标普续指，公司资本支出将保持高位，但融资成本较低。该行估计，2024年至2025年，该公司的年度资本支出将达到340亿至350亿元人民币，其中大部分将由债务融资。鉴于中国的低利率和海外潜在的降息，龙源电力的FFO现金利息覆盖率在此期间可能保持在5.0倍左右。Longyuan Electric Power (00916) rose more than 3%. As of press release, it rose 3.57% to HK$6.97, with a turnover of HK$0.111 billion.
The Zhitong Finance App learned that Longyuan Electric Power (00916) rose more than 3%. As of press release, it had risen 3.57% to HK$6.97, with a turnover of HK$0.111 billion.
According to the news, on December 17, S&P confirmed Longyuan Electric Power's “A-” long-term issuer credit rating. The “stable” rating outlook reflects the stable credit quality of the National Energy Group. It is expected that Longyuan Electric will maintain its key position within the group for the next two years. The bank pointed out that the company plays an important role in the energy transformation of the National Energy Group. It is expected to build 10 gigawatts (GW) of renewable energy installed capacity and increase 7.5 GW of operating projects in 2024. The company plans to have 50 GW of cumulative renewable energy installed capacity by 2025, with a five-year compound annual growth rate of 17%.
S&P continued that the company's capital expenditure will remain high, but financing costs will be low. The bank estimates that from 2024 to 2025, the company's annual capital expenditure will reach 34 billion to 35 billion yuan, most of which will be funded by debt. Given China's low interest rates and potential interest rate cuts overseas, Longyuan Electric's FFO cash interest coverage ratio is likely to remain around 5.0 times during this period.