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趙俊邦先生 (Joseph Chiu)
助理經理

現任職輝立助理經理,投資股票經驗豐富。擅長期權及期貨倉位分析,誠意為客戶提供實戰應用策略或交流心得!
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華能國際電力902.hk - 為明天增添動力

Wednesday, September 14, 2016 Views5752
業績概要
截至二零一六年六月三十日止六個月未經審計的經營結果以及與上年同期之經營結果的比較。截至二零一六年六月三十日止的六個月,本公司及其子公司取得合併營業收入人民幣529.24億元,比上年同期下降18.96%;歸屬於本公司股東的淨利潤人民幣61.77億元,比上年同期下降30.99%;每股盈利為0.41元人民幣。
 
 
上半年業務回顧
二零一六年上半年,在面臨國家經濟結構轉型、電力行業改革不斷推進的外部形勢下,公司著力提質增效升級,積極參與市場競爭,努力開拓市場,嚴格控制成本費用,各項工作取得較好成績,為完成全年目標任務奠定了堅實基礎。
 
 
下半年業務展望
從經濟運行看,目前中國經濟發展新常態的特徵更加明顯,經濟發展長期向好的基本面沒有變,經濟韌性好、潛力足、迴旋餘地大的基本特徵沒有變,經濟持續增長的良好支撐基礎和條件沒有變,經濟結構調整優化的前進態勢沒有變。經濟運行基本平穩,經濟基本面穩定,金融市場運行總體平穩,供給側結構性改革取得新的進展,但經濟新舊發展動力的轉換需要一個過程,確保實現全年增長目標仍需付出努力。
 
電力市場方面,中國電力市場化改革穩步推進,下半年經濟增長和電力需求繼續平穩增長,新增發電裝機仍保持較大規模,全國電力供應能力總體富餘。
煤炭市場方面,隨著供給側改革的繼續推進,下半年煤炭需求季節性回暖,煤炭供應將相對偏緊,煤價具備繼續上行的條件,但隨著價格上漲,部分中小煤礦復產的動能加大,煤炭供應量將會增加,煤炭供需將會達到一個新的平衡。
資金市場方面,中國央行在3月1日下調金融機構人民幣存款準備金率0.5個百分點,並多次靈活運用貨幣政策工具進行公開市場操作,資金市場保持合理的流動性,為經濟增長提供了相對寬鬆的貨幣政策環境。
 
 
短評
華能業績業績倒退,合併營業收入人民幣529.24億元,比上年同期下降18.96%,每股盈利為0.41元人民幣回到2014年中期水平。股價亦因市場預測長期受壓。市盈率跌至5.49%為同業中第二低,預期息率則升至9.138%行業最高故建議買入。
建議買入價為$4.7,第一目標價為$5.6,第二目標價為250天線$6.1,止蝕則為4.27 。
 
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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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