---
title: "研究警報：CFRA 維持對韓國電力公司股票的買入評級"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/286290488.md"
description: "CFRA 對韓國電力公司（Korea Electric Power Corp，簡稱 KEPCO）維持買入評級，並將其 12 個月目標價從 26 美元下調至 20 美元。KEPCO 在 2026 年第一季度的收入和營業利潤同比均增長 0.8%，但未能達到市場共識預期。儘管電力銷售量下降，平均售價保持穩定。KEPCO 通過削減成本來應對上升的燃料成本，但面臨國際燃料價格和匯率的潛在挑戰。向以核能為主的能源結構轉型可能會改善利潤率"
datetime: "2026-05-13T15:40:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286290488.md)
  - [en](https://longbridge.com/en/news/286290488.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286290488.md)
---

# 研究警報：CFRA 維持對韓國電力公司股票的買入評級

11:40 AM EDT, 05/13/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We revised our 12-month target price to USD20 (from USD26), reflecting a 2026 forward P/E 3.7x, below its five-year average P/E of 4.8x, which is justified in our view by potential fluctuations in fuel costs. KEPCO's Q1 2026 revenue grew 0.8% Y/Y to KRW24.4 trillion, while operating profit was up 0.8% Y/Y to KRW3.78 trillion, but below consensus' estimates. Electricity sales volume declined by 0.9% Y/Y to 139.7 TWh. Still, the average selling price per kWh remained stable at KRW 170.4, matching the level seen at the end of 2025. KEPCO managed to offset rising fuel costs through aggressive internal cost-cutting and emergency management, but it sees a possibility that rising international fuel prices and exchange rates due to the Middle East war will act as a burden in H2 2026. We think there has been a fundamental shift in KEPCO's energy mix towards nuclear-heavy weighting, which may help it to improve margins. Maintain Buy.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

### 相關股票

- [KEP.US](https://longbridge.com/zh-HK/quote/KEP.US.md)

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