金吾财讯 | 交银国际研报指，信义能源(03868)2025年盈利10.1亿元（人民币，下同），同比增长27.6%，剔除出售电站的1.3亿元一次性收益后的经常性盈利9.1亿元，低于该机构预期2025年公司限电率超10%，相比2024年约4%大幅提高，该机构预计短期内光伏限电难有改善。2025年公司补贴收款9.1亿元，同比大增87%，公司预计补贴收款加快有望成为常态。管理层表示，若未来资本开支较少且现金流良好，将考虑提高派息比例。该机构将2026-27年盈利下调2%/5%，维持10倍2026年市盈率的估值基准，对应人民币最近升值，调整目标价至1.31港元（原1.28港元），对应5.0%的2026年股息率。维持中性评级。
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