交银国际：维持华润电力(00836)“买入”评级 中期再生能源盈利逊预期

Core Viewpoint - The report from CMB International maintains a "Buy" rating for China Resources Power (00836), projecting attractive dividend yields of approximately 5.6% and 6.3% for 2025 and 2026 respectively, while adjusting core earnings forecasts down by 1.5% and 0.7% for the next two years due to higher-than-expected declines in on-grid electricity prices, with a target price reduced to HKD 21.82 [1] Group 1 - China Resources Power's interim profit decreased by 15.9% year-on-year, while core profit remained flat, falling short of market expectations for a 5% growth [1] - The company's thermal power business performed well during the period, attributed to lower coal costs and consumption, with a year-on-year increase of 6.5% in ignition price difference [1] - On the other hand, on-grid electricity prices for wind and solar power decreased by 11% and 6% year-on-year respectively, partially offsetting profit contributions from increased sales volume, alongside tax burden impacts, leading to a mere 1.5% year-on-year growth in renewable energy core profit, which was below expectations [1]