里昂:降華能(0902.HK)目標價至4.1港元 評級“跑贏大市”
里昂發表研究報告,指華能(00902.HK)在江蘇如東的海上風電場(300MW的項目)享受更高的上網電價及更好的產能使用率,但每單位資本開支較高。該行認為這是從燃煤發電走向多元化發展的開始。
此外,由於電價加速自由化,該行預計華能燃煤業務在2020至2021年將面對一定的平均售價壓力。該行將公司2020至2021年各年盈測下調分別32%及30%,並將該股目標價降16%,由4.9港元降至4.1港元,重申“跑贏大市”評級。
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