智通财经APP获悉，美银证券发布研报称，重申华润电力(00836)“中性”评级，考虑到2026年ROE为12.2%(原预测13%)，目标价由21.1港元调低至20.3港元。该行称，华润电力去年业绩符预期，但核心盈利因单位燃料成本上升而表现较弱。该行将公司2025至2026财年盈利预测下调3至5%，以计入较高的成本，但部分被较高的使用时数所抵销。
报告指，公司火电业务复苏较佳，且股息率约6%，但该行担心可再生能源的回报，导致整体盈利在2025至2026持平(市场预期年均复合增长为13%)。在现阶段，可再生能源分拆时间及股息提升方面带来的潜在利好未清晰。
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