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里昂:下調華電(1071.HK)目標價至3.5港元 降大唐(0991.HK)目標價至1.4港元
格隆匯 10-23 11:00

里昂發表報告指,華能國電(00902.HK)為首間公佈今年第三季業績的中資電力股,該行相信煤價處較低水平仍然對燃煤發電廠有利,預期煤電企業在第三季的利潤按年復甦。而華能國電及華電國際(01071.HK) 0.000 (0.000%) 沽空 $1.47百萬; 比率 18.705% 第三季的發電量按年下跌4%至6%,預期低煤價造成的影響將大於利用率。

該行下調對華電國際今明兩年盈利預測分別11%及25%,股份目標價由4.1港元降至3.5港元,評級“買入”。大唐發電(00991.HK)明年盈測則下調13%,股份目標價由1.6港元降至1.4港元,評級“沽售”。

風電方面,里昂預期因風力資源疲弱,龍源電力(00916.HK)今年第三季的發電量按年跌3%,但由於煤價下跌使其煤電業務盈利能力改善,料集團第三季的盈利按年大致持平。至於華電福新(00816.HK),其第三季發電量按年上升10.8%,該行預料公司第三季撇除一次性項目盈利可按年增長10%至15%。

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