研報掘金丨長江證券:予大唐發電“買入”評級,火電業績彈性釋放潛力有望高於行業
長江證券研報指出,大唐發電為大唐集團旗下火電業務最終整合平台,同時穩步推進裝機結構的綠色低碳轉型。當前,火電業務仍為公司經營重要支撐,公司業績受燃料成本影響較大,但清潔能源業績的穩步擴張,一定程度上平滑了煤價波動對公司業績的不利影響。公司火電資產核心佈局於京津冀及內蒙古等北方區域,從1-6月各省代理購電價格來看,北方地區電價降幅普遍優於南方地區,公司電價相對而言更具韌性。公司多元佈局清潔能源,新能源方面,公司新能源裝機節奏相對剋制、注重效益,且以更具優勢的風電為主。在煤價温和波動、電改深化的背景下,公司憑藉其優質資產佈局與機組效率,火電業績彈性釋放潛力有望高於行業,同時清潔能源多元化佈局能夠平滑週期波動並貢獻增長動能。給予公司“買入”評級。
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