金吾财讯 | 交银国际表示，华润电力(00836)将会在3月20日公布2024全年业绩，经财务模型调整后，该行估计公司2024年公司核心盈利同比增长15.7%至127亿港元。考虑到2025年风光项目限电率以及市场化交易量同比上升，同时火电点火价差预期同比下降，该行下调了公司风光项目利用率/平均电价1-2百分点。因此该行下调2025/26年盈利预测22%/21%。该行以分部估值法得出的目标价下调至23.1港元，目前公司6.8倍25年预测市盈率已在5年历史平均以下，该行认为已部分反映公司在2025年电价及利用小时的不确定性，维持买入评级。
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