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美银证券：下调龙源电力目标价至21港元 评级买入

Bank of America Securities: Lowering the target price of Longyuan Electric Power to a rating of HK$21 to buy

Moomoo 24/7 ·  Feb 6, 2023 05:43

According to a report published by Bank of America Securities, Longyuan Power recently issued a warning that its net profit for 2022 is expected to fall 30% to 40% to between 4.454 billion and 5.197 billion yuan. Among these, it is mainly affected by asset impairment in Ukraine, the replacement of old small wind power generation (WTG) units and changes in accounting standards. The bank said that starting from FY2022, 14% of the old small WTG units are expected to be replaced by more efficient large units every year, and power output will increase. It is expected that the impairment costs from 2022 to 2024 will reach 240 million, 360 million and 526 million yuan respectively. As the efficiency of the new units increases by about 30%, Bank of America Securities's expectations that the company's wind power usage time will remain flat in the long term is conservative. Bank of America also lowered its target price from HK$25.4 to HK$21 compared to the stock, maintaining its buying rating.

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