智通财经APP获悉，美银证券发布研究报告称，维持华能国际电力股份(00902)“中性”评级，因为产能电价仍然是强劲的盈利缓冲，占整体第三季税前利润的45%，目标价由4.9港元微降至4.8港元。该行认为，相当于预测市账率1倍的估值大致合理，股本回报率(ROE)为10%，收益率接近6%。
报告中称，华能国际电力业绩会议上表示减值可能每季都会发生，2025年的电价或面临一些下行压力，但目前置评仍言之过早。该行考虑到第三季表现不如预期及更多减值，而下调对其盈测，特别是今年，但被单位燃料成本降低有所抵消。
该行表示，下调华能2024年盈利预测15%，主要因为40亿元人民币的减值、第三季表现逊预期，以及单位燃料成本走势，并微降其对公司2025年至2026年的盈利预测各约3%，明年ROE预测被调低至9.9%。
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