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研報掘金丨中信建投:大唐發電火電盈利持續改善,維持“買入”評級
格隆匯 03-26 17:30

中信建投證券研報指出,大唐發電(601991.SH)24年歸母淨利潤45.06億元,同比增長229.70%;歸母淨利潤同比增長主要系煤電成本下降帶動火電利潤改善和來水提升帶來的水電利潤增厚。目前,動力煤供需情況整體寬鬆,疊加可再生能源上網電量的增長對火電需求的擠壓,預計燃煤價格仍有望維持下行趨勢。在此情況下,儘管25年上網電價有所下降,認爲公司煤電盈利能力仍有望維持。同時,公司積極推進綠色能源轉型,新能源裝機規模及上網電量快速提升,持續增厚經營業績。近期出臺的綠電新政有望加速綠電環境價值兌現,保障新能源項目盈利能力。在火電盈利持續改善,可再生能源利潤持續增厚的趨勢下,預計公司經營業績有望實現增長。維持“買入”評級。

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