大行评级丨花旗:下调中国电力目标价至2.5港元,维持“沽售”评级

格隆汇
Jul 27
花旗发表研报指,中国电力发盈警,预期今年上半年纯利将同比跌45%至57%,主要受电价下跌及煤电与可再生能源机组利用率下降拖累。期内合并总发电量同比微跌0.8%至6200万兆瓦时,其中水电发电量同比大增52%至1250万兆瓦时,其他燃料类型则同比跌8.8%至4950万兆瓦时。因应平均上网电价下调幅度扩大,花旗将中国电力2026年盈利预测下调17%,并将平均上网电价同比跌幅由3.2%调整为6.8%,当中部分被出售启源芯动力权益的潜在收益约10亿元所抵销;2027年盈利预测亦下调21%。花旗将中国电力目标价由2.75港元下调至2.5港元,维持“沽售”评级,认为电力市场竞争加剧及可再生能源项目回报下降,对中国电力前景构成压力。

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