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《大行報告》瑞銀:內地電力股未反映潛在正面政策推出 首選龍源(00916.HK)及潤電(00836.HK)
瑞銀發表研究報告指,重申對可再生能源及火力發電廠的長期正面看法,認為電力短缺將有帶來短期積極影響,同時憧憬今年第四季至明年首季當局將出台利好政策,以及太陽能組件成本下降將有助於提升可再生能源項目的內部回報率。 該指指,內地發電行業於7月至8月初大幅貶值,主要由於投資者對福建及山西低電價的消息反應過度。瑞銀略微下調盈利預期,以反映產能增長速度慢於預期,首選為龍源(00916.HK)和華潤電力(00836.HK)。 瑞銀又指,近期電力短缺並非結構性問題,而是受到極端天氣及缺乏調峰能力所引起,認為在水電供應不足和煤炭價格溫和的情況下,電力生產商仍可透過提高利用率和電價受惠。 該行略微下調龍源和信義能源(03868.HK)2022至2024年每股盈利預測,分別下調7.2%、5.3%、4.7%以及0.5%、3.3%及3.1%,以反映這兩家可再生能源發電企業的產能擴張速度低於預期,目標價下調至22元及5.2元,評級「買入」。而潤電目標價為23元,同予「買入」評級。
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