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研報掘金丨中信建投:華能國際業績有望穩健提升,維持“買入”評級
格隆匯 03-26 16:01
中信建投證券研報指出,華能國際(600011.SH)24年實現歸母淨利潤101.35億元,同比增長20.01%,主要系火電利潤大幅增長疊加新能源利潤穩步提升所致。火電利潤大幅增長主要系燃料成本下降,綠電業績穩步提升主要系裝機規模增長帶動。電價方面,2024年公司結算電價為494.26 元/兆瓦時,同比下滑2.85%,主要系煤電上網電價下滑以及新併網風光項目電價偏低;24Q4單季度電價為488.12元/兆瓦時,同比下滑3.52%。公司作為國內火電龍頭,在煤價逐步回落背景下火電業務盈利能力有望保持穩定,疊加風光電規模持續增長,公司業績有望穩健提升。維持“買入”評級。
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