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研報掘金丨華泰證券:維持中國核電“買入”評級,目標價12.39元
華泰證券研報指出,中國核電(601985.SH)2Q24核電電量同環比均回升、新能源電量延續高增長。參考2Q24經營數據變化,下調毛利率;類REITs發行壓降負債率,下調財務費用率。核電新機組有序推進,截至24年7月末公司在建機組合計12台,裝機容量13.92GW;核准待建機組3 台,裝機容量3.64GW;公司核電在建與待建容量相當於在運容量的74%。核電項目建設週期較長,2024-2027年公司核電投產逐步提速、我們預計為1.21/1.21/1.39/6.32GW。考慮到公司核電新機組投產逐步提速、中長期價值有望迎來重估,給予公司2024年21倍PE,目標價12.39元(前值10.54元)。維持“買入”評級。
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