研報掘金丨東吳證券:維持長江電力“買入”評級,國債收益率下行紅利標杆空間打開
東吳證券研報指出,長江電力2025H1發電量穩增,烏東德來水偏豐、三峽來水偏枯。截至2025/7/10,按照分紅比例不低於70%的承諾,當前股價對應2025 年股息率3.35%,與十年期國債收益率息差達到1.71%,考慮息差迴歸,紅利標杆長江電力空間打開。公司2025年力爭實現3000億千瓦時發電量,維持2025-2027年對公司歸母淨利潤的預測350.28/367.15/370.87億元,同比增長7.8%/4.8%/1.0%;維持“買入”評級。
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