《大行》匯豐升中廣核電力(01816.HK)目標至2.9元 籲持有
匯豐研究報告指,作為氣候目標,預計2025及2030年,中國累計的核電產能將可分別達66吉瓦及110吉瓦,而2024年為60吉瓦,即2030年核電可佔整體能源供應的7%,而2024年為5%。內地相關部門自2022年起,每年批准興建最少10個新的核反應堆,大部分都是大規模且使用本地技術。而小型模組核反應堆(SMR)則被視作是一種潛在的核能擴張方法和技術出口,更適合在偏遠地區進行分散使用。
該行估算,目前一個SMR的資本開支約為50至80億元人民幣,國內SMR的均化能源成本較大型反應堆及可再生能源高出50%至7倍。基於國內的能源供應過剩及價格疲弱,短期本地採用SMR的意欲較低,反而出口SMR設備和技術會較有潛力。
該行認為設備和提供統包工程的企業因前期資本支出,更有利於捕捉核能市場增長,相反公用事業公司的回報模式較長,並容易受電價及鈾價波動影響。股份方面,該行將中廣核電力(01816.HK)目標價由2.7元升至2.9元,維持東方電氣(01072.HK)目價價12.3元,均予「持有」評級。
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