节能风电优秀风电运营商，预期资产质量改善

华泰证券12-18

上调节能风电盈利预测，上调目标价至3.81元，基于25年1.3xPB。公司专注于风电开发运营，相较于绿电同行，公司具备三大潜在优势：1)限电率高位回落，存量风电项目质量具备更大的优化空间；2)绿电加速入市，风电电价降幅相对平稳；3)应收绿电补贴或见顶，减值风险缓解。展望未来6到12个月，公司或有以下价值重估催化，包括电价政策端的边际利好、风电装机规模与电量增长的持续兑现、存量补贴问题的逐步解决...

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