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Daiwa: Next year, nuclear power is the most preferred in the electrical utilities industry. CGN Power's target price has been raised to 2.9 Hong Kong dollars.
Daiwa released a research report stating that looking ahead to next year, the ranking is nuclear power/coal-fired power/hydropower, with renewable energy coming in last. The bank raised the target price of CGN Power (01816) from 2.1 Hong Kong dollars to 2.9 Hong Kong dollars; and upgraded the rating of China Resources Power (00836) from "underperform" to "hold," as bearish factors have eased and the yield has reached 4%. The bank believes that hydropower valuation in the industry is relatively high, requiring a better entry opportunity; the utilization rate and price reduction of wind power remains an issue. Daiwa explained that the electrical utilities sector has outperformed the overall market in the first three quarters, benefiting from these stocks' continued "de-risking".
[Brokerage Focus] jpmorgan has upgraded china res power (00836) to a "shareholding" rating, indicating that the decline in electricity prices may be offset by lower coal prices.
JPMorgan's research report stated that China Res Power (00836) stock price has underperformed the large cap by over 35% since early July. Market concerns about next year's electricity price cut may be excessive. The current stock price of the company corresponds to a dynamic PE ratio of less than 6 times for 1 year, indicating a buying opportunity. Even assuming a significant electricity price cut in the next two years, the expected dividend yield of the stock is around 7% currently. JPMorgan believes that electricity prices will only mildly decrease because China's electricity consumption growth remains strong. The adverse effects of the electricity price reduction may be partially offset by lower coal prices and increasing customer volume. The bank holds a cautious and optimistic view on the overall electrical utilities industry.
Daiwa: Next year, nuclear power is the most preferred in the electrical utilities industry, with cgn power (01816) target price raised to HKD 2.90.
Looking ahead to next year, the ranking in order is nuclear power/coal power/hydro power, with wind power coming last.
china res power (00836.HK) saw a 8.8% increase in electricity sales in the first 10 months, with a 13.7% increase in affiliated wind farms' electricity sales and a 154.7% increase in photovoltaic power station electricity sales.
On November 14, Ge Long Hui announced that china res power (00836.HK) reported that the sales volume of its subsidiary power plants reached 16,286,965 megawatt-hours in October 2024, an increase of 19.5% year-on-year. Among them, the sales volume of subsidiary wind farms reached 3,710,237 megawatt-hours, an increase of 29.9% year-on-year; and the sales volume of subsidiary photovoltaic power stations reached 555,744 megawatt-hours, an increase of 85.3% year-on-year. In the first ten months of 2024, the cumulative sales volume of subsidiary power plants reached 170,599,370 megawatt-hours, an increase of 8.8% year-on-year, among which the cumulative sales volume of subsidiary wind farms reached
Express News | China Resources Power - Total Net Generation of Subsidiary Power Plants in Oct up 19.5% to 16.3 Mln Mwh
The State Energy Administration further standardizes the behavior of electrical utilities market transactions.
①Each operating entity should comprehensively consider unit fixed costs, fuel costs, energy supply and demand, and other objective conditions to quote compliantly, promoting trade prices that truly and accurately reflect the value of electrical utilities commodities; ②Power generation entities and power consumption entities must not unilaterally agree on trade prices, electricity quantity, and other declared elements through online or offline means between the relevant operating entities on the generation and consumption sides to achieve specific trades in the medium to long term.
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