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天風證券:分紅仍為動力煤板塊投資邏輯主線
格隆匯 07-22 08:06
天風證券研報稱,分紅仍為動力煤板塊投資邏輯主線。儘管從2022年以來,煤炭板塊股價的上升使得分紅收益率有所下降,但分紅仍為投資主線。不同於過去,天風證券認為2024年下半年市場將更關注分紅邏輯下的差異化方向,主要有二:1)增量邏輯,彌補分紅收益率的下降;2)一體化邏輯,降低風險溢價。關於今年市場重點關注的煤電一體化方向。對煤企而言,向下遊一體化佈局既可以獲得增量,又可以熨平煤價週期,使得公司業績穩定性和遠期的分紅預期穩定性增強。電廠投資回報率主要取決於三方面因素:電價、煤價、利用小時。佈局煤電一體化要綜合考慮當地電力市場情況、煤價情況,以及是否有特高壓配套。
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