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[Brokerage Focus] CSC: With the introduction of the new green certificate policy, the environmental value of green electricity is expected to accelerate realization.
Jinwu Finance News | CSC Research Reports state that recently, data released by the National Bureau of Statistics and the National Energy Administration shows that from January to February, the industrial power generation of large-scale enterprises reached 1492.1 billion kWh, a year-on-year decrease of 1.3%. Looking at the upstream Coal production situation, from January to February, the raw coal output of large-scale industrial enterprises was 0.77 billion tons, an increase of 7.7% year-on-year, with the growth rate accelerating by 3.5 percentage points compared to December 2024. Overall, with a stable growth trend in raw coal production, it is expected that Thermal Coal prices will likely maintain a downward trend, and the profitability of thermal power generation is expected to remain stable. The bank indicated that recently, the National Energy Administration issued a document on promoting.
Citigroup: Lowers CHINA RES POWER Target Price to 23 Hong Kong dollars and maintains "Buy" rating. The A-share spin-off is beneficial for re-evaluation.
Citi released a Research Report stating that due to further reductions in Wind Power electricity prices, the Net income forecast for CHINA RES POWER (00836) for 2025 to 2026 has been reduced by 4.9% to 8.8%. The Target Price has been lowered by 15% to 23 Hong Kong dollars. Since the stock is not expensive in terms of valuation, the "Buy" rating is maintained. The split of the Wind Power Business into A-shares will be beneficial for revaluation. Citi noted that CHINA RES POWER had mixed results last year, with Coal costs decreasing and the thermal power business bringing good news, but in terms of the Wind Power business, falling electricity prices and utilization rates led to profit reductions, and new capacity could not offset this; the firm anticipates this trend will continue this year.
Bank of America Securities: Reiterates CHINA RES POWER 'Neutral' rating and lowers Target Price to HKD 20.3.
Bank of America Securities released a Research Report stating it reaffirmed CHINA RES POWER (00836) with a 'Neutral' rating, considering the 2026 ROE to be 12.2% (original forecast 13%), and lowered the Target Price from HK$21.1 to HK$20.3. The firm stated that CHINA RES POWER's performance last year met expectations, but core earnings were weaker due to rising unit fuel costs. The firm downgraded the company's earnings forecast for the 2025 to 2026 fiscal year by 3 to 5% to account for higher costs, partially offset by increased utilization hours. The report indicated that the company's thermal power business is recovering well and the dividend yield is around 6%, but there are concerns about the returns of Wind Power.
Bank of America Securities: Reaffirms CHINA RES POWER (00836) 'Neutral' rating and lowers the Target Price to HKD 20.3.
The bank believes that at this stage, the potential bullish effects brought about by the timing of the Wind Power spin-off and dividend increases are not clear.
【Brokerage Focus】Zhongtai International: Hong Kong stocks are adjusting at a high level, and the Federal Reserve is slowing its balance sheet reduction.
Jinwu Financial News | On March 21, Zhongtai International's morning report stated that on March 20, the Hong Kong stock market's Large Cap experienced a high-level adjustment, with the Hang Seng Index opening at its highest point of the day, followed by a continuous decline, eventually dropping by 551 points or 2.2%, closing at 24,219 points; the Hang Seng Tech Index fell by 3.4%, closing at 5,836 points. The overall market transaction amount increased to over 294.9 billion HKD, with a net Outflow of 0.407 billion HKD from the Hong Kong Stock Connect. In terms of market performance, Hong Kong stocks faced widespread declines, with thematic stocks, heavyweights, and high-performing stocks all falling, while only a few stocks in oil, Biomedical, Marine Transportation, utilities, and Autos went against the trend and rose.
Analysis of the uniqueness of China Resources New Energy Fund's IPO: breaking the fundraising record of the Shenzhen Stock Exchange and successfully bypassing the constraints of spin-off.
Breaking through barriers through spin-offs?
