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《大行報告》摩通降中國電力(02380.HK)及潤電(00836.HK)評級至「中性」 明年面對電價下調風險
摩根大通發表報告表示,煤炭價格下跌的利好因素可能已反映在2023年上半年盈利強勁回升當中,考慮到明年電價有下調的風險,企業利潤率可能面臨將受壓,建議投資者將年初至今股價表現跑贏的內地電力公用事業股先行獲利。 該行解釋,在經濟低迷及煤炭價格低迷的情況下,獨立發電廠明年起或要以較低電價重新制定電力合同,另外自2021年以來新燃煤機組快速批准後,中期而言利用小時數亦可能面對阻力,導致燃煤的獨立發電廠估值吸引力下降,與可再生能源營運商相比溢價或超過20%。 摩通將華潤電力(00836.HK)及中國電力(02380.HK)的評級由「增持」下調至「中性」,潤電目標價從21元降至17.5元,中國電力目標價從3.8元降至3.2元;並因AH股價差,將華能(600011.SH)A股列入負面催化劑觀察名單,華能(00902.HK)H股維持「中性」,目標價從4.3元降至4.1元。
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