中国电力股票讨论区

Despite short-term lower returns, China Power International Development's reinvestment for growth and higher sales are promising. The stock's 100% return over the last five years indicates investor recognition of these trends.

Warning signs loom for investors despite the company's past performance suggesting peak performance. This is particularly true for China Power International Development.

China Power International Development's ROCE trend does not fit the multi-bagger mold presently, but its recent growth investments and increased sales hint at enduring stock performance. Its stock's 151% return over the past five years is alluring if these growth trends persist.

We recommend taking profits on China Power utilities post >5% outperformance YTD (IPPs: flat, HSCEI: -5%). We believe tailwinds from lower coal prices are likely priced-in with strong rebound in 1H23 earnings. Yet, margin may be at risk on potential tariff cut next year, as the IPPs may reset the power contracts with lower tariff from 1Q24 amid a sluggish economy and subdued coal prices. Also, utilization hou...

Investment Highlights:
1. Optimization of coal power assets, expected to achieve a comprehensive turnaround in 2023:
In 2022, the company actively introduced China National Coal Group's subsidiary, China Coal Power, as a strategic partner and successfully transferred equity interests in the Yaomeng and Dabieshan thermal power projects, with a combined installed capacity of 4.76 million kW. After di...