《大行報告》花旗料燃煤電企ROE處低水平 看好潤電(00836.HK)擴張再生能源業務
華潤電力(00836.HK)半日股價上揚近4%收16.7港元。花旗發表內地電力行業報告表示,截至昨日(7日)環渤海動力煤價格指數(BSPI)按周上漲0.1%至每噸734元人民幣,價格今年以來沒有變化,但按年則上漲2%。
該行指假設平均併網燃煤價格按年上漲20%,單位煤炭成本按年亦上漲20%至25%,估計內地燃煤電企的股本回報率仍處低水平(少於5%),由於夏季過後需求下降,該行看好清潔能源公司如隆基綠能(601012.SH)、2022至24年每年經營利潤增長15%的國電南瑞(600406.SH)、在ESG領域具有高分數的三峽能源(600905.SH)、以正擴張再生能源業務及預測市賬率不高的華潤電力(00836.HK)。該行予華潤電力「買入」評級及目標價22元。
花旗指,內地7月電力需求按年增長6.3%,較6月增長4.7%,高出1.6個百分點。而該行料今年中國電力需求按年增長4%。
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