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《大行報告》花旗:華能(00902.HK)次季在煤價下跌下 單位燃料成本仍按季上升令人驚訝
花旗發表研究報告指,華能國電(00902.HK)上半年盈轉虧,錄得虧損32.2億元人民幣,對比上年同期純利達到41.87億元人民幣,主要由於中國單位燃料成本按年增長50.5% 至每兆瓦時376.7元人民幣,升幅未被電價同期升幅所抵銷。 該行表示,淨虧損符合早前發布的盈利預警,但在煤價下跌下,單位燃料成本仍按季升幅達到9.1%,令人驚訝,相信是由於第二季進口煤炭供應結構性增多,加上期內沒有供熱所致。由於單位燃料成本上升和發電量下降,第二季度中國公認會計準則淨虧損擴大至24.19億元人民幣。 該行指,在內地當局干預下,管理層預計單位燃料成本可於第三季出現按季回落。鑑於上半年錄得虧損,花旗重申對華能國電的「沽售」評級,並預計其未來盈利能力將保持低位,目標價2.8元。
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