《大行》大摩:華能(00902.HK)次季盈利超預期 燃料成本下降與電價韌性帶動
華能(00902.HK)今日(30日)高開2.8%,最高見5.5元。現報5.46元,升9.2%,成交1.6億股,涉資8.51億元。
摩根士丹利發表報告指出,華能今年第二季淨利潤按年大幅增長50%,達到43億元人民幣(下同),高於該行此前預期的36億元,主要得益於燃煤與光伏發電利潤超出預期。
大摩表示,華能上半年火電與光伏為盈利增長的主要動能,兩者電價保持穩健,燃煤發電受益於燃料成本下降,第二季單位利潤維持在0.044元/千瓦時(2024年同期為0.015元/千瓦時)。光伏則因新增產能持續釋放而表現強勁,單位利潤僅按年下降0.5分。風電單位利潤下降趨勢亦較預期溫和,按年下降1.9分,但減幅較2025年第一季有所改善。評級為「與大市同步」,目標價5.5元。
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