實德金融策略研究部

股票推介 : 華潤電力 (00836.HK)

2015-08-18

傳內地8月上旬用電量增速轉正 但仍低於預期

華潤電力(00836.HK)今天公佈業績,上半年純利按年增12.4%68億元,略優於市場預期,相當市場對公司全年純利預測共識的54%。推算華潤電力上半年核心盈利72.59億元,按年增長13%,主要受單位煤價回落及集團產能擴張所帶動,公司上半年淨負債比率下跌11%118%,中期派息按年上升25%

 

華潤電力(00836.HK)從事開發、建設及經營電廠,包括大型高效的燃煤發電機組及多項清潔及可再生能源項目,以及開發、建設及經營煤礦。

 

據《經濟參考報》從消息人士處瞭解到,8月上旬用電量增速轉正達1.9%左右,但仍低於預期。國家能源局日前發布數據顯示,7月份全社會用電量同比下降1.3%,結束此前三月的連漲態勢。有業內人士認為,用電量增速此次負增長出乎意料,是經濟復甦偏弱和多雨氣溫相對偏低雙重「夾擊」的結果。

 

華潤電力(00836.HK)上半年核心盈利表現,受惠燃煤成本較低(單位燃料成本按年跌19.5%)及產能增長。現價吸引,建議投資者於19.20元左右買入,目標25元。



(筆者為香港證監會持牌人士 - 李慧芬小姐)

電郵: research@successfn.com

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