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大行評級|大和:下調潤電評級至“持有” 目標價微降至20港元
格隆匯 05-06 10:31
大和發表報吿指出,今年首季煤炭價格下跌,燃煤發電獨立發電商(IPP)的盈利大幅上調,潤電股價年初至今累升22%,跑贏累升17%的華能國電,儘管潤電槓桿率較低,燃煤發電佔比僅為72%,相對華能國電佔比為88%。該行料煤炭價格下行趨勢已反映在股價上,近來煤炭價格出現反彈,而且潤電第三季盈利可能面臨高基數的情況。潤電首季風電發電量按年增長17%,優於同業龍源電力及大唐新能源,部分抵銷電價下跌的影響。然而,潤電的增長是其在去年風電裝機容量增加20%的基礎上實現,可能意味風電利用率較低。該行對今年可再生能源電價預測由按年跌1.8%下調至跌3.7%。大和對中國獨立發電商行業的更新優先級分別為水電、燃煤電廠、核能及可再生能源。該行將潤電評級由“跑贏大市”下調至“持有”,目標價由20.4港元微降至20港元,建議投資者獲利離場。
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