《大行報告》匯豐研究上調潤電(00836.HK)目標價至19.5元 評級「買入」
匯豐研發表的報告指,華潤電力(00836.HK)上半年盈利勝預期,儘管煤電溢利波動,可再生能源業務增長迅速亦帶來具韌性的盈利增長。該行相信綠色轉型及重估將持續,公司股息率吸引,加上政策風險低,相信在波動的市場中屬防守性較強,重申「買入」評級,目標價由16元升至19.5元。
該行指出今年上半年公司純利按年升13%至51億元,高於該行原先預測的47億元,同時亦跑贏市場預期。在煤電方面,公司相關溢利跌逾半至7.97億元,主要因為燃料成本按年升31%,相信上行空間有限,因為內地正加大進口及刺激本地供應,此煤電價格展望亦有改善,相信將有助抵銷煤價高企的影響。
該行指出可再生能源淨利升69%至44.65億元,可抵銷煤電表現有餘,同時亦帶來穩健的盈利增長。期內可再生能源貢獻整體盈利的85%,高於該行原先估算的70%,公司亦開始公布分部的淨資產,而可再生能源貢獻逾半,相信可為其可再生能源業務提供更高的透明度,管理層計劃今年建不少於2.5吉瓦,有信心可達到2021-25年建40吉瓦的目標。(el/k) ~
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