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《大行》花旗升中國電力國際(02380.HK)目標價至3.5元 上半年業績略超預期
花旗發表報告,指出中國電力國際(02380.HK)2025年上半年淨利潤按年增長0.7%,達到25.87億元人民幣,風電及燃煤發電業務利潤增長,惟被太陽能及水電業務利潤下降部分抵銷。期間業績略超預期,主要得益於單位煤炭燃料成本按年下降14.4%至234.52元人民幣/兆瓦時,超出預期,以及水電上網電價按年上漲10.6%至278.42元人民幣/兆瓦時。 該行指,基於煤炭成本下降,將中國電力2025年淨利潤預測上調2%,目標價由3.4元上調3%至3.5元。維持「買入」評級,理由包括:(i)2025年下半年煤炭供應充裕,煤炭成本仍有下行空間;(ii)7至8月降雨量增加推動水電利用率復甦;(iii)估值具吸引力,2025年預測市盈率爲8.7倍,市賬率爲0.9倍,股息收益率爲5.7%。
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