交银国际发表报告指，信义能源(03868.HK) 去年实现收入和净利24.4亿和7.91亿元人民币，按年分别增长7%和下跌12%，剔除3,800万元人民币商誉减值后，核心业绩优于该行预期约4%，主要是由于下半年弃光率下降等因素推动售电量超预期。
报告指，国家对新能源电量及电价改革的新政有望保障公司存量项目电价在此前快速下降后趋稳，降低盈利不确定性。
由于公司盈利确定性改善及市场整体估值提高，该行将估值基准由8.5倍2025年市盈率提高至9.5倍，将目标价由1.02港元上调至1.17港元。公司目前2025年股息率高达7.7%，认为估值吸引，维持“买入”评级。(ha/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-04 12:25。)
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