[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio8903811b":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio8903811b","谷歌3.59GW核电大单落地-高盛维持Constellation-Energy(CEG)“中性”目标价305美元","\u002Fdoc\u002Fdcio8903811b","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，高盛2026年10月6日发布研报，聚焦Constellation 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Energy签约比例虽仍偏低，但拥有行业内体量最大待签约核电资产。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在PJM区域政策不确定性高企、市场普遍质疑PPA落地可行性的行业环境下，本次大额合约对于Constellation Energy乃至整个独立电力生产商(IPP)行业具备积极意义，有望带动板块市场情绪修复。但高盛依旧维持中性评级，核心原因是对比同业IPP，Constellation Energy估值吸引力有限。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>后续重点观察三季度财报、10月12日PJM市场RBP流程及IRAS裁决，若不出现政策层面的负面冲击，本次交易或开启公司估值持续重估。报告提示三大核心风险监管及并网风险、电价波动、数据中心用电需求不及预期。估值上采用市盈率与自由现金流收益率结合的混合估值法，目标价对应21倍P\u002FE与5%自由现金流收益率。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>财务预测层面，2025-2028年Constellation Energy营收、EBITDA、EPS整体保持上行，2026年收入、EBITDA迎来阶段性高增，同比分别上涨41.9%、67.4%，后续增速有所回落，2028年EBITDA重回19%的高增速，摊薄EPS升至17.09美元。自由现金流将在2027-2028年显著改善。杠杆方面，2026年受资本开支推动净债务\u002FEBITDA阶段性上行至2.7倍，之后两年持续降杠杆。股息维持每年10%的稳定增长。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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