大行評級|大和:上調華能國際電力評級至“跑贏大市” 第四季收支平衡對市場屬驚喜
大和發表研究報告指,將華能國際電力的評級由“持有”升至“跑贏大市”,維持目標價爲5港元。該行指,公司去年第四季能錄得收支平衡,對市場屬驚喜,而在煤價調整下,料今年的點火價差(Dark Spread)會按年升6%,至每兆瓦時131元。據該行推算,單位燃料價格每跌1%會提振每股盈利介乎3%至5%。該行表示,儘管國家發改委公佈的新分成合同可能爲電價下行提供支撐,認爲華能國際的可再生能源電價在今年仍可能保持下行趨勢,按年下降2%至3%。2024年前九個月,風能和太陽能已佔公司盈利50%,預計2025年火電利潤增長可能會部分被可再生能源盈利疲軟所抵銷。
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