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中金:下調華能國電(0902.HK)盈測 首季成本跌幅遜預期
格隆匯 04-22 13:16

中金公司發表研究報告指出,華能國電(0902.HK)首季度純利按年減少23%,低於中金預期,主要因為成本跌幅不及預期,因此下調公司盈利預測,H股目標價維持6港元,較昨日收市價仍有上升126%的空間,A股目標價亦維持8.29元人民幣,均維持“跑贏行業”評級。

中金已調低華能國電今年盈利預測17%至66億元人民幣、明年預測下調7%至89.3億元人民幣,給予更為謹慎的減值預期。該行指,4月以來煤價超預期下跌,若該趨勢延續,有望推動第二季度純利按年增長30%-40%;

報告指出,華能國電首季度單位燃料僅按年下降約5%,少於中金此前預計的6%-7%降幅,預計其他營業成本亦有一定增長,拖累業績表現。同時,受疫情影響,公司首季度經營性現金流亦較為疲軟,同比下滑24.5%至81億元人民幣。

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