电力环保1H25回顾:市场高度关注电价及“十五五”规划 中期分红初见端倪

中金公司
Sep 26

投资建议上半年业绩弹性上,水电>火电>新能源>核电,电价进入下行通道,但煤价超跌、来水改善下传统能源仍有亮眼表现,新能源继续承压。现金流改善叠加市值管理号召下,多家电企首次中期分红。我们预计电价博弈仍将持续,综合考虑业绩稳健性、分红能力及估值,推荐顺序为:垃圾发电>核电>新能源>火电。理由垃圾发电:走出转型低谷,注重存量提质增效,分红能力兑现。上半年运营转型与建造收入压降持续,补贴回款加速及资本...

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