大行评级丨花旗：明年更看好电力设备供应商而非发电营运商 下调华润电力评级至“中性”

Core Viewpoint - Citigroup downgraded China Resources Power's rating from "Buy" to "Neutral" due to revised profit forecasts and changes in coal price predictions [1] Financial Projections - Net profit forecast for 2026 was reduced by 8.3% and for 2027 by 7.9% [1] - The coal price forecast for 2026 was adjusted to a year-on-year decline of 3.5%, down from a previous estimate of 1.5% [1] - The unit fuel cost for coal-fired power plants was revised to a year-on-year decline of 1% for 2026, compared to a prior forecast of 3% [1] Valuation Adjustments - Based on DCF valuation method, the target price for China Resources Power was lowered from HKD 21.5 to HKD 19 [1] Industry Outlook - Citigroup expressed a more favorable outlook for Chinese power equipment suppliers over power generation operators, citing risks of declining profit margins for the latter due to falling market electricity prices [1]