大行评级｜星展：下调华润电力目标价至22.6港元 下调全年发电量增长预测

Group 1 - The core viewpoint of the report indicates that China Resources Power's electricity generation in the first half of the year increased by 3.6%, which is below expectations [1] - The bank has lowered its full-year electricity generation growth forecast by 8.4 percentage points, anticipating annual growth of 4% to 9% for 2025 and 2026 [1] - Due to savings in fuel costs, the bank expects a 6% increase in profits for the first half of 2025 [1] Group 2 - The bank maintains a "buy" rating for China Resources Power, citing attractive yields and valuations [1] - The target price has been reduced from HKD 24 to HKD 22.6 [1] - Earnings forecasts for 2025 and 2026 have been lowered by 4%, with expected profit growth of 7% and 13% respectively [1]