《大行》交銀國際降中國電力(02380.HK)目標價至3.77元 評級「買入」
交銀國際發表報告表示,中國電力(02380.HK)首四月總發電量按年微升0.3%。,預計公司上半年火電點價差或高於預期約2%。該行將中國電力目標價從3.51元上調至3.77元,維持「買入」評級。
該行表示,中國電力公布首4個月經營情況,期內總發電量按年微升0.3%。其中風電 、光伏發電量按年分別上升32.1%、13.6%,水電受4月來水量波動影響,單月發電量按年、按月分別下降53.3%、26.5%。
該行認為,今年2季度內,內地動力煤價(港口及內陸地區)較3月底水平下跌超7%,預計公司上半年火電點價差或高於預期約2%,因此上調2025至2026年盈利預測1.0%、1.4%。
此外,該行根據公司水電重組方案的資產注入估值,將水電板塊估值標準上調至 1.9 倍 2025 年市賬率。預計公司2025至2026年股息率達6%、7%,仍具吸引力,維持「買入」評級。
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