍维持2025年新增风/光装机3吉瓦的目标，十四五目标总装机目标21吉瓦，当中约80%为风电。该机构指，2025年分红比率仍将小幅提升，目前股息率仍有吸引力。因调整利用小时数及上网电费预测，该机构下调2025/26年盈利预测12.6%/7.6%。维持估值8倍预测市盈率，基准年移至2026年，目标价上调至2.75港元。分红政策方面，公司2025年分红比率预计为30%（不计及永续债成本），同比上升2个百分点，十五五期间预期分红比率在30-33%，仍有一定提升空间。预计在30%分红比率下，目前2025/26年股息率为4.5%/5.2%，对中长期估值提升有帮助，维持买入评级。
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