研報掘金丨海通證券:中國神華業績表現亮眼,維持“優於大市”評級
海通證券研報指出,中國神華(601088.SH)Q3歸母淨利166億元,同比/環比+10.5%/+21.7%,業績表現亮眼。公司煤炭長協佔比高,煤炭盈利穩定性較強,電力業務新投運火電裝機有望持續貢獻增量,並且公司作為能源央企不斷提升核心競爭力和價值創造能力。預計公司24~26年歸母淨利潤有望達583/596/601億元,對應EPS為2.93/3.00/3.02元。並且公司作為ESG水平領先的國內煤電一體化大型能源央企,有望享受中國特色估值溢價,參考可比煤炭及電力公司,給予公司24年15~16x PE,合理價值區間43.99~46.92元,維持“優於大市”評級。
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