金吾财讯 | 交银国际发研报指，信义能源(03868)2024年实现收入/归母净利24.4/7.91亿元，同比+7%/-12%，剔除0.38亿元商誉减值后，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。2024下半年公司人民币借款占比由6月底的22%大增至年底的79%，推动年底平均借款利率降至3.5%，环比下降1.2个百分点，预计2025年财务费用将大幅下降。该行指，囯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，将目标价上调至1.17港元（原1.02港元）。公司目前2025年股息率高达7.7%，该行认为估值吸引，维持买入评级。
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