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《大行報告》大和降中廣核電力(01816.HK)評級至「持有」 目標價下調至2.1元
阿思達克 01-25 15:50
大和發表報告指出,鈾價飆升至15年來新高,去年現貨及長期價格分別按年升90.9%及30.8%,至每磅91及68美元。該行預期,中廣核電力今年的單位燃料成本將按年增長10%,至每千瓦時0.06元人民幣,估計成本上升將於今明兩年間,對公司的毛利率產生約1%的影響。 此外,該行相信市場對中廣核電力未來幾年每年批准8至10個核項目的預期過分樂觀,而平均持續約七年的漫長建設階段,亦增加實際產能增長的不確定性。該行認為,假設每年有6至8個新批准,較每年10個新批准更為合理。 大和將中廣核電力的評級,由「跑贏大市」下調至「持有」,目標價由2.3元下調至2.1元,主要由於該行預期鈾價將會上升,更新對公司長期毛利的看法。
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