金吾财讯 | 华泰证券研报指，中电控股(00002)公布2024年业绩：实现收入909.64亿港元，同比+4.4%；归母净利润117.42亿港元，同比+76.4%。2024年下半年公司实现收入468.78亿港元，同比+6.9%；归母净利润57.91亿元，同比+263.1%。2024年DPS 3.15港元，较2023年同比提升（3.10港元），股息率4.7%。公司2024年业绩超该行预期（98.53亿港元），主要系2023年亏损的澳洲子公司Energy Australia业绩显着修复。鉴于公司兼备稳定型与成长型业务，分红可持续性高，该行看好公司未来业绩增长及分红提升的潜力。该行上调澳洲业务收入预测2.1/2.1/2.5%，该行预计公司2025-27年归母净利120.94/124.05/129.88亿港元（前值102.02/105.73/-亿港元），同比+3.0/2.6/4.7%，对应2025年EPS/BPS为4.79/42.82港元。参考公司历史3年PB均值1.52x，基于其业绩显着修复，未来零碳项目计划落地将贡献业绩增量，分红可持续性高且潜力可观，给予公司2025E PB 1.85x（前值1.80x），目标价79.37港元（前值78.58港元），维持“买入”评级。
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