金吾财讯 | 交银国际研报指，中国电力(02380)2024年纯利低于该行预期，主要原因是经营费用和少股东权益高于该行预期以及2024下半年风/光装机进度略低于该行预期。公司分红比率维持在60%，合乎管理层去年指引。展望十五五期间，管理层表示整体装机规模目标是超过100吉瓦。当中水电装机目标增加20吉瓦，其余主要新增装机则为海风/陆风+光伏/火电增加10/30/10 吉瓦。目前该行预期公司在2025/26年盈利增长达24.7%/20.1%。目标价下调至3.51 港元(前为3.72 港元)，目前预期公司2025/26年派息比率为53%/50%，但仍可以保持6.6%/7.6%的的股息率。维持买入评级。
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