研報掘金丨方正證券:大唐發電火電盈利明顯修復,維持“強烈推薦”評級
方正證券研報指出,大唐發電(601991.SH)是中國最大的獨立發電公司之一,在香港、倫敦和上海三地上市。公司發電業務包含火電、水電、風電、光伏等,其中火電是公司最主要的營收來源,佔公司總營收的比例接近90%。2024年和2025年Q1,受煤價下行帶來的燃料成本下降影響,公司煤電業務盈利持續修復,帶動公司歸母淨利潤分別同比增長230.09%和68.12%。公司是京津唐電網最大的獨立發電公司,近年來公司燃煤裝機容量穩步攀升,其中多集中於京津冀、廣東和內蒙古地區。在煤價持續下跌的情況下,公司火電盈利明顯修復,推動整體業績快速增長。水核風光多元佈局,開闢業績第二增長曲線。維持“強烈推薦”評級。
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