Financial Performance - For the first half of 2024, the company achieved operating revenue of RMB 39,376.74 million, representing a growth of 1.4% compared to RMB 39,275.82 million in the same period of 2023[7]. - The net profit attributable to shareholders was RMB 7,109.29 million, up from RMB 6,958.92 million in the same period last year, indicating a growth of approximately 2.16%[7]. - Operating revenue for the six months ended June 30, 2024, was RMB 39,376.74 million, a slight increase of 0.3% compared to RMB 39,275.82 million in 2023[17]. - Net profit attributable to shareholders of the parent company reached RMB 7,109.29 million, reflecting a 2.2% increase from RMB 6,958.92 million in the previous year[17]. - The company reported a total profit of RMB 12.96 billion for the first half of 2024, down from RMB 13.07 billion in the same period of 2023, a decline of 0.84%[98]. - Basic earnings per share for the first half of 2024 were RMB 0.141, up from RMB 0.138 in the same period of 2023, indicating a growth of 2.17%[99]. - The company reported a total comprehensive income of RMB 10.87 billion for the first half of 2024, down from RMB 11.19 billion in the same period of 2023, a decrease of 2.79%[99]. Revenue and Costs - Total operating costs increased by 7.5% to RMB 24,191.35 million, up from RMB 22,502.48 million in 2023[20]. - The company reported a decrease in electricity sales revenue to RMB 30,373.75 million, down 1.8% from RMB 30,923.92 million in 2023[19]. - The average settlement electricity price experienced a slight year-on-year decrease due to market price fluctuations, while overall economic benefits remained stable[56]. - The average market electricity price for the company's operating nuclear power units decreased by approximately 2.10% compared to the same period in 2023, influenced by a decline in overall market trading prices[58]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 418,799.33 million, a slight increase from RMB 415,250.36 million at the end of 2023[8]. - The company reported a total liability of RMB 250,540.06 million, which is a marginal increase from RMB 249,946.41 million at the end of 2023[8]. - The debt-to-asset ratio decreased to 59.8% as of June 30, 2024, compared to 60.2% at the end of 2023, showing improved financial stability[16]. - The company’s total equity attributable to shareholders increased to CNY 115.67 billion from CNY 113.24 billion, a growth of 2.14%[93]. Cash Flow - The net cash inflow from operating activities for the first half of 2024 was RMB 12,789.0 million, a decrease of 18.4% compared to RMB 15,680.0 million in the same period of 2023[24]. - The net cash outflow from investing activities increased by 40.8% to RMB 4,987.4 million, up from RMB 3,541.2 million year-on-year[24]. - Cash inflow from financing activities increased significantly to RMB 50.73 billion, compared to RMB 37.33 billion in the same period last year, marking a growth of 36.5%[102]. - The net cash flow from investment activities was negative at RMB 4.99 billion, worsening from a negative RMB 3.54 billion in the previous year[101]. Shareholder Engagement - The company has a total of 166,413 registered shareholders, with 163,279 holding A-shares and 3,134 holding H-shares[9]. - The company emphasizes ongoing communication with shareholders through various channels, including quarterly earnings calls and annual general meetings[11]. - The company plans to maintain a dividend payout ratio of no less than 30% of the net profit attributable to shareholders, with a dividend of RMB 0.094 per share for the year ending December 31, 2023, approved by shareholders[10]. Operational Performance - The company operates 28 nuclear power units and has 10 units under construction, with a total installed capacity of 43,814 MW, accounting for 43.48% of the total in mainland China[6]. - The average capacity factor for the operational units in the first half of 2024 was 88.66%, down from 90.59% in the same period of 2023[45]. - The average load factor for the operational units in the first half of 2024 was 83.77%, compared to 86.26% in the first half of 2023[45]. - The company managed 28 operational nuclear units and 10 under construction as of June 30, 2024, with all operational units running safely and stably[39]. Safety and Compliance - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[41]. - The company maintained strict compliance with national laws and regulations regarding radioactive waste management, with no administrative penalties due to environmental issues in the first half of 2024[49]. - The company is committed to continuous improvement in its safety management system, ensuring robust operational standards across all nuclear facilities[40]. Future Plans and Investments - The company plans to invest in ongoing nuclear power plant construction and technology upgrades in the second half of 2024 to enhance operational performance[36]. - The company plans to issue A-share convertible bonds to raise up to RMB 4,900.0 million for the Guangdong Lufeng Nuclear Power Station project[30]. - The company aims to achieve an average utilization hour for its units in 2024 that is not lower than the average of the past three years[69]. Governance and Management - The company has adhered to all governance requirements set by the Hong Kong Stock Exchange during the reporting period[70]. - The company has revised its independent director and audit committee regulations to enhance governance standards[72]. - The Audit and Risk Management Committee, composed entirely of independent non-executive directors, reviewed and confirmed the interim results for the six months ended June 30, 2024[79]. Research and Development - Research and development expenses decreased significantly to RMB 312.23 million from RMB 677.53 million year-on-year, a reduction of approximately 53.92%[98]. - The company is exploring new technologies and models for comprehensive utilization of nuclear energy, aiming to enhance market competitiveness and address the economic impacts of market reforms[60]. Community Engagement - The company sold over 100 kilograms of lychees to support local farmers, demonstrating its commitment to community development[68]. - The company has established a "Science Popularization Ambassador" program to enhance public understanding of nuclear power in local communities[66].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816) [2][4]. Core Views - The company's performance showed steady growth, with a slight decline in core profitability. The issuance of convertible bonds is expected to alleviate financial pressure, while nuclear power approvals strengthen long-term growth expectations [4]. Summary by Sections Financial Performance - In 1H24, the company reported revenue of 39.4 billion RMB, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 7.11 billion RMB, up 2.2% year-on-year. However, 2Q24 revenue was 20.2 billion RMB, down 3.77% year-on-year, with a net profit of 3.51 billion RMB, an increase of 0.93% year-on-year [4]. - The company's gross margin in 2Q24 was 37.9%, a decrease of 6.1 percentage points year-on-year [4]. Future Growth Prospects - The company plans to issue up to 4.9 billion RMB in A-share convertible bonds to fund the construction of units 5 and 6 at the Lufeng Nuclear Power Plant. The capital expenditure for 2024 is projected to be 30.59 billion RMB, an increase of 16.34 billion RMB from 2023 [4]. - The company received approval for six new nuclear power units in August 2024, the highest number in recent years, which is expected to enhance long-term growth prospects [4]. Valuation - The report lowers the EPS estimates for 2024-2026 to 0.23, 0.25, and 0.26 RMB respectively, down from previous estimates of 0.25, 0.26, and 0.28 RMB. The target price is adjusted to 3.90 HKD, based on a 15x PE for 2025, reflecting the company's long-term growth potential and the scarcity of nuclear power assets in H-shares [4][8].

Financial Performance - The group's operating revenue for the six months ended June 30, 2024, was approximately RMB 39,376.7 million, an increase of 0.3% compared to the same period in 2023[2]. - Net profit attributable to shareholders of the parent company was approximately RMB 7,109.3 million, representing a growth of 2.2% year-on-year[2]. - The total profit for the six months was approximately RMB 12,961.3 million, a slight decrease from RMB 13,070.6 million in the previous year[5]. - Basic earnings per share for the period were RMB 0.141, compared to RMB 0.138 in the same period last year[6]. - The total comprehensive income for the period was approximately RMB 10,871.9 million, down from RMB 11,185.3 million in the previous year[6]. - The company's revenue for the six months ended June 30, 2024, was RMB 39.31 billion, compared to RMB 39.16 billion for the same period in 2023, representing a year-over-year increase of approximately 0.38%[12]. - The cost of revenue for the first half of 2024 was RMB 24.15 billion, compared to RMB 22.43 billion in the same period of 2023, showing an increase of about 7.66%[12]. - The total financial expenses for the six months ended June 30, 2024, amounted to RMB 2,501,327,837.29, down 15% from RMB 2,951,525,896.26 in 2023[13]. - The company reported a significant increase in non-recurring gains of RMB 161,739.08 for the six months ended June 30, 2024, compared to a loss of RMB 11,087.20 in the same period of 2023[43]. Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 418.80 billion, an increase from RMB 415.25 billion as of December 31, 2023, reflecting a growth of approximately 0.61%[7][8]. - The total liabilities as of June 30, 2024, were RMB 250.54 billion, slightly up from RMB 249.95 billion at the end of 2023, reflecting a marginal increase of 0.24%[8]. - The company's cash and cash equivalents increased to RMB 19.04 billion from RMB 15.74 billion, marking a significant rise of approximately 20.00%[7]. - Long-term investments rose to RMB 15.79 billion from RMB 14.49 billion, indicating an increase of about 8.95%[7]. - The total equity attributable to shareholders increased to RMB 115.67 billion from RMB 113.24 billion, representing a growth of approximately 2.14%[8]. - The company reported a decrease in accounts receivable from RMB 11.83 billion to RMB 9.06 billion, a decline of about 23.06%[7]. - The company reported a significant increase in short-term borrowings, totaling RMB 16,309,954,422.66 as of June 30, 2024, compared to RMB 14,254,614,202.81 at the end of 2023, marking an increase of approximately 14.4%[26]. - The company’s total liabilities for bonds payable were RMB 2,499,149,453.41 as of June 30, 2024, with no outstanding bonds after accounting for those due within one year[33]. Nuclear Power Operations - The group managed a total of 28 operational nuclear power units with a total installed capacity of 31,756 MW as of June 30, 2024[3]. - The group has 10 nuclear power units under construction with a total installed capacity of 12,058 MW, progressing as planned[3]. - The total electricity generated by the group was 106,009.67 GWh, a slight increase of 0.09% compared to the same period in 2023, with CO2 emissions equivalent reduction of approximately 87.03 million tons[3]. - The average capacity factor for the 28 operational units in the first half of 2024 was 88.66%, down from 90.59% in the same period of 2023, while the average load factor decreased to 83.77% from 86.26%[74]. - The company completed 10 scheduled fuel replacements in the first half of 2024, totaling approximately 523 days of maintenance[73]. - The Daya Bay Nuclear Power Station reported a significant decrease in electricity generation to 5,617.98 GWh, down 32.36% from 8,306.12 GWh in the first half of 2023[71]. - The Taishan Nuclear Power Station saw a notable increase in electricity generation to 9,977.60 GWh, up 36.21% from 7,325.31 GWh in the same period of 2023[71]. - The company maintained a good safety record, with no Level 2 or above nuclear incidents reported as per the International Nuclear Event Scale (INES) during the first half of 2024[70]. Research and Development - Research and development expenses for the six months were approximately RMB 312.2 million, a significant decrease from RMB 677.5 million in the same period last year[5]. - The company plans to invest in the construction of nuclear power plants and technology upgrades in operational plants in the second half of 2024, laying a solid foundation for future development[65]. - The company is actively exploring new technologies and models for comprehensive nuclear energy utilization to enhance market competitiveness and support nuclear power business development[88]. Tax and Government Subsidies - The total income tax expense for the six months ended June 30, 2024, was RMB 2,111,993,302.83, a slight decrease from RMB 2,160,861,154.44 in 2023[18]. - The company’s effective tax rate remains at 25%, with certain subsidiaries enjoying preferential tax treatments[18]. - The company received government subsidies totaling RMB 74,695,243.28 during the six months ended June 30, 2024, compared to RMB 67,285,936.19 in the same period of 2023[14]. Community Engagement and Environmental Responsibility - The company is actively involved in community development initiatives, including rural revitalization efforts in Guangxi, Guangdong, and Fujian provinces[94]. - In March 2024, the company organized a volunteer service event in Fangchenggang, providing various community services such as health check-ups and disaster prevention education[95]. - The company is promoting nuclear energy knowledge through community engagement activities, including visits to nuclear power facilities and educational programs[93]. - The company is committed to improving its quality assurance system, with evaluations conducted to verify the effectiveness of improvements made in 2023[70]. - The company has maintained a high level of compliance with environmental regulations, with no administrative penalties due to environmental issues in the first half of 2024[79].

Investment Rating - The report assigns a "Buy" rating to China General Nuclear Power Corporation (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [2][3]. Core Insights - The operational data for the first half of the year met expectations, with a generation volume of 113.4 billion kWh, reflecting a year-on-year increase of 0.08%. The number of major repairs and their duration increased compared to the same period last year, resulting in stable generation volume despite the addition of new units. The company anticipates performance growth in the second half of the year due to the completion of major repairs and the integration of new units [1][2]. - The company completed ten major repairs by June 30, including five annual refueling outages and four ten-year overhauls. In the third quarter, four annual refueling outages and one ten-year overhaul are planned [1][2]. Summary by Sections Operational Performance - In the first half of 2024, the company achieved a generation volume of 113.4 billion kWh, which is essentially flat compared to the previous year. The generation from subsidiaries was 87.8 billion kWh, a slight decline of 0.21%, while the generation from joint ventures was 25.5 billion kWh, an increase of 1.06% [1]. - The on-grid electricity volume was 106.0 billion kWh, up 0.09% year-on-year, with 82.0 billion kWh from subsidiaries (down 0.19%) and 24.0 billion kWh from joint ventures (up 1.03%) [1]. Future Outlook - The company expects a release of performance in the second half of the year due to the completion of major repairs and the flexible release of the Taishan nuclear power units. The total installed capacity increased to 31.75 GW with the commissioning of the Fangchenggang Unit 4 [1][2]. - Revenue forecasts for 2024-2026 are projected at RMB 88.3 billion, RMB 92.0 billion, and RMB 97.8 billion, with growth rates of 7.0%, 4.2%, and 6.3% respectively. Net profit attributable to shareholders is expected to be RMB 12.0 billion, RMB 13.4 billion, and RMB 14.9 billion, with growth rates of 12.5%, 11.2%, and 11.1% respectively [2][6].

Investment Rating - The report maintains a rating of "Buy" for China General Nuclear Power (1816) [2][6] Core Views - The issuance of convertible bonds will help alleviate financial pressure, and the ongoing projects are progressing smoothly, indicating a sustainable long-term growth potential [2][6] - The target price has been adjusted to HKD 4.06 based on a 14x PE for 2025, reflecting the company's long-term growth and the scarcity of nuclear power assets in the H-share market [6] Financial Summary - Revenue for 2022 was RMB 828.2 million, with a slight decrease of 0.3% expected in 2023, followed by a projected growth of 3.0% in 2024 and 3.9% in 2025 [5] - Gross profit for 2022 was RMB 275.4 million, with an increase to RMB 296.91 million expected in 2023 [5] - Net profit for 2022 was RMB 99.6 million, with a forecasted increase to RMB 107.25 million in 2024 [5] - The PE ratio for 2023 is 8.66, projected to rise to 11.52 by 2025 [5] Project Development - The company plans to issue up to RMB 4.9 billion in convertible bonds, primarily for the Guangdong Lufeng Nuclear Power Plant units 5 and 6, which are expected to commence operations in 2027 and 2028 [6] - As of May 2024, the company has an operational capacity of 31.8 GW and is managing 10 approved and under-construction units with a total capacity of 7.2 GW [6][9] - The company anticipates steady growth in nuclear power capacity, with an average of 1 to 2 units expected to be commissioned annually from 2025 to 2028 [6]

股 票 研 究 [Table_industryInfo] 电力 [ Table_Main[中I Tnaf 广bol]e 核_Ti电tle]力 （1816） [评Tab级le_：Inv est] 增持 当前价格（港元）： 2.73 业绩符合预期，低波稳健成长 2024.04.28 海 中广核电力2024 年一季报点评 [ 交Ta易bl数e_M据a rket] 外 于鸿光(分析师) 汪玥(研究助理) 孙辉贤(研究助理) 52周内股价区间（港元） 1.84-2.73 当前股本（百万股） 50,499 公 021-38031730 021-38031030 021-38038670 当前市值（百万港元） 137,861 司 yuhongguang025906@gtjas.c wangyue028681@gtjas.com sunhuixian026739@gtjas.co （ 证书编号 oSm08 80522020001 S0880123070143 mS0 880122070052 [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司1Q24业绩提升主要受益于费用改善及投资收益增加；业 ...

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份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 內幕消息 2024年第一季度報告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.09條及第13.10B條及香港法例第571章《證券及期貨條例》第 XIVA部項下之內幕消息條文而作出。 以下為本公司於深圳證券交易所網站發佈之《2024年第一季度報告》（「2024年第一 季度報告」或「本報告」），載列本公司及其附屬公司截至2024年3月31日之三個月 的未經審計業績，僅供參閱。本報告內所載財務數據根據中華人民共和國企業會 計準則而編製。 本報告由中文及英文編寫。如有歧義，以中文版為準。 承董事會命 ...

研究报告Research Report 22 Apr 2024 中广核电力 China General Nuclear Power (1816 HK) 首次覆盖：核心业务盈利稳定，核电“双雄”稳占半壁江山 Stable profitability of core business, nuclear power steadily accounting for half of the country: Initiation [观Ta点bl聚e焦_ye Inmeveis1t]m ent Focus [Tab首le_次In覆fo盖] 优于大市Initiate with OUTPERFORM (Please see APPENDIX 1 for English summary) 中广核电力是中国广核集团核能发电的唯一平台。中广核电力的 评级 优于大市OUTPERFORM 控股股东中国广核集团是由国务院国资委监管的大型清洁能源中 现价 HK$2.70 目标价 HK$3.27 央企业，持股比例为 57.78%。公司致力于安全高效、稳定可靠、 清洁低碳的核能电力与能源供应。中广核电力的业务主要包括： 市值 HK$210.58 ...

（在中華人民共和國註冊成立的股份有限公司） H股代號：1816 A股代號：003816 以 專 業 成 就 未 來 2023 年 度 報 告 目錄 公司年度業務速覽 資本 財務報告 2023年重要事項 1 生產資本 50 審計報告 174 2023年公司主要數據 2 智力資本 53 合併資產負債表 179 商業模式 7 人力資本 57 母公司資產負債表 181 董事長致辭 8 財務資本 68 合併利潤表 183 環境資本 74 母公司利潤表 185 總裁回顧 12 社會與關係資本 76 合併現金流量表 186 股東價值 19 母公司現金流量表 188 財務、資產與投資 公司治理 合併股東權益變動表 189 財務表現與分析 24 董事會、監事會及 84 母公司股東權益變動表 190 高級管理人員 ...

海 外 研 证券研究报告 究 ＃industryId＃ 公用事业 01816.HK ＃中dy广Com核pa电ny＃力 港股通（沪、深） 买入（首次） ＃title＃ 稳健成长的核电运营龙头 ＃investSuggestion＃ ＃createTime1＃ 2024年 2月 5日 投资要点 跟 ＃市m场a数rk据et Data＃ ＃ summary＃ ⚫ 核能发电低碳稳定，占我国总发电量的比重低于全球水平，2021年政府工作报告提到 踪 日期 2024.2.5 “积极有序发展核电”。2022年中国核电发电量占全国比重4.7%，低于世界平均水平 收盘价（港元） 2.18 9.2%。2019-2021 年我国核准核电机组数量分别达到 4/4/5 台，2022-2023 年则分别 报 达到10台。中国核能协会预测，“十四五”期间我国核电机组有望维持每年6-8台的 总股本（百万股） 50,499 告 核准节奏。 总市值（亿港元） 1,091 ⚫ 中广核电力是集团旗下唯一核能发电平台，装机规模占中国内地过半份额。截至2023 年6月，中广核集团持有公司58.91%股权，实控人为国务院国资委。中广核集团承诺 净资产（亿元） ...