《大行》匯研降港華智慧能源(01083.HK)目標價至4.7元 評級「買入」
匯豐研究發表報告指,港華智慧能源(01083.HK)上半年淨利潤按年增長2%至7.58億元。剔除一次性項目後,核心利潤亦按年增長2%至7.17億元,略低於該行預期,因電價下調及去年上半年電力交易的高基數,令期內可再生能源業務增長遜預期。然而,儲能合約容量增加,應可令下半年盈利增長改善。同時,公司在太陽能光伏業務上持續執行輕資產策略,維持穩定盈利增長及更佳現金流。
公司首次宣派中期息每股5港仙,該行認為公司現金流持續改善及股息韌性增強,有望推動估值進一步接近同業平均水平;維持「買入」評級,並因上半年可再生能源增長放緩,將目標價由4.9元降至4.7元。
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