高盛：数据中心与多元能源布局将成新增长引擎 维持新纪元能源(NEE.US)“买入”评级

Core Viewpoint - Goldman Sachs has maintained a "Buy" rating for New Era Energy (NEE.US) with a 12-month target price of $94, following the company's management's upward revision of earnings growth expectations, driven by new business opportunities in data centers and renewable energy partnerships [1][2] Group 1: Earnings Growth Expectations - New Era Energy's management updated its earnings guidance, projecting an average annual growth rate of over 8% in earnings per share (EPS) by 2032, supported by trends in electrification and large load demand [1] - The company identified potential incremental capital expenditure opportunities of $60 billion to $90 billion within its resource development pipeline of 77-108 GW, which could represent 20%-30% of current plans, further boosting EPS growth [1] Group 2: Business Expansion and Strategic Initiatives - CFO Mike Dunne highlighted the expansion of the data center business, noting that the Florida Power & Light Company (FPL) has received approval for a data center pricing plan and has three potential data center sites, which are expected to drive significant growth [1] - The company is also focusing on transmission projects, with regulated capital expected to grow at a compound annual growth rate of 20% by 2032 [1] Group 3: Operational Advantages and Future Prospects - New Era Energy leverages its scale, employing approximately 140,000 construction workers last year, to alleviate supply chain and labor pressures [2] - The company has ample interconnection capacity in renewable energy projects, providing scheduling flexibility, and is collaborating with Comstock to achieve natural gas flow by 2027 despite supply limitations [2] - In the nuclear sector, the company is optimistic about the development of third-generation small modular reactor technology over the next 5-10 years, with plans to transition to fourth-generation technology thereafter [2] Group 4: Revenue Enhancement Opportunities - The company anticipates that the re-signing of wind power purchase agreements from the mid-2010s, priced at approximately $15-$18 per megawatt-hour, could lead to revenue increases [2] - Management is actively capitalizing on data center business opportunities and is well-positioned to navigate the Inflation Reduction Act (IRA) tax credits and Foreign Entity of Concern (FEOC) regulations [2] - Strategic land positioning, fair pricing structures, rapid deployment of battery storage (targeting 5-6 GW annually), and localized supply chains are part of the company's strategy to provide comprehensive solutions for large-scale customers while ensuring FEOC compliance [2] - Collaboration with Google (GOOGL.US) aims to leverage data analytics and AI initiatives to reduce costs, with related revenues not currently included in performance forecasts, presenting an additional growth opportunity [2]