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研報掘金丨財通證券:首予長江電力“增持”評級 2024年來水修復、六庫聯調有望提高發電量
財通證券研報指出,長江電力(600900.SH)為三峽集團旗下主要大型水電經營主體,現運營管理長江流域的烏東德、白鶴灘、溪洛渡、向家壩、三峽及葛洲壩六座梯級電站。截至2023年底,公司總裝機71.8GW,2023年全年發電量2762.63億度電,現為中國最大電力上市公司。公司積極推進溪洛渡、向家壩及葛洲壩的擴機增容工作,銘牌變更及擴機預計增加裝機容量共390萬千瓦,2024年項目進度有望加速。公司大水電業務盈利能力與業績穩定性良好,毛利率與ROE位居行業前列。公司發揮現金流優勢圍繞水電清潔能源主業積極對外展開投資,2024Q1投資收益/歸母淨利比率提升至22.70%。公司穩居水電行業龍頭,2024年來水修復、六庫聯調有望提高發電量。首次覆蓋,給予“增持”評級。
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