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。CHINA LONGYUAN (00916) rises over 3%, as of the time of writing, up 3.57%, priced at 6.97 Hong Kong dollars, with a turnover of 0.111 billion Hong Kong dollars.
智通财经 APP reports that CHINA LONGYUAN (00916) rises over 3%, as of the time of writing, up 3.57%, priced at 6.97 Hong Kong dollars, with a turnover of 0.111 billion Hong Kong dollars.
In news, on December 17, S&P confirmed CHINA LONGYUAN's "A-" long-term issuer credit rating, with a rating outlook of "stable," reflecting the stable credit quality of the State Energy Group. It is anticipated that CHINA LONGYUAN will maintain its key position within the group over the next two years. The bank noted that the company plays an important role in the energy transition of the State Energy Group, expected to build 10 gigawatts (GW) of Wind Power installed capacity in 2024, and increase 7.5 GW of operating projects. The company plans to have a cumulative Wind Power installed capacity of 50 GW by 2025, with a five-year compound annual growth rate of 17%.
S&P also indicated that the company's capital expenditures would remain high, but financing costs are relatively low. The bank estimates that from 2024 to 2025, the company’s annual capital expenditures will reach 34 billion to 35 billion yuan, most of which will be financed by debt. Given China's low-interest rates and potential rate cuts overseas, CHINA LONGYUAN's FFO cash interest coverage ratio may remain around 5.0 times during this period.