JOEL - Basically you are right. Abinidi is saying that because Jesus Christ was conceived both in the spirit and in the flesh by the power of God, He can be called "Father" by what is sometimes called "Divine Investiture of Authority". This means that as the literal offspring of God the Father, Jesus has the right and duty to represent Elohim(His Father) in power and authority and stand in His place as God the Father when needed.
Bruce R. McConkie said:
"This is a matter of his Eternal Parent investing him with power from on high so that he becomes the Father because he exercises the power of that Eternal Being" (McConkie, Bruce R. "The Promised Messiah", p. 371. Salt Lake City, 1978).
This is one of the reasons why Jesus said that He and the Father are one(John 10:30, John 17:11,21, Mos. 15:4).