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大行評級|星展:上調華能國際電力評級至“買入” 估計2025財年盈利將增長43%
格隆匯 04-15 12:42
星展發表研報指,華能國際電力2024財年新增9.7吉瓦裝機容量後,計劃於2025財年新增約14吉瓦的清潔能源裝機容量,其中約10吉瓦為風能或太陽能。該行估計,這將使公司2025財年發電量增加6%。假設平均電價下降4.5%至10%,其中國市場電力銷售收入預計將在2025財年增長1.4%。星展表示,儘管電力銷售收入增長幅度有限,但預計華能國電2025財年EBIT利潤率將上升2.8個百分點至12.6%。至於2025財年第一季,受需求疲弱及供應增加影響,平均煤炭價格下跌20%。該行預計目前煤炭價格下降趨勢將使公司燃料成本降低7.5%。星展將華能國電評級由“持有”上調至“買入”,目標價由4.4港元上調至5.2港元,並估計公司2025財年盈利將增長43%,主要受燃料成本降低所支持。
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