《大行》大和昇華電(00902.HK)目標價至5.8元 重申「跑贏大市」評級
大和發表報告指,參與了華電(00902.HK)財報會議,雖然管理層認爲第三季進一步擴大電力和煤價的價差(dark spread)機會有限,但由於公司可能仍是獨立電企領域中盈利成長最穩健的公司,因此仍重申「跑贏大市」評級。納入2026年目標估值後,目標價由5元上調至5.8元。
報告指,第二季電價維持不變,但下調壓力仍在增加。管理層認爲燃煤電價相對堅挺是由於採取了積極的「量價協調」策略,在高價時期增加發電量,而在價格回軟時則限制發電量。然而,由於產能快速增長及市場參與增加,可再生能源電價繼續面臨下調壓力,風能及太陽能電價分別按季下跌每兆瓦時18元及15 元人民幣。
報告指,管理層預期下半年整體電價環境仍將受壓,尤其是現貨市場改革加速,以及可再生能源供應增長超過需求。儘管如此,該行認爲下半年價差仍會擴張。
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