汇丰研究发表报告指，润电(00836.HK) A股分拆华润新能源取得进展，股东应可受惠。由于估值、资产负债表及股息前景更佳，将评级由“持有”上调至“买入”，并将目标价由19.1元上调至22元。
报告指，润电去年纯利144亿元，按年上升31%，全年派息比率40%，即2024年股息率为6%，两者均符合预期。然而，撇除一次性项目，由于可再生能源分部的盈利能力较低，核心盈利139亿元，则略低于该行预测。
另外，汇丰研究指，润电分拆华润新能源A股上市终于有进展。去年第三季起，投资者已转为看淡其可再生能源板块在A股市场分拆上市的可能性，但上周深交所正式宣布正在审议中。分拆上市可能需要数月甚至数年的时间，但相信最终将为华润电力的股东带来价值提升，原因包括A股市场对可再生能源的估值较高(1.5倍对比H股的0.7倍)；资本支出压力及净资产负债较低；及派息潜力较高，甚至有机会派发特别股息。
该行提到，虽然风能和太阳能项目竞争日趋激烈，但润电凭借其较佳的项目营运专长及地域覆盖，应可处于有利位置。该行将其今明两年的净利润预测下调2%至14%。(ha/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-20 16:25。)
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