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美银证券：中资电力股中绩符预期 予华能国际电力股份(00902)及光大环境(00257)“买入”评级

智通财经
Sep 05, 2025

智通财经APP获悉，美银证券发布研报称，中资电力股上半年业绩大致符合该行预期，其中热能发电、风电供应链及环境业务的盈利与自由现金流表现强劲;不过，燃气、风电和太阳能独立发电商及太阳能供应链表现相对平淡。

该行对热能发电转持中性看法，因市场担忧电价下调压力将于9至12月浮现;现予华能国际电力股份(00902)“买入”评级，基于其自由现金流收益率达8%;H股目标价由6港元升至6.2港元。

该行提及，燃煤及可再生能源收入下降打击华润电力(00836)，评级“中性”，目标价由20.2港元降至19.8港元。该行并降华电国际电力股份(01071)评级由“买入”下调至“中性”，H股目标价由4.9港元降至4.6港元，因忧虑电价下滑，行业进入季节性弱势，并或在供需关系转弱及风/光电价走低下加剧。不过，煤价趋稳及反内卷或带来一些支持。

美银证券对光大环境(00257)亦予“买入”评级，其上半年税前利润同比升23%，好过预期，自由现金流翻倍，资本开支指引清晰;目标价5.3港元。另外，该行予龙源电力(00916)“跑输大市”评级，目标价6港元，认为其上半年盈利下跌符合预期，会继续留意补贴征收情况和即将进行的省级电力招标。

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