金吾财讯 | 交银国际发研报指，为配合四川省大熊猫国家公园的加强生态保护，当地政府通知公司位于四川省共86.4兆瓦装机的四座水电站需退出运行，相关预计减值金额在7.5-8.5亿元人民币。该行估计京能清洁能源(00579)在年内在核算减值金额后应可以与地方政府确定补偿款金额，并于2025年中收到补偿款。该行下调公司2024盈利预测12%，2025-26年盈利预测分别下调0.5%/0.4%，目前该行没有在盈利预测内计入补偿款，并将待公司确认后再作调整。另外，该行维持公司今年每股0.14元的分红预测，理由是减值项属非现金的调整，同时2025年应能收到补偿款（属现金项目），这次水电厂解网应对公司分红政策影响轻微。该行维持5.2倍2025年市盈率的估值不变（基于5年历史平均），目标价略微下调至2.37港元（前为2.38港元），维持买入。
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