智通财经APP获悉，花旗发布研究报告称，对华电国际电力股份(01071)评级为“沽售”，目标价3.6港元，预测其2024年第四季度净利润在6亿至8亿元人民币之间(取决于减值损失的金额)，市场预测为7.54亿元人民币。其估值为2025年预测市盈率7.9倍，市账率0.7倍，股息收益率5.4%。在火力发电商中，该行更偏好华润电力(00836)，因为其市盈率较低且股息收益率较高。
报告中称，对华电国际电力的2025年展望，将主要取决于本地煤炭价格和母公司注入的煤电资产(将发行新股，有待上海证券交易所批准)。考虑到单位燃料成本同比下降8%，而电价相对稳定，2024年华电的暗利差(即平均电价减去单位燃料成本)同比扩大。2025年的暗利差存在不确定性，因为许多电价和单位燃料成本尚未确定。虽然其煤电厂的发电能力似乎基本可持续，但随着竞争加剧和可再生能源的替代，利用率有所下降。
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