金吾财讯 | 交银国际研报指，华润电力(00836)上半年报表盈利同比下降15.9%，核心盈利同比持平，略低于市场预期增长约5%。当中，去年同期有约14亿港元一次性收益造成高基数，扣除其影响后公司期内经营利润上升约4%。该机构认为公司上半年火电分部因点火价差同比上升，较再生能源分部经营表现更好。上半年公司再生能源新增装机大升4倍至4.8吉瓦（风电/光伏分别增约1.2/3.6 吉瓦）。管理层预期今年风/光新增装机约为10吉瓦，同时，公司在下半年亦有近6吉瓦的火电新增装机。该机构略微下调公司2025/26年核心盈利1.5%/0.7%，主要反映上网电价下降幅度高于预期，预期2025/26年核心盈利同比上升4.4%/12.2%。因再生能源分部盈利下调，该机构以分部估值法得出的目标价略为下调至21.82港元。该机构认为公司在中报公告后股价下跌，主因为市场忽略了去年同期盈利高基数及中期股息同比下降所致，该机构预期公司维持以报表利润40%的分红比率，2025/26股息率为5.6%/6.3%，仍属吸引水平，维持买入。
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