《大行報告》大摩:華潤電力(00836.HK)去年業績勝預期 重申「增持」評級
摩根士丹利發表研究報告指,華潤電力(00836.HK)去年業績勝預期,與其他國企同業相比更商業化,即使計及新項目增加後收入可能下降,估值仍具吸引力。
去年度可再生能源業務淨利潤貢獻佔比達五成,比例較2019年增加逾5個百分點,期內負債權益比亦由2019年的121.8%降至119.9%。
該行指,華潤電力期內燃煤、風電及光伏電站平均利用時數較中國行業平均水平高,新增裝機量超額完成,符合預期。管理層透露負債水平可控,目前未有分拆需求。大摩指,考慮到公司資本開支維持高水平,加上派息比率維持40%,認為估值吸引,重申「增持」評級,目標價14.1元。
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