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《大行报告》瑞信下调神华(01088.HK)目标价至20元评级「跑赢大市」
阿思达克 08-12 11:35

瑞信发表研究报告,下调中国神华(01088.HK)H股目标价,由21元降至20元,维持「跑赢大市」评级。报告指,神华中期纯利242亿元人民币,按年倒退1%,意味第二季度纯利按年跌8%至113亿元人民币。公司称纯利下跌是因为销量减少及自家生产煤炭成本上升,但发电业务抵销部分负面影响。

瑞信指,神华的盈利几乎免除煤炭价格下跌压力,纵然秦皇岛5,500大卡动力煤价格在上半年按年跌8.8%,但同期神华纯利仅按年跌1%。受主要煤炭生产基地生产放宽、需求疲软及主要发电厂高库存,该行预期煤炭价格会出乎市场预期下跌。

该行下调对中国神华2020年盈利预测4.9%,并预计公司2021年纯利录约390亿元人民币。

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