大摩：降华润电力(00836)盈利预测 目标价微升至23.8港元

Core Viewpoint - Morgan Stanley has revised its earnings per share forecasts for China Resources Power (00836) for 2026 and 2027 down to HKD 2.98 and HKD 3.08 respectively, reflecting lower electricity prices in those years [1] Group 1: Earnings Forecast - The earnings per share for 2026 has been lowered from HKD 3.49 to HKD 2.98 [1] - The earnings per share for 2027 has been lowered from HKD 3.58 to HKD 3.08 [1] Group 2: Target Price and Valuation - The target price has been slightly increased from HKD 23.7 to HKD 23.8, based on a price-to-earnings ratio of 8 times [1] Group 3: Investment Rating and Company Strengths - Morgan Stanley maintains an "Overweight" rating due to the company's coal and wind power projects having better utilization hours compared to peers, indicating higher asset quality [1] - Despite facing potentially greater electricity price reduction pressure in 2025 compared to peers, the company's dividend yield remains more secure, making it attractive to investors [1]