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研報掘金丨第一上海:中國神華23年業績符合預期,維持“買入”評級
第一上海研報指出,維持中國神華(1088.HK)“買入”評級,2023年業績符合預期。考慮到當前煤價水平以及2024年動力煤需求,調整2024-2026年公司歸母淨利潤預測至633/635/637億元,目標價37.49港元。展望2024年,公司產業一體化運營優勢將持續體現,高長協煤銷售結構穩定利潤水平,疊加發電新增裝機帶動發電量穩定增長對沖煤價波動,盈利穩定性強,且過往注重股東回報,長期維持高分紅比例。公司高現金流、高派息特性具備長期投資價值。
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