华润电力将会在3 月20 日公布2024 全年业绩,经财务模型调整后,我们估计公司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,我们下调了公司风光项目利用率/平均电价1-2 百分点。因此我们下调2025/26年盈利预测22%/21%。我们以分部估值法得出的目标价下调至23.1 港元,维持买入评级。...
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