《大行報告》中金料火電股本季基本面改善 重點推薦華能(00902.HK)、華電(01071.HK)及潤電(00836.HK)
中金發表報告指,中資電力股近期表現優異,限電加劇驗證火電「壓艙石」的重要性,重申火電股第三季基本面料迎改善機會,以及優化火電投資壓力下的潛在政策利好。另該行認為,新能源或將在第四季迎來建設成本拐點,當前組件環節已現競爭信號。
報告稱,限電問題凸顯局部地區「基荷裝機」短缺問題,火電保供地位再被確認。火電虧損已持續一年,報告認為改善盈利能力迫在眉睫,才能推動投資落地,政府仍須在煤價管控方面加強執行力度,或在電價方面推動利好政策出台,幫助回歸合理回報。另火電價、量、成本均有改善,高溫天氣接近尾聲,煤價料有下行空間。
中金重點推薦的火電股包括華能(00902.HK)、華電(01071.HK)及潤電(00836.HK),三企評級均為「跑贏行業」評級,目標價分別4.9元、3.16元及22.5元。報告亦建議關注超跌綠電標的,如龍源電力(00916.HK)。
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