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Daiwa: The long-term electricity price results in Guangdong for 2025 did not meet market expectations. CGN POWER (01816) will have its earnings per share affected next year.
Guangdong Province has announced the long-term electricity price results for next year, with an average price of 391.9 yuan per megawatt hour, a decrease of 15.9% year-on-year.
Morgan Stanley: The electricity price results for Guangdong Province in 2025 are slightly below market expectations, maintaining a "Shareholding" rating for CGN POWER (01816).
Morgan Stanley believes that the recent electricity price reduction will have only a negative impact of about 4% to 5% on CGN POWER (01816)'s profitability.
China Galaxy Securities: Spot market pricing is based on supply and demand, and mergers and acquisitions of Electrical Utilities central enterprises are expected to accelerate.
China Galaxy Securities believes that, from the perspective of underlying pricing logic, spot electricity prices are mainly influenced by fuel costs and the supply and demand of Electrical Utilities. Against the backdrop of a downward shift in coal price fundamentals, it is expected that thermal power companies in provinces with a high proportion of market coal and strong layout demand will have supported profits in 2025.
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Hong Kong Stock Concept Tracking | Accelerate the construction of a unified national Electrical Utilities market, the Electrical Utilities Sector benefits from central state-owned enterprise Market Cap management (with related stocks attached).
Central enterprises' Market Cap management opinions are being implemented, and Institutions state that the investment value of dividend Assets is becoming prominent.
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