美银证券发布研报称,华能国际电力股份(00902)在派息率维持58%下,2025年股息率将达8.3%,为该行覆盖的同行股份中最高,且公司的自由现金流显著改善;
重申“买入”评级,料未来数月热电盈利持续改善将推动估值重评,将公司港股目标价由5.5港元升至6港元,A股(600011.SH)目标价则基于AH股溢价调整,由9.7元人民币下调至8.4元人民币。
投资者关注华能国际电力股份的煤电电价韧性。由于业绩好过预期,该行分别上调华能国电2025及26年盈利预测16%及3%,以反映利息支出与其他成本下降,以及2026年火电、风电及光伏电价调整。
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