研报掘金丨国泰君安:中国神华Q4业绩表现继续领跑全行业,维持“增持” 评级

格隆汇
24 Mar

国泰君安研报指出,中国神华(601088.SH)24年归母净利586.71亿元,同比下降1.7%;Q4归母净利润125.97亿元,同比增长10.26%,超市场预期。煤炭产量稳中有升,收购杭锦能源提升远期成长性。发电量24年同比略降,25年表现或好于市场悲观预期。认为25年火电长协电价基本全部落地,除广州江苏降幅较大外,其余全国其他区域降幅好于市场预期,预计公司电力业务影响可能较市场的悲观预期要更优...

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