智通财经APP获悉，龙源电力(00916)涨近4%，截至发稿，涨3.86%，报5.92港元，成交额1.59亿港元。
华源证券发布研报称，随着市场化比例提升，光伏的生存和发展要求将对现货市场的最低均价提供支撑，进而支撑风电更高的收益率。龙源电力为我国风电运营龙头公司，该行认为市场对风电在新能源板块中的相对优势以及公司在风电领域中的相对优势认知尚不充分。
在多项保守假设下，该行计算龙源电力存量资产的现金流价值仍超过公司港股市值，考虑“以大代小”的价值增厚后，公司具备较大向上空间。补贴拖欠是制约绿电行业估值的重要因素，但是从全A样本来看，即便受补贴拖欠影响，作为典型重资产高杠杆行业，绿电的现金流也并不算差。考虑应收账款时间价值、坏账准备、现货市场带来的价格冲击后，该行仍然认为市场过度担忧了风电收益率下滑。公司作为标杆性龙头，有望充分享受行业改善逻辑，同时公司较其他同行具有更充裕的安全边际。
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