《大行報告》中金降中國電力(02380.HK)目標價至4.2元 評級「跑贏行業」
中金發表報告,指中國電力國際(02380.HK)上半年業績整體符合該行預期;上半年風電利用小時按年升5.8%,電價降幅好於預期,風、光淨利潤按年分別升70%及22%。單位燃料成本按年降10%;火電度電淨利潤扭虧至2分人民幣。水電售電量按年降56%;儲能業務回報不及預期。
報告稱,中國電力9.3GW風光資產有望末季起貢獻利潤。公司未來將更多保留具備靈活性調節和煤價成本優勢的煤電機組。由於上半年水電來水較差、三季度改善較弱,儲能業務回報低於預期,該行下調其2023及2024年淨利潤預測分別3.7%、3.9%。維持「跑贏行業」評級,但由於綠電的估值進一步下挫,該行下調目標價15.5%至4.2元。
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