【券商聚焦】摩根大通：中国清洁能源企业次季业绩呈分化趋势下调中广核电力(01816)至“中性”

金吾财讯

07-18

金吾财讯 | 摩根大通报告指，指出留意到中国清洁能源企业次季业绩呈分化趋势。尽管基本面强劲，但由于项目时间安排和去年处置收益带来的高基数影响，料金风科技(02208)和东方电缆(603606.SH)次季度业绩呈疲弱按年表现。部分太阳能制造商已预告第二季业绩疲弱，而市场正密切关注“反内卷”倡议。在该领域，大全新能源是该行的首选标的。摩通认为阳光电源(300274.SZ)和中信博(688408.SH) 或展现积极盈利动力。摩通称，可再生能源发电运营商方面，电价前景因燃料类型和资产而异。摩通认为长江电力(600900.SH) 拥有更具韧性的电价，而中广核电力(01816)和华能水电(600025.SH)可能面临更高的电价风险，或导致次季度盈利按年下滑15%。结合2026年预期电价下行趋势及股价接近该行此前目标价，摩通将中广核电力评级从“增持”下调至“中性”。该行维持龙源电力(00916)“增持”评级，因省级136号文的影响没有此前担忧的那么严重。

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