汇丰发表研究报告指，信义光能(00968.HK) 2024财年净利润按年跌74%，符合早前发布的盈警公告。这意味2024财年下半年净亏损约8亿元人民币(下同)，反映太阳能玻璃平均售价下降、太阳能发电场电价降低、外汇损失、6亿元的资产减值。
汇丰相信太阳能玻璃业务正出现改善迹象，因行业供应正重新调整至更健康水平，同时现有太阳能发电场的盈利能见度应会提高，因电价可能通过差价合约设定，而借贷成本可能持续下降。该行仍不确定信义光能计划进入多晶硅制造领域将如何影响其盈利，因存在进一步资产减值的风险。该行将信义光能H股目标价由3.2港元下调至3.1港元，维持“持有”评级。
汇丰提及，信义能源(03868.HK) 2024财年报告利润按年下降12%，主要由于电网限电、电力价格降低、人民币贬值、融资成本上升。每股股息削减至5港仙，派息比率维持于48%。以2025财年预计市账率0.5倍及收益率6.9%计算，与增长前景更好的同行相比，信义能源的股价看似合理。该行维持信义能源目标价于0.9港元不变，保持“持有”评级。(js/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-28 16:25。)
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