花旗：下调华润电力(00836)目标价至19港元 评级降至“中性”

Group 1 - Citigroup has downgraded the target price for China Resources Power (00806) by 11.6%, from HKD 21.5 to HKD 19, and changed the rating from "Buy" to "Neutral" [1] - The downgrade is primarily due to a reduction in expectations for coal-fired electricity prices, with a forecasted decrease of 3.5% for 2026, influenced by contracts signed in Guangdong [1] - The unit fuel costs for coal-fired power plants have increased, leading to an 8.3% reduction in the 2026 net profit forecast and a 7.9% reduction in the 2027 net profit forecast [1] Group 2 - The rating was lowered to "Neutral" instead of "Sell" because the expected dividend yield for 2025 is 6.4%, which, while acceptable, is still lower than the 8.5% yield of Huaneng International Power (00902) [1] - The payout ratio for China Resources Power is 40%, which is also lower than Huaneng's 50% [1] - For the 2026 forecast, there is a preference for Chinese power equipment suppliers over operators, as the latter may face declining profit margins due to a lack of electricity shortages in China [1]