《大行報告》美銀美林微降中廣核電力(01816.HK)目標價至2.7元評級「買入」
美銀美林報告指,中廣核電力(01816.HK)上半年核電機組總上網電量按年增12%,惟利用小時按年跌1%,主要因為新產能增加,而紅沿河核電站受惠遼寧需求增加,利用小時按年增24.5%,此外寧德及防城港核電站利用小時分別按年跌18%及9%,而中國核電(601985.SH)亦公布上半年利用小時按年下跌13%。而嶺東核電站利用小時亦按年跌13%。
該行對公司2019財年平均利用小時估算為7,522小時,而公司指引則為7,554小時,與2018年一樣。考慮到該行將今年其發電機組利用小時估算下調,以及遼寧市場電力銷售較高,將公司2019-21年每股盈測分別下調4.3%、2%及2.2%,目標價由2.72元降至2.7元,重申「買入」評級。
該行指出公司於今年5月21日向中證監提交A股首次公開發行招股說明書,預計最快可在年內掛牌,但具體日期仍待確認,故尚未將相關因素計算在內。
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