随着煤价下跌,火电成本支撑减弱,但我们发现北方地区电价跌幅不大,甚至部分地区电价上涨,这也导致北方地区电厂业绩表现更为优异。未来煤价中枢有望继续下滑,而北方企业由于电价坚挺,其利润改善力度更大,因此我们认为电价有较强韧性的北方火电将迎来业绩的大幅改善,本系列我们将对典型的北方火电企业展开一系列研究,本篇报告主要研究华电国际。华电国际电厂分布于火电优势地区。华电国际旗下电厂主要分布在山东、湖北、安徽...
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