研報掘金丨東吳證券:首予建投能源“買入”評級,電力供需緊平衡、電價端有價格支撐
東吳證券研報指出,建投能源背靠用電緊平衡河北省,熱電聯產模式顯著提高效率。受益於京津冀地區無核貧水,判斷未來3年河北地區用電緊平衡。2024年受益於全球範圍內因AI數據中心、電動車帶來的全社會用電量超預期,以及“南澇北旱”的氣候性因素,京津冀的電力公司2024年業績超預期。進入2025年,認爲延續2024年投資邏輯,重點關注區域供需缺口,而京津冀地區因常規能源供給上無核貧水,重點推薦。由於公司背靠無核貧水的河北,電力供需緊平衡、電價端有價格支撐;同時毗鄰產煤大省陝西山西內蒙,成本端也較有優勢,因此首次覆蓋給予“買入”評級。
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