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<Research>BofAS Adjusts TPs on CN Power Utilities, Favors Hydropower Most Within Sector, Downgrades HUADIAN POWER to Underperform
Recommend 41 Positive 47 Negative 40 |
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The release of FY2025 results by Chinese independent power producers (IPPs) confirmed BofA Securities’ concerns regarding declining feed-in tariffs (FITs) and utilization hours, according to BofA Securities' research report. The broker favored hydropower > nuclear power > wind/solar > thermal IPPs, and downgraded HUADIAN POWER (01071.HK) to Underperform due to higher coal costs. The wind power supply chain continued to benefit from growth in high-margin export business, thereby supporting BofA Securities’ Buy rating on ORIENT WIRES & CABLES (603606.SH) and its recent upgrade of GOLDWIND (02208.HK) to Buy. The broker also reiterated ratings at Buy on EB ENVIRONMENT (00257.HK) and GUANGDONG INV (00270.HK) following their better-than-expected results. BofA Securities adjusted target prices for several stocks in the sector, as detailed below: Stock | Rating | TP (HKD) CGN POWER (01816.HK) | Underperform | 2.5 -> 3 CGN (003816.SZ) | Underperform | RMB3.1 -> RMB3.7 HUADIAN POWER (01071.HK) | Neutral -> Underperform | 4.3 -> 3.5 HUADIAN INTERNATIONAL (600027.SH)|Neutral->Underperform| RMB5.1 -> RMB4.1 CHINA LONGYUAN (00916.HK)|Underperform|6.1 ->5.8 LONGYUAN POWER (001289.SZ)|Underperform|RMB13.7 -> RMB12.8 DATANG RENEW (01798.HK) | Underperform | 1.9 -> 1.55 GUIGUAN ELEC POWER (600236.SH) | Buy | RMB11.3 -> RMB11.5 POWER ASSETS (00006.HK) | Buy | 63 -> 63.5 Auto-translated by AI AASTOCKS Financial News |
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