研報掘金丨國泰君安:中國神華Q4業績表現繼續領跑全行業,維持“增持” 評級
國泰君安研報指出,中國神華(601088.SH)24年歸母淨利586.71億元,同比下降1.7%;Q4歸母淨利潤125.97億元,同比增長10.26%,超市場預期。煤炭產量穩中有升,收購杭錦能源提升遠期成長性。發電量24年同比略降,25年表現或好於市場悲觀預期。認為25年火電長協電價基本全部落地,除廣州江蘇降幅較大外,其餘全國其他區域降幅好於市場預期,預計公司電力業務影響可能較市場的悲觀預期要更優。另外,公司現金流充裕,穩定利潤下的紅利龍頭。神華作為煤炭行業紅利龍頭,Q4業績表現繼續領跑全行業,投資價值持續。維持“增持” 評級。
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