《大行》美銀證券:中資電力股中期業績符預期 籲買入華能(00902.HK)光大環境(00257.HK) 降華電(01071.HK)評級至「中性」
美銀證券研究報告指,中資電力股上半年業績大致符合該行預期,其中熱能發電、風電供應鏈及環境業務的盈利與自由現金流表現強勁;不過,燃氣、風電和太陽能獨立發電商及太陽能供應鏈表現相對平淡。
該行對熱能發電轉持中性看法,因市場擔憂電價下調壓力將於9至12月浮現;現予華能(00902.HK)「買入」評級,基於其自由現金流收益率達8%;H股目標價由6元升至6.2元。該行提及,燃煤及可再生能源收入下降打擊潤電(00836.HK),評級「中性」,目標價由20.2元降至19.8元。該行並降華電(01071.HK)評級由「買入」下調至「中性」,H股目標價由4.9元降至4.6元,因憂慮電價下滑,行業進入季節性弱勢,並或在供需關係轉弱及風/光電價走低下加劇。不過,煤價趨穩及「反內捲」或帶來一些支持。
美銀證券對光大環境(00257.HK)亦予「買入」評級,其上半年稅前利潤按年升23%,好過預期,自由現金流翻倍,資本開支指引清晰;目標價5.3元。
另外,該行予龍源電力(00916.HK)「跑輸大市」評級,目標價6元,認為其上半年盈利下跌符合預期,會繼續留意補貼徵收情況和即將進行的省級電力招標。
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