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工銀國際引述電企料下半年可取更多中央補貼 指穩煤價措施可提升燃煤電企盈利
中資電力股今日抽升,華能(00902.HK)、華潤電力(00836.HK)及中國電力(02380.HK)股價上揚逾5%至6%。工銀國際發表告表示,就國務院早前公布將發電央企再撥付500億元人民幣作可再生能源補貼,據該行了解內地大多數國有電力營運商正就潛在補貼事宜進行相關工作,鑑於今年潛在獲中央分配給預算顯著增加,國有電力營運商還預料今年下半年資金狀況將會改善。 該行指發電央企截至去年年底負債比率達到114%至201%,在最樂觀(bull-case)情景假設下,中央的額外補貼將可令主要國有電企的淨負債率降低6%至49%,料其中大唐新能源(01798.HK)潛在受惠最大。該行指電企迎來更好的現金流狀況,也將有助於降低公司的財務支出,對債務融資的需求減少。該行認為,具有可再生能源敞口的燃煤發電企業亦將受益。 工銀國際表示,隨著國家發改委303號文件穩定煤價的實施,它們的經營環境將變得更加有利。補貼徵收正在進行中,該行最近與H股上市國企電力營運商的渠道調查再次確認正就潛在額外補貼事宜進行相關工作計劃。在該行調查的六家國企電力營運商中,其中五家提到正在收集相關資料,電企預計在今年下半年會取得更多補貼。 就國家發改委303號文件自5月1日起實施,旨在將海運煤價格保持在每噸570至770元人民幣範圍內,相信可以提高燃煤獨立發電企業的盈利能力、現金流和財務狀況。
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