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长江电力/华能水电/雅砻江水电归母净利润预期(亿元)及其CAGR
长江电力/华能水电/雅砻江水电归母净利润预期(亿元)及其CAGR
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公用环保行业专题研究:量化测算红利电力估值风险收益空间-240312(31页).pdf
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2026-07-30
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但是我们不能忽视水电行业的估值上升速度依然高于 DPS 增长速度,所以 2014-22 股息率持续下行(从 5.3%下降至 3.4%),导致行业股息率相比无风险利率的息差从 114bp 下降至60bp。息差的收窄一方面反映了市场对水电资产稳定盈利模式的预期,一方面可能也是投资标的资产荒的结果。同时,我们要结合成长性考虑投资者的整体回报,成长潜力高的公司股息率要求相对会更低。对 3 家公司长期成长性的测算沿用我们 2023/12/20 的报告《公用事业:展望 2035 水电“钞”能力》,其中我们测算长江电力 2026-30 年利润 CAGR 5.0%,华能水电 7.1%,川投能源 6.6%
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公用环保行业专题研究:量化测算红利电力估值风险收益空间-240312(31页).pdf
陕西煤业估值分析
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