研報掘金丨開源證券:中國神華估值水平有望繼續抬升,維持“買入”評級
開源證券研報指出,中國神華(601088.SH)作為煤炭央企龍頭,憑藉高比例年度長協煤和“煤電化路港航”一體化經營模式,擁有很強的盈利穩定性,疊加持續高分紅以及未來存在煤炭和電力潛在增量,估值水平有望繼續抬升。公司盈利僅小幅下降且仍可支撐高股息,維持“買入”評級。公司具備一定的煤炭一體化程度,電力業務2023 年消耗22.9%自產煤,預計2025年及之前仍有775 萬千瓦在建煤電機組投運,內部耗煤量仍將逐步提升,疊加“路港航”穩步發展,公司一體化運營成效顯著,進一步增強業績穩定性。
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