《大行》大摩:中電(00002.HK)派息持平 大部份地區業務盈利受壓
中電(00002.HK)中午公布今年上半年純利跌5.5%至56.2億元,第二期中期息維持每股63仙,中電午後股價靠穩,最新報67.5元走低0.1%,成交額2億元。
摩根士丹利發表報告表示,中電中期淨利潤為56億元,較去年上半年的60億元下降6%。不包括EnergyAustralia的3,500萬元公允價值損失(2024年上半年為1.72億港元收益),營運盈利為52億元,按年下降8%。除香港外,所有地區的營運盈利均錄得負增長,而中電今年上半年每股股息為1.26元,按年持平。
該行指,中電旗下香港業務中期營運盈利46億元按年增長6%,但內地營運盈利8.7億元按年下降12%,原因包括:1)陽江電價較低影響盈利;2)今年上半年風力資源較弱導致可再生能源發電量下降。
大摩表示,澳洲業務營運盈利1.67億元,按年下降73%,原因包括:1)零售競爭激烈導致利潤率壓力;2)2024年煤炭補償結束導致煤炭成本上升;3)澳洲新南威爾斯省Mount Piper燃煤電廠和Yallourn因停電導致發電量減少。
該行維持中電「與大市同步」評級及目標價69元。(wl/u)
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