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交銀國際:下調華能國際電力(0902.HK)目標價至3.24港元 評級“中性”
格隆匯 06-23 11:42

交銀國際發表報告稱,下調華能國際電力股份(0902.HK)目標價2.7%,由3.33港元調低至3.24港元。該行認為,該股現價估值合理,但短期缺乏催化劑,評級由“買入”降至“中性”。

該行稱,今年3月以來,隨着電力需求復甦,該股股價已反彈約31%,不過認為其股價已基本反映利好因素,維持0.44倍2020年預期市淨率的估值基準。

該行將集團今年的總電力銷量增長預期降低2個百分點,至同比跌4.6%。此外,該行認為,沿海地區的控煤政策以及新建成的特高壓輸電網將使火電利用小時數維持疲弱。

在下半年疲弱的電力市場中,該行預計集團的售電價差可保持穩定,但是認為市場可能忽略了一些擔憂,包括集團沿海機組較多、電力銷售的跌幅可能高於同業、新能源投資帶來財務壓力以及現有火電機組進一步減值。

該行又表示,據瞭解,由於公共衞生事件的影響,今年首季風機的供應存在短缺。另外,由於恢復生產時間較遲,該行預計項目建設會推遲3個月,這可能導致新增的項目沒有補貼。

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