Market Brief

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Author

許偉龍先生(Anthony Hui)
高級交易員

現任職輝立高級交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

華潤電力控股有限公司 (00836.HK)

Monday, June 22, 2020 Views4412

業務概要: 集團主要從事火力發電(包括燃煤電廠和燃氣電廠)和可再生能源(包括風力發電、水力發電及光伏發電)業務。

 

基本資料 :

現價: $9.19

市值: 442.08億

市盈率: 6.708倍

周息率: 5.963%

52週高/低: $11.56 /$6.42

10天/50天/250天平均價 : $9.316/ $8.947/ $9.987

 

業務回顧:

截至2019年12月31日止的全年業績,華潤電力的收入減少11.9%至677.58億元港元; 純利增長66.8%至65.9億元港元,業績略低於預期。主要因為公司期內錄得了9.57億港元的電力資產減值和13.27億港元的煤炭資產減值。

 

評論:

第一,傳統用電旺季來臨,預期售電量上升。

 

第二,總理李克強在今年兩會的工作報告中,提及將今年工商電價下調5%的政策延長今年年底,但不會進一步下調電價,所以電價下行空間有限,相信工作報告有助釋除疑慮。

 

第三,公司在年報提及,將發掘大灣區業務,加大投資綜合能源服務、城市廢棄物無害化處置等項目,此舉有助增加公司的盈利能力。

 

第四,公司進一步加快風電建設進度,在建風電裝機容量為380.9萬千瓦,預計今年新投產風電權益裝機規模達350萬千瓦,進一步提升可再生能源裝機佔比,

調整公司業務結構,亦為公司的盈利增長帶來催化劑。

 

 

買賣策略
買入價: $9

目標價: $11.14

止蝕價: $8.1

 

資料來源: 阿斯達克財經網,披露易,2019年年度業績公告,新浪財經

 

註:本人許偉龍為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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