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研報掘金丨國盛證券:首予浙能電力“買入”評級,盈利持續修復
格隆匯 07-03 16:01

國盛證券研報指出,浙能電力(600023.SH)為浙能集團下唯一火電上市公司,是浙江省電力龍頭運營商。2023年公司管理電力裝機3517 萬千瓦,其中煤電佔比88%,氣電佔比11%,佔全省統調煤電裝機58%。2023年公司總營收959.8億元,同比增加19.7%,2020-2023三年營收CAGR為22.9%,增速較快。2021-2022年由於煤價走高導致公司連續虧損,2023年受益於煤炭價格中樞回落,火電量價齊升,公司盈利持續修復,實現歸母淨利潤65.2億元,扭虧轉盈。除電力主業外,公司參股核電,穩健投資收益支撐業績增長;收購中來股份,佈局光伏製造業,拓展成長半徑。公司具有盈利修復彈性和高分紅高股息優勢,首次覆蓋,給予“買入”評級。

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