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研報掘金丨方正證券:首予華電國際“強烈推薦”評級,電廠分佈於火電優勢地區

方正證券研報指出,華電國際(600027.SH)電廠分佈於火電優勢地區。華電國際旗下電廠主要分佈在山東、湖北、安徽、湖南等地,而山東、湖北、湖南以及安徽等地對火電而言均爲優勢地區,2025年山東地區長協電價下降0.35分/千瓦時,安徽地區下降2.33分/千瓦時,湖北地區下降0.59分/千瓦,湖南地區上漲1.21分/千瓦時,電廠主要分佈地區電價下降幅度較小甚至上漲,業績改善效果更加明顯。預測華電國際2025-2027年歸母淨利潤爲66.46/80.37/84.61億元,對應5月30日市值PE 爲9.0/7.4/7.1倍,對應當前PB爲1.4倍,低於可比公司均值,首次覆蓋給予“強烈推薦”評級,此外港股(1071.HK)更具性價比。

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