華能國際電力股份(00902.HK)：年報錄得大額資產減值，持續加碼新能源
機構：興業證券
年報錄得大額資產減值影響利潤和派息。公司2019年總營收1,740億元，同比增2.6%。成本端在經歷了2017-2018年兩年高煤價影響後，公司2019年燃料成本顯着下降，帶動境內業務經營改善，但年報最終錄得58億元的資產減值，歸母淨利潤實現7.7億元，同比僅增長4.3%。派息方面，公司在報表歸母淨利潤僅小幅增長的情況下，將派息同比提升35%至每股0.135元，2020年4月1日H股收盤價對應的股息率為5.6%。
售電量情況：2019公司境內電廠利用小時為3,915小時，同比減少293小時；完成售電量4,050億千瓦時，同比下降5.9%。
上網電價和燃料成本：2019年公司境內電廠平均上網電價為0.417元/千瓦時，同比下降0.35%；市場化交易電量佔比56%，同比增加13個百分點，折讓持續縮窄，2020年計劃安排市場電佔比為61%。受益於燃料的回落，公司燃料成本為0.223元/千瓦時，較去年同期下降5.8%。
新增裝機：2019年公司新投產機組1.28GW，全部為風電（860MW）和光伏項目（420MW）。2020年公司計劃新增裝機6.62GW，其中3.37GW為風電項目（當中1.2GW為海上風電），910MW為光伏項目，95MW為生物質，燃氣機組為1.74GW，還有100MW的煤電項目。2020年計劃開支475億元，其中316億元為新增風電項目的開支。
我們的觀點：華能國際電力是中國最大的火力發電公司，在上市的同行中業績對於煤炭價格下降的彈性最大。我們判斷2020年公司將繼續受益於煤炭價格回落帶來的盈利改善，但目前大額資本開支下自由現金流仍然承壓，當前股價對應彭博一致預期2020PB為0.32倍，建議投資者關注。
風險提示：用電量增長不及預期；煤價出現超預期的上升；資產減值超預期。
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