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《大行報告》瑞信下調神華(01088.HK)目標價至20元評級「跑贏大市」
阿思達克 08-12 11:35

瑞信發表研究報告,下調中國神華(01088.HK)H股目標價,由21元降至20元,維持「跑贏大市」評級。報告指,神華中期純利242億元人民幣,按年倒退1%,意味第二季度純利按年跌8%至113億元人民幣。公司稱純利下跌是因為銷量減少及自家生產煤炭成本上升,但發電業務抵銷部分負面影響。

瑞信指,神華的盈利幾乎免除煤炭價格下跌壓力,縱然秦皇島5,500大卡動力煤價格在上半年按年跌8.8%,但同期神華純利僅按年跌1%。受主要煤炭生產基地生產放寬、需求疲軟及主要發電廠高庫存,該行預期煤炭價格會出乎市場預期下跌。

該行下調對中國神華2020年盈利預測4.9%,並預計公司2021年純利錄約390億元人民幣。

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