摩根大通发表研报指，龙源电力年初至今股价跑输同期国指约11%，现价水平估值仅相当于2027财年预测市账率0.5倍，处于15年来低位。虽然公司面临弃风率上升及电价市场化改革压力，但其在国家能源体系中的战略角色正在加强，现时估值极具吸引力，因此将投资评级由“中性”上调至“增持”，目标价维持7港元不变。 该行预期，随着2025至2026年储能系统加速安装、2026年电网资本开支持续增长，以及2026年新能源装机增速放缓，龙源电力的弃风率有望改善，风电场利用小时数将从2026年的低位反弹。电价方面，风电及光伏电价市场化政策自2026年首季全面实施，在经历首个完整年度影响后，预计2027年起电价下行压力将有所纾缓。该行调整龙源2025至2027年盈利预测，幅度介乎下调1%至上调15%，其中2027年经调整每股盈利由0.55元上调7.2%至0.59元。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.