汇丰环球研究发表报告表示，中国电力(02380.HK) 将于本月20日公布去年业绩，料去年下半年发电量按年升16%，少于去年上半年的上升33%，水电及可再生能源部分为最大拖累。该行假设公司减值3.5亿元人民币，料全年盈利将按年升26%至38.91亿元人民币，显著低于市场预期的49.41亿元人民币。扣除优先股股息后纯利料为33.5亿元人民币，按五成派息率计全年股息为5厘。
该行下调中国电力去年至2026年盈利预测11%至30%，反映产电量减少、电费调整及潜在减值。基于该行料公司去年业绩显著逊预期，业绩将为负面催化剂。但该行相信公司水电业务重组的进展为正面催化。
汇丰环球研究下调对中国电力目标价，由3.9元降至3.8元，维持“买入”评级。(fc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-06 12:25。)
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