【券商聚焦】长江证券维持新天绿色能源(00956)“买入”评级指经营受限风况及气量偏弱

金吾财讯

May 18

金吾财讯 | 长江证券发布研报指，新天绿色能源(00956)2026年一季度经营受限风况及气量偏弱，叠加税收政策调整扰动单季业绩。报告维持“买入”评级。

研报指出，2026年一季度，公司新能源业务量价双降，光伏及风电业务完成上网电量42.53亿千瓦时，同比减少4.27%；平均上网电价0.41元/千瓦时，同比下降5.60%。燃气业务输/售气量15.21亿立方米，同比减少17.46%。受此影响，一季度实现营业收入56.19亿元，同比减少18.69%。

归母净利润方面，一季度实现7.16亿元，同比减少25.03%。主因除主业经营偏弱外，陆上风电增值税即征即退50%优惠政策自2025年11月起取消，导致其他收益同比减少43.97%至1.17亿元。成本控制方面，期间费用同比减少11.48%，毛利润同比下降20.53%。

业务战略上，公司将不再单独投资发展光伏发电业务，逐步出售现有控股光伏项目以聚焦核心风电主业。截至2025年底，控股在建风电装机容量129.81万千瓦，后续投产将带动装机提升16.69%，强化成长确定性。

研报预计2026-2028年归母净利润分别为16.23亿元、20.41亿元和22.54亿元（人民币），对应H股PE分别为9.35倍、7.44倍和6.73倍。

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