花旗研究报告指，华能国际电力股份(00902.HK) 上半年业绩胜预期，净利润按年升23.2%至95.78亿元人民币，较市场及该行预期高，期内单位煤炭成本按年跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进一步下行，足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提升。
因此，该行重申华能国电“买入”评级；基于煤价成本下调，将2025至27年净利润预测上调19至23%，H股目标价升15%至6.2港元，A股(600011.H)目标价升14%至8.8元人民币，当前股息收益率分别为7.8%及5.1%，具吸引力。(ss/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-30 16:25。)
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