香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CGN NEW ENERGY HOLDINGS CO., LTD. 中國廣核新能源控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：1811） 茲提述中國廣核新能源控股有限公司（「本公司」）於2025年4月16日刊發的截至2024 年12月31日止年度年報（「年報」）。除另有說明外，本公告所用詞彙與年報所界定者 具有相同涵義。本公司董事（「董事」）會（「董事會」）謹此提供以下進一步資料。 關聯方交易 關於年報綜合財務報表附註39所披露的關聯方交易，誠如本公司已於年報「董事會 報告－關聯方交易」一節所披露，(i)除年報「董事會報告－持續關連交易」一節披露的 持續關連交易外，概無該等關聯方交易構成上市規則第十四A章所界定須予披露關 連交易；及(ii)該等亦構成上市規則第十四A章所界定關連交易的關聯方交易均已遵 守上市規則第十四A章下的適用規定。 – 1 – 儘管上市規則第14A.74條規定，獲全面豁 ...

中广核新能源公告，根据初步统计，2025年4月公司及其附属公司按合并报表口径完成发电量1677.7吉 瓦时，较2024年同比增加5.7%。其中，中国风电项目增加18.1%，中国太阳能项目增加15.5%，中国水 电项目减少56.9%及韩国项目减少11.4%。截至2025年4月30日止四个月，本集团今年累计完成发电量 6448.7吉瓦时，比2024年同比减少1.5%。其中，中国风电项目增加3.4%，中国太阳能项目增加10.3%， 中国水电项目减少24.3%及韩国项目减少11.1%。 ...

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 事件：1）公司公告 2024 年年度业绩，2024 年公司实现营业收入 19.51 亿美元，同比下滑 11%，实现归母净利润 2.48 亿美元，同比下滑 7.3%。2）派息公告：2024 年公司派发每股 股息 11.27 港仙/股，对应分红率 25%，与去年持平（派息金额/归母净利润），当前股息率 5%。 风电利润下滑为业绩下滑主要原因，光伏项目量增利降。2024 年国内煤电/国内风电/国内光 伏/韩国项目分别实现归母净利润 0.16、2.28、0.23、0.75 亿美元，同比分别变动 0.00、-0.32、 -0.05、0.03 亿美元，风 ...

Financial Performance - In 2024, profit attributable to equity shareholders of the Company was US$248.0 million, a decrease of 7.3% over the previous year[50]. - Basic earnings per share of the Company was 5.78 US cents (equivalent to 45.09 HK cents per share)[50]. - Revenue decreased by 11.0% compared to 2023, totaling US$1,951 million[73][74]. - Profit attributable to equity shareholders decreased by 7.3% compared to 2023, amounting to US$248 million[76]. - Operating profit for the year was US$528.3 million, down from US$552.5 million in the previous year[146]. - The segment revenue for power plants in the PRC decreased by 0.3% to US$1,009,907,000 in 2024 from US$1,012,714,000 in 2023[196]. - The segment results for power plants in the PRC decreased by 4.7% to US$289,510,000 in 2024, primarily due to increased impairment losses[197]. - The segment revenue for power plants in Korea decreased by 21.0% to US$909,788,000 in 2024, attributed to declines in both weighted average tariff and power generation[197]. - Profit before taxation decreased to US$337,252,000 in 2024 from US$352,528,000 in 2023[196]. Installed Capacity and Generation - As of December 31, 2024, the attributable installed capacity of the Company's power plants was 10,452.4 MW, representing a year-on-year increase of 8.6%[50]. - The total installed capacity of the Company reached 19,077 MW in 2024, with a year-on-year increase of 14.6% in the installed capacity of the PRC, amounting to 3,348.6 GW[77]. - The newly commissioned attributable installed capacity of solar power was 786.0 MW, with a 200 MW/400 MWh storage project also newly commissioned in Jiangsu Province[60]. - The Group's attributable installed capacity of gas-fired power increased by 45.0 MW in 2024[160]. - The total electricity generated by the Group's consolidated power generation projects amounted to 19,149.7 GWh, remaining basically constant compared to last year[178]. - Power generation from PRC wind projects reached 10,095.8 GWh, representing a year-on-year decrease of 2.6%[179]. - Power generation from PRC solar projects reached 2,121.8 GWh, representing an increase of 22.4% from last year, mainly due to an increase in installed capacity[179]. - Power generation from PRC hydro projects reached 282.8 GWh, representing a year-on-year increase of 24.6% due to increased water inflow[181]. Awards and Recognition - The company received nine titles at the 10th Investor Relations Awards from the Hong Kong Investor Relations Association, including "Overall Best IR Company (Hong Kong Small Cap)" and "Best ESG" awards[32]. - The company was awarded the "Listed Companies with the Most Growth Potential" by "China Financial Market" magazine in July 2024[33]. - The Company received multiple awards in 2024, including the highest honor for "Best Investor Relations Company" in the small-cap category from the Hong Kong Investor Relations Association[57]. - The Shengsi 56 Offshore Wind Power Project in Zhejiang Province received two outstanding achievements in the "Excellent Achievements in Quality Management" awards[25]. - The Beiba Wind Power Project and Jiuquan Micro-grid Photovoltaic Project in Gansu Province were awarded multiple honors for "China Quality Innovation and Quality Improvement Achievements" by China Quality magazine[28]. - The Anqiu Taipingshan Phase I Wind Power Project in Shandong Province won three third-class honors in the "Power Industry Quality Management Group" by the Shandong Province Electricity Association[31]. Energy Transition and Policy - The Company is committed to supporting the "dual-carbon" goal and developing the new energy sector amid global energy transition challenges[55]. - The Company aims to support the "dual-carbon" goal by focusing on the new energy sector and implementing a work style of "Stringency, Prudence, Meticulosity and Pragmatism"[62]. - The NEA emphasized the need to enhance peak-shaving capacity and promote the construction of energy storage systems, including pumped storage and various new energy storage technologies[84]. - The NEA's action plan for 2024-2027 includes nine key actions aimed at constructing a novel power system, focusing on stability, high new energy output, and intelligent dispatching systems[92]. - The NDRC and NEA issued a plan to support electrolytic aluminum enterprises in expanding the use of non-fossil energy and to cease new self-owned coal-fired units[91]. - The State Council's "Action Plan for Energy Conservation and Carbon Reduction in 2024-2025" aims to increase non-fossil energy development, focusing on large-scale wind and photovoltaic bases in deserts and gobi regions[121]. Market and Regulatory Developments - The "Power Market Regulatory Measures" implemented in June 2024 focus on regulating market participants' compliance with safety obligations and preventing unfair competition in the wholesale power market[103]. - The National Development and Reform Commission (NDRC) issued the "Basic Rules for the Operation of Power Market," promoting a market-based mechanism for capacity cost recovery to ensure adequate long-term capacity in the power system[107]. - The NDRC's "Key Points on Energy Regulation Work for 2024" emphasizes energy security and the promotion of green and low-carbon transformation, tracking progress on major projects of the national "14th Five-Year Plan"[115]. - The NDRC's notice on supporting Inner Mongolia's green, low-carbon development highlights the need for aggressive new energy development and the establishment of large-scale wind and photovoltaic bases[117]. Operational Challenges - The operating profit from PRC wind projects decreased to US$344.7 million due to a year-on-year increase in grid curtailment[149]. - Revenue from PRC solar projects increased, attributed to a rise in installed capacity, but operating profit decreased to US$56.7 million due to higher operating expenses[150]. - The average utilization hours for PRC wind projects decreased to 2,216 hours in 2024 from 2,285 hours in 2023[188]. - The average utilization hours for PRC solar projects decreased to 1,171 hours in 2024 from 1,407 hours in 2023[188]. - The segment results for power plants in Korea increased by 1.7% to US$92,811,000 in 2024, mainly due to compensation income from a fuel cell project[197].

中广核新能源公告，根据初步统计，2025年3月公司及其附属公司按合并报表口径完成发电量1765.1吉 瓦时，较2024年同比减少4.7%。其中，中国风电项目增加2.2%，中国太阳能项目减少7.1%，中国热电 联产及燃气项目减少37.3%，中国水电项目增加9.2%及韩国项目减少15.9%。截至2025年3月31日止三个 月，本集团今年累计完成发电量4771吉瓦时，较2024年同比减少3.7%。其中，中国风电项目减少 1.1%，中国太阳能项目增加8.2%，中国热电联产及燃气项目减少22.1%，中国水电项目增加0.9%及韩国 项目减少11.0%。 ...

Core Viewpoint - China General Nuclear Power Corporation's (CGN) renewable energy subsidiary, CGN New Energy (01811.HK), reported a decline in net profit for the first time in seven years, primarily due to increased impairment losses and scrapping costs [2][3]. Financial Performance - For the fiscal year 2024, CGN New Energy's total revenue was $1.951 billion (approximately 14.16 billion RMB), a year-on-year decrease of 11.02% [2]. - The net profit attributable to equity shareholders was $248 million (approximately 1.8 billion RMB), down 7.35% year-on-year [2]. - The company experienced impairment losses and scrapping costs of $45.6 million (approximately 331 million RMB) in 2024, compared to $7.7 million (approximately 55.95 million RMB) in 2023 [4]. Operational Capacity - As of the end of 2024, CGN New Energy's installed capacity reached 10.4524 million kW, an increase of 8.6% year-on-year, with wind power capacity at 4.4364 million kW and solar power capacity at 2.545 million kW [4]. - The company’s revenue from its South Korean gas projects decreased by 21% year-on-year to approximately $910 million due to falling average electricity prices and reduced generation [4]. Market Dynamics - The average utilization hours for CGN's wind power projects in China decreased by approximately 3.1% due to increased power restrictions, while solar projects saw a decline of 16.8% despite a 44.7% increase in installed capacity [5]. - The weighted average electricity price for wind projects in China remained stable at 0.57 RMB/kWh, while the solar projects' price dropped significantly by 12.5% to 0.56 RMB/kWh due to competitive bidding pressures [5]. Strategic Positioning - CGN New Energy's operational assets represent only 12.3% of CGN Group's total renewable energy assets, highlighting competitive challenges within the sector [6]. - The company has maintained a high debt ratio, reported at 79.8% in 2024, which is significantly higher than other state-owned renewable energy companies [7]. Dividend Policy - Despite the performance challenges, CGN New Energy announced a dividend payout ratio of 25%, with a proposed final dividend of $0.01445 (approximately 0.1049 RMB) per share [8].

Financial Performance - For the year ended December 31, 2024, revenue was $1,951.3 million, a decrease of 11.0% compared to $2,193.0 million for the year ended December 31, 2023[3]. - Profit attributable to equity shareholders for the year ended December 31, 2024, was $248.0 million, down 7.3% from $267.7 million for the year ended December 31, 2023[3]. - The decline in profit was primarily due to increased impairment losses and write-off losses related to property, plant, and equipment[3]. - Excluding one-off adjustments, profit attributable to equity shareholders would have increased by 4.5% year-on-year[3]. - Earnings per share for the year ended December 31, 2024, was 5.78 cents, down 7.3% from 6.24 cents for the year ended December 31, 2023[3]. - The company reported a total comprehensive income of $143.98 million for the year ended December 31, 2024, compared to $228.51 million in 2023[7]. - Operating profit for 2024 was $528.3 million, down 4.4% from $552.5 million in 2023[26]. - Revenue from China wind power projects was $687.0 million, a decrease of 2.2% from $702.4 million in the previous year, primarily due to reduced electricity generation[23]. - Revenue from South Korea was $909.8 million, down 21.0% from $1,151.0 million, mainly due to a drop in average electricity prices and reduced generation[23]. Operating Expenses and Liabilities - Total operating expenses for the year ended December 31, 2024, were $1,423.0 million, down from $1,640.5 million in 2023, reflecting a decrease of 13.3%[5]. - Current liabilities rose to $2,431.69 million as of December 31, 2024, compared to $2,002.63 million in 2023, indicating an increase of 21.4%[9]. - Total liabilities increased to $6,958.2 million in 2024 from $6,661.6 million in 2023[14]. Assets and Equity - Non-current assets increased to $6,922.68 million as of December 31, 2024, from $6,582.17 million in 2023[8]. - The group's total assets as of December 31, 2024, were $8,717.7 million, an increase from $8,350.1 million in 2023[14]. - The net debt-to-equity ratio increased from 3.30 on December 31, 2023, to 3.49 on December 31, 2024, mainly due to an increase in bank borrowings[34]. Cash Flow and Financial Management - Cash and cash equivalents decreased from $287.5 million on December 31, 2023, to $158.4 million on December 31, 2024, primarily due to increased cash used in investment activities[33]. - Financial expenses decreased to $181.2 million in 2024, down by $31.6 million or 14.8% from $212.8 million in the previous year, mainly due to a reduction in the weighted average interest rate on bank borrowings[29]. - The share of profits from associates increased to $4.3 million in 2024, up from $3.0 million in the previous year, attributed to a decline in market coal prices[31]. Dividends and Shareholder Returns - The board proposed a final dividend of 1.445 cents per share, totaling approximately $62.0 million, which represents 25% of the profit attributable to equity shareholders for the fiscal year 2024[3]. - The board proposed a final dividend of USD 0.01445 per share, equivalent to HKD 0.1127 per share, subject to shareholder approval[167]. Regulatory and Market Environment - The company faces regulatory risks in its power projects in China and South Korea, which may impact operations, pricing, and compliance with environmental regulations[133]. - The company is exposed to fuel cost risks due to reliance on coal, oil, and natural gas, which significantly affect operating expenses and profitability[135]. - The company manages interest rate risks associated with floating-rate debt, regularly reviewing the ratio of floating to fixed-rate debt to mitigate potential impacts on profitability and cash flow[136]. Corporate Governance and Social Responsibility - The company has complied with all applicable corporate governance code provisions during the fiscal year ending December 31, 2024[163]. - The company engaged in various social responsibility initiatives, including emergency rescue points and environmental protection activities, demonstrating its commitment to corporate social responsibility[124]. - The company donated to the education bureau in Henan County to reward students with excellent results in the 2024 college entrance examination, aiming to inspire more students to pursue excellence[126]. Future Outlook and Strategic Initiatives - The company is focusing on the development of floating offshore wind power projects, which are anticipated to scale up during the 14th Five-Year Plan period[86]. - The company is exploring new strategies in energy storage, including long-duration storage and grid-connected storage development[91]. - The group plans to maintain stable growth in new installed capacity in 2025, focusing on high-quality development principles[103]. - The company is committed to fostering innovation and enhancing its core competitiveness through independent innovation and addressing key technological challenges[144].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power New Energy (1811.HK) with a target price of HKD 2.72, indicating a potential upside of 25% from the current price of HKD 2.18 [5][11]. Core Views - The company is expected to experience a slight increase in total power generation in 2024, with a year-on-year growth of 0.4%. However, wind power generation is projected to decline by 2.6% due to adverse wind resource conditions [2][8]. - In 2024, the company added 11.53 million kilowatts of new installed capacity, exceeding its planned guidance. The total operational capacity is expected to reach 56.83 million kilowatts by the end of 2024, approaching the strategic target of 70 million kilowatts by 2025 [3][9]. - The company is currently undervalued, with a dynamic PE of 4.8 and 4.0 for 2024 and 2025, respectively. The report anticipates a valuation recovery in 2025 as risks related to electricity price declines and subsidy arrears gradually ease [4][10]. Summary by Sections Financial Performance - The company's revenue for 2024 is projected to be USD 2.182 billion, reflecting a slight decrease of 0.5% compared to 2023. The net profit attributable to shareholders is expected to be USD 234 million, a decrease of 12.6% year-on-year [6][15]. - The report outlines a consistent operating profit margin of around 24% to 25% over the next few years, with an EBITDA margin expected to improve from 9% in 2024 to 12% by 2026 [15][17]. Installed Capacity and Generation - The company is focusing on increasing the proportion of onshore wind power projects while continuing to develop solar energy projects. The total installed capacity is expected to grow steadily, with a significant emphasis on wind and solar energy in the future [3][9]. Valuation Metrics - The report highlights that the company is trading at a price-to-book (PB) ratio of approximately 0.74 for 2024, indicating a potential for valuation recovery as market conditions improve [4][10].

Financial Performance - Revenue for the six months ended June 30, 2024, was US$1,400 million, an increase from US$1,224 million in the same period of 2023, representing a growth of approximately 14.4%[11] - EBITDA for the same period was US$600 million, up from US$519 million in 2023, indicating a year-over-year increase of about 15.6%[11] - Profit attributable to equity shareholders for the six months ended June 30, 2024, was US$982 million, compared to US$485 million in 2023, reflecting a significant increase of approximately 102%[11] - Earnings per share (EPS) for the period was reported at US$0.12 per share, compared to US$0.06 per share in the previous year, marking a 100% increase[11] - The Group's revenue for the six months ended June 30, 2024, was US$982.3 million, a decrease from US$1,223.8 million in the same period of 2023[54][55] - Operating profit for the period decreased to US$303.9 million from US$344.6 million year-on-year[54][55] - Profit attributable to equity shareholders decreased to US$183.5 million, down US$14.3 million or 7.3% from US$197.8 million in the first half of 2023[93] - The profit for the period for the six months ended June 30, 2024, was $183,454,000, down from $197,828,000 in the previous year, representing a decline of approximately 7%[189] Market and Strategic Initiatives - The company is focusing on expanding its market presence and enhancing its product offerings through new technology developments[11] - Future outlook includes strategic initiatives aimed at increasing operational efficiency and market share in the renewable energy sector[11] - The company plans to invest in new product lines and technologies to drive growth and sustainability[11] - Management indicated potential mergers and acquisitions as part of their growth strategy to enhance competitive positioning[11] - The company aims to achieve a revenue target of US$1,800 million for the full year 2024, reflecting continued growth momentum[11] - The management emphasized the importance of maintaining strong financial health while pursuing aggressive market expansion strategies[11] Power Generation and Capacity - As of June 30, 2024, the attributable installed capacity was 8,978 MW, a decrease of 7.1% from 9,666 MW in the same period of 2023[12] - Power generation for the six months ended June 30, 2024, was 10,141 GWh, an increase of 4.9% compared to 9,660 GWh in the same period of 2023[12] - The Group's attributable installed capacity reached 9,666.4 MW, an increase of 688.4 MW or 7.7% year-over-year, with wind and solar power accounting for 64.1% of this capacity[64] - The attributable installed capacity of wind power was 4,436.4 MW, reflecting a slight increase of 17.3 MW or 0.4% from the previous year, while solar power capacity surged to 1,759.4 MW, up 581.1 MW or 49.3% year-over-year[64] Regulatory and Policy Environment - The NDRC's 2024-2025 action plan emphasizes the acceleration of non-fossil energy development and the construction of large-scale wind and photovoltaic bases[21] - The NDRC and NEA's "Guiding Opinions" in February 2024 highlighted the importance of enhancing peak-shaving capacity and promoting energy storage construction across various sectors, including pumped storage and new energy storage technologies[25] - The NDRC's "Power Market Regulatory Measures" issued in April 2024 established supervision over power market participants to ensure compliance with safety obligations and fair competition in wholesale transactions[35] - The NEA's notice in June 2024 called for improved planning and management of supporting grid projects, particularly for those above 500 kV, to enhance the carrying capacity of distributed new energy[33] Financial Position and Cash Flow - The Group's cash and cash equivalents decreased from US$287.5 million as of December 31, 2023, to US$121.9 million as of June 30, 2024, primarily due to increased net cash used in investing activities[97] - Current assets decreased from US$1,768.0 million as of December 31, 2023, to US$1,668.4 million as of June 30, 2024, mainly due to a reduction in cash and cash equivalents[107] - The Group's total bank borrowings decreased from US$4,448.2 million as of December 31, 2023, to US$4,397.1 million as of June 30, 2024, reflecting a reduction of approximately 1.15%[115] - The Group's capital expenditures increased by US$202.4 million to US$386.4 million in the first half of 2024 from US$184.0 million in the first half of 2023, primarily due to increased spending on wind and solar power projects[120] Environmental and Social Responsibility - The Company is committed to promoting the consumption of green power and enhancing the trading scale of green electricity[16] - The introduction of green power certificates aims to strengthen the connection between renewable energy consumption and energy-saving policies[23] - The Company has actively engaged in public welfare projects, including assisting local fire brigades and promoting biodiversity protection since 2024[86] - The Company constructed a 1-kilometer hardened cement road and installed 30 streetlights in Hainan Province to facilitate villagers' travel in May 2024[89] Operational Challenges - The Group's operations in the PRC and Korea accounted for approximately 77.6% and 22.4% of the total installed capacity, respectively[52][53] - Power generation from PRC wind projects reached 5,288.9 GWh, a decrease of 5.6% year-on-year, primarily due to increased grid curtailment[75] - Average utilization hours for PRC wind projects decreased to 1,161 hours in the first half of 2024 from 1,185 hours in 2023, mainly due to increased grid curtailment[77] - The weighted average tariff for PRC solar projects decreased to RMB 0.58 per kWh in the first half of 2024, down from RMB 0.64 per kWh in 2023, primarily due to intense competition in electricity bid trading[79] Future Outlook - The Company will focus on its annual business development objectives in the second half of 2024, aiming to strengthen weaknesses and promote high-quality development[139] - The Company will prioritize safe production and operation, enhancing the safety management system to eliminate potential hazards[144] - The Company aims to improve the success rate of project conversion and promote the development of new energy projects in a sustained and high-quality manner[146]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a mid-year revenue of USD 1.002 billion (RMB 7.144 billion), a year-on-year decline of 18.7%, and a net profit of USD 183 million (RMB 1.307 billion), down 7.3% year-on-year, slightly better than market expectations [3]. - Wind power curtailment has negatively impacted performance, although reduced fuel costs have mitigated some of the effects. The company's power generation decreased by 5.6% year-on-year to 5,289 GWh, primarily due to curtailment [3]. - The company has a total installed capacity of 9,666 MW as of June 30, 2024, with clean energy accounting for 8,107 MW, an increase of 688 MW year-on-year, mainly from solar power [3][4]. - The company benefits from its affiliation with China General Nuclear Power Group, which provides advantages in project development and management [4]. - The long-term demand for renewable energy remains promising due to the dual carbon strategy and supportive government policies [4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected to be RMB 13.720 billion, with a year-on-year decline of 11.84%. The net profit is expected to be RMB 1.947 billion, reflecting a slight increase of 2.67% [5]. - The earnings per share (EPS) for 2024 is estimated at RMB 0.45, with a projected price-to-earnings (PE) ratio of 4.8 [5]. Installed Capacity and Pricing - As of June 30, 2024, the company’s clean energy capacity includes 4,436 MW of wind power and 1,759 MW of solar power, with an average domestic wind and solar electricity price of RMB 0.57 and RMB 0.58 per kWh, respectively [3][4]. Market Outlook - The report anticipates that the operating return rates in the renewable energy sector will stabilize, aligning more closely with utility-like returns due to various supportive policies [4].