大行評級|交銀國際:下調華潤電力目標價至23.06港元 下調今明兩年盈測
交銀國際發表報吿指,華潤電力去年核心盈利按年上升22.1%至131億港元,合乎該行預期。年內火電板塊因點火價差改善,核心盈利上升28%,新能源板塊因電價及利用小時下降,核心盈利按年下跌5%。展望2025年,公司目標新增風/光裝機量為10吉瓦,管理層表示將積極着手強化項目的電量交易能力作應對,風/光利用小時在2025年將按年提升。火電板塊方面,該行目前估計2025年公司點火價差仍有4%的按年下跌。公司目前計劃有6吉瓦的新增火電項目在年內投產。經調整財務模型後,該行下調公司2025和2026年每股盈利預測2.1%和11.5%,以分部估值法得出的目標價下調至23.06港元,維持“買入”評級。
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