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《大行》交銀國際維持潤電(00836.HK)「買入」評級 中期再生能源盈利遜預期
阿思達克 08-22 15:44
交銀國際發表研究報告指,華潤電力(00836.HK)中期盈利按年下跌15.9%,核心盈利按年持平,遜於市場預期的增長5%。該行認為期內潤電火電業務表現較佳,主要源於煤炭成本及煤耗較低,點火價差按年升6.5%,而同期風電及光伏上網電價分別按年下降11%及6%,部分抵銷售電量增長所帶來的利潤貢獻,加上稅負影響,可再生能源核心盈利僅按年增1.5%,遜預期。 交銀國際維持華潤電力的「買入」評級,認為公司2025及2026年預測股息回報率約達到5.6%及6.3%,仍屬吸引水平,但將今明兩年核心盈利預測下調1.5%及0.7%,以反映上網電價降幅較預期高,目標價降至21.82元。
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