---
title: "《大行》瑞银：出售 UKPN 交易对电能属正面"
description: "瑞银指出，长建、电能及长实向 Engie 出售 UKPN 的交易对电能整体正面，预计电能将录得约 107 亿元收益。交易估值具吸引力，但短期内特别股息派发可能性不大，电能可能更倾向于资金用于新收购。维持对电能的「买入」评级，目标价 70 元。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/277157486.md"
published_at: "2026-02-27T06:48:23.000Z"
---

# 《大行》瑞银：出售 UKPN 交易对电能属正面

> 瑞银指出，长建、电能及长实向 Engie 出售 UKPN 的交易对电能整体正面，预计电能将录得约 107 亿元收益。交易估值具吸引力，但短期内特别股息派发可能性不大，电能可能更倾向于资金用于新收购。维持对电能的「买入」评级，目标价 70 元。

长建 (01038.HK)、电能 (00006.HK) 及长实 (01113.HK) 向法国能源企业 Engie 出售共同持有的英国配电网络营运商 UK Power Networks(UKPN) 全部权益，交易基本代价合计超过 1,100 亿元，据指企业价值达到 1,768 亿元。

瑞银发表研究报告指，电能在是次交易中应占基本代价为约 443 亿元，预料录得收益约 107 亿元，认为是次交易於电能而言整体正面，以 UKPN 监管资产基础 (RAB) 计算交易估值具吸引力。但从资本配置角度而言，该行认为电能短期内派发特别股息的可能性不大，相信公司更倾向将资金重新配置用作潜在新收购。若缺乏合适的收购目标，则派发特别股息的可能性将会增加。

该行估计出售 UKPN 对电能盈利表现的影响不大，维持对电能的「买入」评级，目标价 70 元。

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## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
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| China Everbright Water Issues Cautious FY2025 Results Presentation | China Everbright Water has released its FY2025 annual results presentation, detailing its operations and management pers | [Link](https://longbridge.com/zh-CN/news/277145233.md) |

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