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研報掘金丨招商證券:國電電力Q1業績繼續修復,維持“強烈推薦”評級

招商證券研報指出,投資收益增長,國電電力(600795.SH)Q1業績繼續修復。一季度營業收入455.55億元,同比-0.13%;歸母淨利潤17.85億元,同比+88.62%,業績大幅增長主要系對聯合營企業投資收益增長,以及保德神東公司出表,增加歸母淨利潤1.99億元。公司有神華集團長協煤保障,成本優勢顯著,兩部制電價實施穩定業績;2025年川渝特高壓投產有望緩解水電消納問題,25-26年雙江口水電站投產,將大幅提升公司水電裝機,同時增發效應也有望增厚水電盈利;新能源裝機快速增長,轉讓國電建投消除察哈素煤礦不確定性,且將帶來額外收益,業績進一步增長可期。維持“強烈推薦”評級。

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