Market Brief

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Author

伍洛桓先生(Gary Ng)
經理

畢業於美國加州大學聖地牙哥分校。對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533000

華能國際電力股份 (902.HK)

Monday, August 6, 2018 Views7845

主要於中國從事發電業務並銷售電力予其各自所在地的省或地方電網運營企業。

 

基本資料 :

現價 : $5.56

市值 : $261億 (H股) 793億人民幣 (A股)

市盈率 : 46.38

周息率 : 2.07%

52週高/低 : $6.18 / $4.55

10天/50天/250天平均價 : $5.85/ $5.64 / $5.19

 

主要股東 :

華能國際電力開發公司 (A股 33.33%)

中國華能集團 (A股10.23% H 股10.04%)

J.P. Morgan Chase & Co.  (H股12.93%)

駱奕 (H股8.08%)

貝萊德 (H股7.01%)

 

評論:

集團公佈截至2018年6月30日,半年營業收入人民幤824.05億元,比去年同期上升15.36%。公司權益持有者的淨利潤人民幣17.31億元,比去年同期上升609.74%。每股收益為人民幣0.11元。由於中國上半年宏觀經濟增長好於預期,加上居民用電、第三產業及非高耗能製造業用電增速大幅增長,公司上半年各運行電廠累計完成發電量2,081.67億千瓦時,同比上升11.51%;完成售電量1,963.87億千瓦時,同比上升11.51%;利用小時為2,051小時,同比上升150小時。而成本控制方面,公司充分分析市場,鞏固並深化與大型煤炭企業的合作,嚴格執行電煤中長期合同,確保足額兌現,全力控制燃料成本。預期中國下半年經濟增長和電力需求繼續平穩增長。

建議買入價: $5.35

目標價: $6.50

止蝕價: $5.00

註:本人伍洛桓為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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