大行評級丨大和:料華能和華潤電力在6月繼續跑贏大市 受惠電力市場改革
大和發表報吿指出,有關數據按年反彈是由於去年同期基數較低,短短一週內價格上升並未對燃煤電企的次季盈利構成顯著挑戰。不過,該行建議投資者留意2023年第三季燃煤價格已大幅下降,可能導致燃煤電企2024年第三季的盈利增長持平。至於今年首季內地原煤產量按年跌3.5%至11.1億噸,符合市場供給過剩的預期。對於6月份,該行料內地煤炭價格的上升空間有限,因水力發電的強勁貢獻與夏季補庫存活動即將結束。該行預期,燃煤電企華能國際電力(0902.HK)華潤電力(0836.HK)在6月及7月電力市場改革利好下,6月份表現應繼續跑贏大市,評級各為買入與持有,另予神華(01088.HK)持有評級,認為其煤炭銷量和產品均價下跌,交易估值偏高。
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