華能國際電力股份(00902.HK)：Q2業績大幅增長，估值修復可期，給予”買入”評級，目標價 5.00 港元
機構：國元證券
評級：買入
目標價：5.00 港元
投資要點
2020 年上半年盈利 54.41 億港元，同比增長 58.1%：
截至 2020 年 6 月 30 日止六個月，公司實現收入 791.27 億人民幣，同比下降 5.4%；盈利 54.41 億元人民幣，同比增長 58.1%，每股收益 30 分。不派中期息。公司 Q2 實現營業收入 382.13 億人民幣，同比增長 2.10%；盈利 33.81 億人民幣，同比增長 330.25%。2020 年上半年，公司完成售電量 1,721 億千瓦時，同比下降 6.98%；公司平均上網結算電價為 416.65元/兆瓦時，同比下降 0.68%。公司收入下降主要是疫情影響一季度發電量，而利潤大幅增長則主要受益煤價的超跌、財務費用下降以及投資收益增加。
下半年煤價有望穩定在合理區間，公司全年業績高增長：
上半年，煤炭市場價格總體呈現“V”型發展態勢，7 月份衝高回落，8 月煤價逐步止跌企穩。受益上半年煤價下行，公司上半年公司營業成本同比下降 8.85%，其中燃料成本同比減少 13.71%。預計後期煤炭市場供需整體將保持相對穩定局面，動力煤中長期合同價格穩定有望在綠色區間，確定公司全年業績高增長。
大額資產減值風險明顯降低：
公司公告擬向全資子公司滇東能源與滇東雨汪分別增加資本金人民幣57 億元和 47.65 億元，用於降低兩家公司資產負債率，節約財務費用。公司此次大幅增資兩家子公司，反映公司對兩家公司未來資產經營前景的信心，通過增資有利公司減虧，預期未來資產減值風險概率大幅降低。
給予買入評級，目標價 5.00 港元：
我們更新公司盈利預測並結合行業內可比公司估值情況，給予公司目標價 5.00 港元，相當於 2020 年和 2021 年 10 倍和 9.6 倍 PE，目標價較現價有 35%上升空間，給予買入評級。
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