美銀證券:內地電力供應緊張屬暫時性 維持龍源電力等的“買入”評級
美銀證券發表研究報吿表示,現時中國電力供應緊張屬暫時性,主要受到高煤價導致一些獨立發電廠未有足夠的現金流來採購煤炭,以及今年首8個月電力需求增長約14%等因素影響,亦認為不是所有省份的產能不足所造成,該行上調2021及2022年中國平均燃煤發電廠利用率(UH)預測上調至2.4%及負0.8%,
該行預期,中國將在2021年和2022年的合共發電量將提高293GW或12.9%,預計2021年獨立發電廠單位燃料成本將按年增長25-40%,相信中央政府將向各省分配排放和能源消耗目標。省級政府將制定自己的經濟增長、就業和人均增長目標,但同時不能超過中央政府規定的年度排放或能源消耗目標。
該行表示,維持對獨立發電廠的“遜於大市”評級,其投資組合中燃煤發電廠佔了當中的大部分,包括華能電力(0902.HK)和華電電力(1071.HK),亦維持對長江電力(600900.SH)、龍源電力(0916.HK)和大唐新能源(1798.HK)的“買入”評級。
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