《大行報告》中金昇華能(00902.HK)評級至「跑贏行業」 目標價上調至4.9元
中金髮表研究報告,將華能(00902.HK)投資評級由「中性」上調至「跑贏行業」,目標價升至4.9港元,相當於明年預測市盈率11.6倍。報告形容華能基本面風險釋放,看好後市苦盡甘來。
報告稱,上季華能業績見底,末季度起,該行認爲各生產要素有邊際改善趨勢,電價政策放開,月度市場電成交價已出現頂格交易、且部分地區敦促重新協商尚未執行的年度交易價格;另煤炭增產增供、提高煤炭中長期合同履約以及國家發改委研究依法對煤價實施幹預措施將幫助疏導成本壓力。
此外,華能的新能源權益利潤貢獻持續攀升,綠色轉型機遇挑戰並存。該行認爲大基地項目逐步落地、風機價格走低以及明年上半年硅料環節供應增加,制約因素有望改善。
中金亦認爲,內地建立「可升可跌」能漲的市場化電價機制,利於理順煤電關係,看好火電穩定收益帶來重估機會,將幫助火電實現收益長期維持平穩。
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