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《大行報告》花旗:內地近日環渤海動力煤價格指數按年跌13% 喜愛清潔能源板塊多於燃煤電企
花旗發表研究報告指,本月19日環渤海動力煤價格指數(BSPI)對比上一週持平於每噸735元人民幣(下同),並與年初數據持平,惟與去年同期相比則下跌13%。該行假設平均上網電價按年升20%,單位煤炭成本按年增20至25%,料今年內地燃煤獨立發電企業的股本回報率(ROE)較低,將爲少於5%。該行看好清潔能源板塊多於燃煤電企,認爲清潔能源公司的多晶矽單位成本較低,矽片銷售利潤率將從今年第四季度起擴大。 報告指國電南瑞(600406.SH)在2022至24年的經常性淨利潤每年增加15%,三峽能源(600905.SH)具有高ESG評分,華潤電力(00836.HK)用於可再生能源擴張和要求不高的市賬率。根據省政府規劃,到2025年底,內地風能和太陽能裝機容量將分別達到650吉瓦和730吉瓦,這將爲可再生能源公司帶來更多增長。該行並預期今年內地年電力需求將按年增長4%。(sl/k) ~
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