《大行報告》瑞銀下調潤電(00836.HK)、龍源電力(00916.HK)及信義能源(03868.HK)目標價 評級「買入」
瑞銀發表研究報告,將中國電力公用事業、可再生能源和電網企業2022至2024年每股盈利預測下調2%至24%,並將評級股份目標價下調17%至33%,但強調仍然看好該行業,預測下調則是由於對行業經營情況預測較審慎,包括資產注入時間表和煤炭價格趨勢等,2022至2024年平均盈利預測水平仍較市場預期高7%。
瑞銀表示,隨著過去兩個月煤電及可再生能源電價改革政策的逐步出台,行業基本面正在改善,認為投資者未有計及相關積極因素,並對補貼資格調查過度反應。
該行又指,中央及地方政府持續推進行業支持政策,電價改革仍在繼續,意味著火電價格有上行空間,認為政策出台將提高火電及可再生能源生產商的盈利能力,而市場尚未完全消化相關政策影響。
瑞銀將龍源電力(00916.HK)、華潤電力(00836.HK)和信義能源(03868.HK)的2022至2024年淨利潤預測下調10%至20%,以反映對產能擴張進度較預期慢、煤炭價格上漲及融資成本增加的預測,目標價分別下調至16元、19元及3.5元,均予「買入」評級。
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