《大行報告》匯豐研究上調中資電力股目標價 推薦潤電(00836.HK)及中國電力(02380.HK)
匯豐環球研究發表報告指,爲應對電力短缺問題,中國國務院於上週五(8日)批準將市場基礎批發電價的浮動上限增至最多20%,並將高耗能行業的電價限制取消。雖然行業及投資者已預期煤電廠有更佳的電價前景,但該行仍認爲是次調整是優於預期。
該行假設,一個600兆瓦的煤電機組,在電價高於標準電價20%,及煤價固定以合約價而非現貨價計算下,機組可有4%的淨利潤率。該行又預期,內地部分省份的月度電力投標價格在11月便會達到20%的價格上限,雖然對電廠今年的盈利幫助或會太遲,但相信明年電廠的盈利前景會有大改善。
匯豐研究對內地電廠中期的盈利前景看法更爲正面,上調中資電力股目標價及調整部分評級,其中華電(01071.HK)評級由「減持」升至「持有」,目標價由2.4元升至3.4元;大唐發電(00991.HK)評級由「持有」升至「買入」,目標價由1.33元升至1.8元;華能(00902.HK)評級由「持有」升至「買入」,目標價由4.2元升至5元。
行業中,匯豐研究相信華潤電力(00836.HK)最受惠於是次的新電價政策,其與中國電力(02380.HK)續爲該行的推薦股份,兩企評級均維持「買入」,潤電目標價由23.2元升至24.1元,中國電力目標價由4.4元升至4.6元。
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