《大行報告》匯豐研究升華能(00902.HK)及華電國際(01071.HK)評級至「買入」 上調目標價
匯豐研究發表報告指,引述內媒報道指內地將會對火電企業推出容量電價政策,即以火電裝機的固定成本折舊作為補貼項目,以保障電力系統長期投資的容量充裕,雖然消息有待證實,但若果落實,對火電企業是正面驚喜,若果措施在2024年執行,估計該行覆蓋的四間電企,盈利可獲提升介乎13%至77%,當中華能(00902.HK)盈利可增加67.46億元人民幣,相當於預測2024年股本回報率達9%。
報告指,容量電價政策按照機組容量計算,提高電廠盈利的穩定性及可見度,與目前回報波動的情況不同,因此若果執行,可以推動估值重評。
該行將華能及華電(01071.HK)H股評級各由「持有」上調至「買入」,因為兩者在火電業務佔比較高,其中華能H股目標價由5.2元上調至6.2元,華電H股目標價由3.6元上調至4.2元。華潤電力(00836.HK)及中國電力(02380.HK)則維持「買入」評級,估計兩者可從綠色能源項目取得額外資金;潤電目標價由22.5元升至24.5元;中國電力目標價則維持4.2元。
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