研報掘金丨中金:維持內蒙華電“跑贏行業”評級,目標價4.5元
中金公司研報指出,內蒙華電(600863.SH)再延高分紅規劃,彰顯上市公司回饋股東決心,測得2025E-2026E股息率超過6%。公司在2022-2024年即規劃每年現金分紅不低於合併報表可供分配利潤的70%,且每股派息不低於0.1元。本次2025-2027年分紅規劃再次延續了上一週期的分紅力度,凸顯公司管理層對於回饋股東的決心,以及對於未來發展的信心。測得2024E股息率達到6.5%左右,而2025E-2026E股息率約爲6.7%-6.9%,分紅水平遠高於A股上市的火電同業,股息價值凸顯。根據公司公開業績會,公司力爭在“十四五”末新能源裝機佔比50%。我們認爲選擇優質風電注入體現了控股股東對於公司能源結構轉型的大力支持,公司在新能源發電的競爭力得到進一步提升。2025年看,認爲蒙西電價可能好於預期,煤炭業務雖然現貨價格波動,但是公司擁有長協煤合同保障,可以幫助降低現貨煤價影響,保障盈利,支持高分紅表現。維持4.5元目標價、“跑贏行業”評級不變。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.