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交銀國際:料明年內陸地區發電量增長繼續超過沿海 行業首選華潤電力(0836.HK)
格隆匯 12-19 16:38

交銀國際發表電力行業剖析報告指出,內地火電行業在經歷艱難的2019年後,將會隨着電力市場的進一步開放,在2020年有所好轉。由於基數較高,內地的總體用電量增長將在“十三五”末期放緩,因此對行業維持“與大市同步”評級。在發電量方面,預計2020年內陸地區的增長應繼續超過沿海。

報告指,華潤電力(0836.HK)該行的行業首選買入股,預計其明年電力銷售的毛差和銷售增長較佳。對覆蓋的五家獨立電廠進行情景分析,瞭解新引入的定價機制將如何影響它們的火電上網電價。結果顯示,在最差的情況下(假設所有省份的電價折扣為15%),華潤電力和大唐發電(0991.HK)受到的影響應該小於同行。

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