《大行報告》匯豐研究:工作報告無進一步下調電價 中資電力股看好潤電(00836.HK)
匯豐研究發表報告,指總理李克強在其工作報告中,提及將今年工商電價下調5%的政策延長今年年底,但不會進一步下調電價,相信中國國家電網公司及南方電網公司有能力應對。
該行相信,沒有進一步下調電價對市場有驚喜,因市場預期政府會再下調終端用戶電價10%,與2018及19年情況相同。而自去年第四季起,潛在進一步降價令煤電廠的股價受損,估值仍然處於歷史低位。該行相信,今年電價下行空間有限,相信工作報告有助消除憂慮。
該行表示,在4月份煤價暴跌後,投資者認為佔比逾半的獨立發電廠在市場主導下的電費亦有所下跌,雖然近期見回升,但相信在今年年初簽訂的直銷電合約,有助鎖定部份利潤,重申對獨立發電廠正面看法,首選潤電(00836.HK),看好其流動性、海邊城市佔比等,目標價14.5元,評級「買入」。
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