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【券商聚焦】天风证券维持中国电力(02380)“买入”评级 指公司火电板块业绩显著增长

金吾财讯
Sep 16, 2025

金吾财讯 | 天风证券发研报指，中国电力(02380)发布2025年中期业绩公告，2025H1实现238.58亿元，同比降低9.87%，实现普通股股东应占利润25.87亿元，同比增长0.65%。受益于煤价下滑，公司火电板块业绩显著增长：2025H1公司火电板块量价水平均有所下滑，上半年煤电上网电价0.373元/KWh，同比降低约0.019元/KWh，利用小时数2469小时，同比降低96小时，板块收入承压。但煤价下滑有效缓解盈利压力，上半年秦皇岛Q5500煤炭均价约676元/吨，同比降低约199元/吨，2025H1公司煤电业务单位燃料成本234.52元/MWh，同比降低14.41%，综合来看，上半年公司火电板块实现净利润14.28亿元，同比提高28.89%，截止9月12日，秦皇岛Q5500煤炭价格为680元/吨，同比降低177元/吨，该机构认为，煤价下滑有望带动公司成本端持续改善。考虑公司存量资产盈利状况及新能源装机增长节奏，该机构调整盈利预测，预计 2025-2026年公司归母净利润分别为40.81、44.63亿元(原预测值为2025-2026年归母净利润40.46、45.31亿元)，同比分别增长21.31%、9.36%，对应PE分别为9.56、8.75倍，维持“买入”评级。

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