--- title: "《大行》花旗升中国电力国际目标价至 3.5 元 上半年业绩略超预期" description: "花旗将中国电力国际的目标价上调至 3.5 元，基于 2025 年上半年净利润略超预期，达到 25.87 亿元人民币，年增长 0.7%。煤炭燃料成本下降 14.4% 至 234.52 元人民币/兆瓦时，水电上网电价上涨 10.6% 至 278.42 元人民币/兆瓦时。维持「买入」评级，理由包括煤炭供应充裕、降雨量增加推动水电利用率复苏及估值吸引。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/254373640.md" published_at: "2025-08-25T05:59:32.000Z" --- # 《大行》花旗升中国电力国际目标价至 3.5 元 上半年业绩略超预期 > 花旗将中国电力国际的目标价上调至 3.5 元，基于 2025 年上半年净利润略超预期，达到 25.87 亿元人民币，年增长 0.7%。煤炭燃料成本下降 14.4% 至 234.52 元人民币/兆瓦时，水电上网电价上涨 10.6% 至 278.42 元人民币/兆瓦时。维持「买入」评级，理由包括煤炭供应充裕、降雨量增加推动水电利用率复苏及估值吸引。 花旗发表报告，指出中国电力国际 (02380.HK) 2025 年上半年净利润按年增长 0.7%，达到 25.87 亿元人民币，风电及燃煤发电业务利润增长，惟被太阳能及水电业务利润下降部分抵销。期间业绩略超预期，主要得益於单位煤炭燃料成本按年下降 14.4% 至 234.52 元人民币/兆瓦时，超出预期，以及水电上网电价按年上涨 10.6% 至 278.42 元人民币/兆瓦时。 该行指，基於煤炭成本下降，将中国电力 2025 年净利润预测上调 2%，目标价由 3.4 元上调 3% 至 3.5 元。维持「买入」评级，理由包括：(i) 2025 年下半年煤炭供应充裕，煤炭成本仍有下行空间；(ii) 7 至 8 月降雨量增加推动水电利用率复苏；(iii) 估值具吸引力，2025 年预测市盈率为 8.7 倍，市账率为 0.9 倍，股息收益率为 5.7%。 ### Related Stocks - [02380.HK - 中国电力](https://longbridge.com/zh-CN/quote/02380.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | China Power Unit Wins RMB452 Million Energy Storage Contract in Connected Deal | China Power International Development's subsidiary, Xinyuan Smart Storage, has secured a RMB452.1 million contract for t | [Link](https://longbridge.com/zh-CN/news/274952383.md) | | A gargantuan natural gas plant is planned for Ohio. These stocks could benefit. | The plant could produce enough electricity to serve more than five million people. | [Link](https://longbridge.com/zh-CN/news/276413708.md) | | Crippling energy prices show folly of Miliband’s California deal | The article discusses the criticism of a clean energy agreement between California and the UK, highlighting the high ele | [Link](https://longbridge.com/zh-CN/news/276143062.md) | | Fitch Affirms Power Finance Corporation And REC Limited At 'Bbb-'/Stable On Merger Plan | Power Finance Corporation Ltd :FITCH: AFFIRMS POWER FINANCE CORPORATION AND REC LIMITED AT 'BBB-'/STABLE ON MERGER PLAN | [Link](https://longbridge.com/zh-CN/news/276130979.md) | | Concord New Energy Warns of Over 80% Profit Drop but Stresses Cash Flow and Expansion Push | Concord New Energy Group (HK:0182) has announced a projected profit drop of over 80% for 2025, down from approximately R | [Link](https://longbridge.com/zh-CN/news/276436676.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。