大行評級|交銀國際:下調華潤電力目標價至23.1港元 維持“買入”評級
交銀國際發表報告指,華潤電力將會在3月20日公佈2024全年業績,經財務模型調整後,估計2024年公司核心盈利按年增長15.7%至127億港元。考慮到2025年風光項目限電率以及市場化交易量按年上升,同時火電點火價差預期按年下降,下調了公司風光項目利用率與平均電價1至2百分點。因此下調 2025和2026年盈利預測22%和21%。該行以分部估值法得出的目標價下調至23.1港元,目前公司6.8倍2025年預測市盈率已在5年曆史平均以下,該行認爲已部分反映公司在2025年電價及利用小時的不確定性,維持“買入”評級。
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