《大行報告》中金上調中電(00002.HK)評級「跑贏大市」 股息率吸引
中金發表研究報告,指出中電(00002.HK)2020年業績符合市場預期,持續保持穩健派息,年內總派息每股3.1元。
隨著中國內地和香港碳中和目標的提出,該行預計中電將通過結構轉型持續降低碳排放強度。香港業務隨著2020年龍鼓灘發電場新建的聯合循環燃氣機組投運,公司燃氣發電比例大幅提高至50%,公司後續也計劃繼續通過LNG接收站和龍鼓灘第二台燃氣機組的建造繼續減碳。同時在中國內地,2020年公司新增149兆瓦風電併網,認為後續公司在光伏、風電等可再生能源的布局,將會推動中國內地業務加速增長,支撐整體盈利能力。
中金稱,考慮到中電的澳洲業務2021年或繼續存在一定壓力,下調公司2021年盈利預測5.9%至118億元,同時引入2022年盈利預測119億元。該行認為公司當前股價已經反映個別市場的經營壓力,公司派息穩健、股息率具有吸引力,同時全球疫情影響的逐步消退以及積極推進的減碳發展策略,都將為公司帶來正面影響。上調公司評級至「跑贏行業」,維持目標價90.27元,相當預測今年市盈率18.2倍。
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