汇丰发表研究报告指，华能国际电力股份(00902.HK) 2025财年第一季归属净利润(按中国会计准则报告)按年增长8%，略高于该行的预期。
汇丰预计，煤炭价格将继续下跌，主要由于中国国内库存量高，北部港口库存按年比较仍高出35%。这可能进一步压低煤炭价格。该行预期，第二季度煤炭价格将按季下降10%，按年下降20%。与此同时，第二季火电电价相较第一季保持相对稳定，可能推动第二季电力市场价格和天然气成本之间的价差(Dark Spread)扩大，将进一步提升华能国际电力的盈利可见度。
汇丰维持对华能国际电力H股的“买入”评级，目标价由5.1元上调至5.2元。(js/u)
(港股报价延迟最少十五分钟。沽空资料截至 2025-04-29 16:25。)
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