《大行報告》大和上調潤電(00836.HK)目標價至23元 評級「買入」
大和發表研究報告指,華潤電力(00836.HK)上半年純利按年增長13%,勝該行預期,預期華潤電力可從碳排放配額及中國核證減排量措施中最能受惠,因爲其火電廠效率高,加上可再生能源項目渠道強大,但現行碳排放交易機制下,煤電獨立電力生產商受惠程度並不顯着。
該行預期下半年煤炭價格相對穩定,或可推動華潤電力下半年盈利按年回升。據該行計算,標準煤價每上升1%,或令盈利下降2.8%;若煤電及風電供應價格每上升1%,則分別推動盈利增長1.2%及1.5%。
大和指,華潤電力目標於2025年底前新增額外40GW可再生能源產能,令裝機量達到51GW,佔公司總裝機量超過一半,對其重申「買入」評級,考慮到可再生能源擴張計劃進取,將目標價由18.8元上調至23元。
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