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研報掘金丨方正證券:首予京能電力“強烈推薦”評級,盈利能力穩中有升

方正證券日前研報指出,京能電力爲京能集團核心煤電資產,盈利能力穩中有升。近年來,公司火電基本盤貢獻主要收入,受2024-2025年Q1煤價下跌影響,公司火電盈利能力大幅提升,帶動公司整體盈利能力穩中向好。此外,公司協同發展風光熱業務,其中新能源裝機與電量快速增長,有望成爲新的增長引擎,供熱版圖則持續擴容,是公司穩定的收入來源。公司高分紅兌現能力有望繼續保持,在滿足要求的基礎上,公司2025 年對應股息率有望超過9%,具備較強的投資價值。按照公司2023-2025年年均分紅比例爲70%進行測算,扣除永續債利息和公積金,對應6月12日市值的2025年股息率爲6.9%,高股息屬性明顯。首次覆蓋,給予“強烈推薦”評級。

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