研報掘金丨山西證券:國電電力Q1業績實現快速增長,首予“增持-A”評級
山西證券研報指出,國電電力(600795.SH)一季度歸母淨利潤17.85億元,同比+88.62%。Q1業績實現快速增長,整體符合預期;收入端穩中微降繫上網電價略承壓,利潤端高增系成本端改善、投資收益超預期增長及保德神東破產移交後不再納入合併報表。考慮到公司為我國裝機規模最大的電力上市公司之一,煤電一體化協同性強,具備較強盈利能力及資源整合能力;且公司多點開花,後續有望實現火電盈利能力提升、水電發電量修復、新能源供電快速增長,首次覆蓋給予“增持-A”評級。
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