Table_BaseInfo 2024 年 4 月 3 日 公司动态分析 中广核电力（1816.HK） 证券研究报告 电力 业绩符合预期，发电能力提升，释放业绩弹性 投资评级： X 买入 事件：中广核电力发布 2023 年度业绩，营收 825 亿元，同比下降 0.33%；归 母净利润107亿元，同比上涨7.64%，符合市场预期。24年，“台1”大修结 目标价格： 2.78 港元 束，“防4”新增并网，发电能力稳步提升，看好今年业绩弹性释放。公司未 来新增并网项目充足。我们预计公司未来盈利保持稳健增长，派息稳定，上调 现价(2024-4-2)： 2.36港元 目标价至2.78港元，维持“买入”评级。 报告摘要 公司23年业绩符合预期，主营业务稳健增长 2023年中广核电力营收825亿 总市值(百万港元) 119,176.72 元，同比轻微下降0.33%，与去年基本持平；实现归母净利润107亿元，同比 H股市值(百万港元) 26,346.17 上涨7.64%，符合预期。按业务类型分类，其中电力销售营收625亿元，同比 总股本(百万股) 50,498.61 H股股本(百万股) 11,163.63 上升7.5%，建筑 ...

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）： 2.33 在建项目有序推进，股息具备提升空间 2024.03.28 海 中广核电力2023 年年报点评 [ 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） 1.84-2.46 当前股本（百万股） 50,499 公 021-38031730 021-38031030 021-38038670 当前市值（百万港元） 117,662 司 yuhongguang025906@gtjas.c wangyue028681@gtjas.com sunhuixian026739@gtjas.co 证书编号 oSm08 80522020001 S0880123070143 mS0 880122070052 （ [ Table_PicQuote] 香 本报告导读： 52周内股价走势图 港 公司4Q23业绩下滑受费用增加、减值等因素影响；在 ...

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） 截至2023年12月31日止年度之 全年業績公告 財務摘要 截至2023年12月31日止年度： • 本集團營業收入為人民幣約82,548.6百萬元，比2022年下降0.3%。 • 歸屬於母公司股東的淨利潤為人民幣約10,724.6百萬元，比2022年（已重 述）增長7.6%。 • 扣除非經常性損益的影響後，歸屬於母公司股東的淨利潤為人民幣約 10,612.9百萬元，比2022年（已重述）增長8.6%。 • 董事會建議派發末期現金股息每股人民幣0.094元（含稅）。 ...

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 2023年第三季度報告 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《2023年第三季度報告》（「2023年第三 季度報告」或「本報告」），載列本公司及其附屬公司截至2023年9月30日之九個月 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 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2023年10月25日 於本公告日期，本公司董事會成員 ...

Financial Performance - For the first half of 2023, CGN Power reported operating revenue of RMB 39,275.82 million, representing a 7.25% increase compared to the same period in 2022[4] - The net profit attributable to shareholders of the parent company reached RMB 6,958.92 million, reflecting a growth of 17.91% year-on-year[4] - EBITDA for the first half of 2023 was RMB 21,622.14 million, which is a 12.90% increase from the previous year[4] - The company's operating revenue for the six months ended June 30, 2023, was RMB 39,275,824.32 thousand, representing a 7.2% increase from RMB 36,622,093.48 thousand in the same period of 2022[31] - The net profit attributable to shareholders of the parent company increased by 17.9% to RMB 6,958,915.47 thousand, compared to RMB 5,901,975.38 thousand in the previous year[31] - The EBITDA margin improved to 55.1% in 2023 from 52.3% in 2022, indicating enhanced profitability[30] - The company's total assets return rate increased to 3.9% from 3.5% year-on-year, reflecting better asset utilization[30] - The interest coverage ratio rose to 4.4 from 3.3, indicating improved ability to meet interest obligations[30] - The sales revenue from electricity increased by 11.2% to RMB 30,923,922.83 thousand, driven by higher electricity generation[33] Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 413,138.88 million, up from RMB 409,015.90 million at the end of 2022[11] - The total equity attributable to shareholders of the parent company increased to RMB 109,868.48 million, compared to RMB 107,026.29 million at the end of 2022[11] - The company's debt-to-asset ratio decreased to 60.7% from 61.4%, indicating a stronger balance sheet[30] - As of June 30, 2023, the total bank borrowings and other loans amounted to RMB 197,443.1 million, a decrease of RMB 2,524.4 million or 1.3% compared to December 31, 2022[36] - The total liabilities to equity ratio improved to 1.52 from 1.59, indicating a stronger financial position[117] Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2023 was RMB 15,679.97 million, an increase of RMB 2,743.46 million or 21.2% year-on-year[38] - Fixed asset investments for the first half of 2023 were approximately RMB 6,565.4 million, representing an increase of RMB 1,424.1 million or 27.7% compared to the same period in 2022[39] - The net cash outflow from investment activities decreased by RMB 876.47 million or 19.8% year-on-year, totaling RMB 3,541.24 million in the first half of 2023[38] - The company maintained a strong liquidity position with approximately RMB 191,060.8 million in unused bank credit facilities and RMB 16,894.8 million in cash and cash equivalents as of June 30, 2023[42] Operational Performance - The total installed capacity of operational nuclear power units is 37,776 MW, accounting for 45.87% of the total in mainland China[9] - The company has 27 operational nuclear power units and 6 under construction, ensuring stable energy production and supply[9] - The total electricity generated by the company's operational nuclear plants reached 105,918.06 GWh in the first half of 2023, representing a 14.09% increase compared to 92,835.27 GWh in the same period of 2022[50] - The average capacity factor for the operational units in the first half of 2023 was 90.59%, compared to 87.88% in the same period of 2022, indicating an increase of 1.71 percentage points[53] - The average load factor for the operational units in the first half of 2023 was 86.26%, up from 80.34% in the first half of 2022, reflecting a growth of 5.92 percentage points[53] - The company achieved a high performance level, with 89.20% of its indicators in the top 25% globally and 87.04% in the top 10% globally according to WANO benchmarks[56] Safety and Compliance - The operational safety record remains strong, with no Level 2 or above nuclear incidents reported as per the International Nuclear Event Scale (INES) during the first half of 2023[49] - The company emphasizes safety management as a top priority, implementing various safety culture initiatives and regular emergency drills to enhance response capabilities[48] - The company’s operational units maintained strict compliance with national regulations regarding radioactive waste management in the first half of 2023[57] Shareholder Engagement and Governance - The company actively communicates with shareholders through various channels, including earnings calls and investor relations platforms[15] - The company has held multiple shareholder meetings to report on its operational performance and future outlook, including the approval of profit distribution plans[86] - The company has maintained compliance with corporate governance standards and has not faced any administrative penalties during the reporting period[87] - The company has updated its articles of association to comply with recent legal and regulatory changes[88] Future Plans and Market Strategy - The company plans to maintain a dividend payout ratio of no less than 30% of the net profit attributable to shareholders for future distributions[14] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[30] - The company is actively participating in market reforms and aims to secure better trading prices and larger market shares in the evolving energy landscape[46] - The company plans to invest in ongoing nuclear power station construction, technology upgrades, and potential asset acquisitions in the second half of 2023[45] Research and Development - Research and development expenses increased to RMB 677.53 million, representing a 51.1% increase from RMB 448.03 million in the same period last year[123] - The company will enhance its original research and development efforts, focusing on independent innovation to drive business growth and sustainable development[84] Human Resources - As of June 30, 2023, the group employed a total of 18,265 staff members, focusing on occupational health and safety for all personnel working at nuclear power stations[76] - The maximum personal radiation dose for personnel working in nuclear power stations was reported, with Daya Bay, Lingao, and Lingdong nuclear stations recording 6.359 mSv in the first half of 2023, down from 8.820 mSv in the same period of 2022[77]

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） 截至2023年6月30日止六個月之 中期業績公告 財務摘要 截至2023年6月30日止六個月： • 本集團營業收入為人民幣約39,275.82百萬元，比2022年同期增長7.25%。 • 歸屬於母公司股東的淨利潤為人民幣約6,958.92百萬元，比2022年同期（已 重述）增長17.91%。 • 扣除非經常性損益的影響後，歸屬於母公司股東的淨利潤為人民幣約 6,952.49百萬元，比2022年同期（已重述）增長21.50%。 中國廣核電力股份有限公司（「公司」、「本公司」或「我們」）董事會（「董事會」）宣 ...

Financial Performance - The total operating revenue for Q1 2023 was approximately CNY 18.29 billion, representing a 6.47% increase compared to CNY 17.18 billion in the same period last year[5] - The net profit attributable to shareholders for Q1 2023 was approximately CNY 3.49 billion, a 22.25% increase from CNY 2.85 billion in the previous year[5] - The total profit for Q1 2023 was approximately CNY 6.20 billion, reflecting a 19.8% increase from the previous year[8] - Operating profit for Q1 2023 was ¥6,219,180,548.99, compared to ¥5,175,654,506.33 in Q1 2022, reflecting a growth of 20.17%[20] - The company reported a total comprehensive income of ¥5,108,981,604.87 for Q1 2023, compared to ¥4,240,422,163.67 in Q1 2022[21] - Earnings per share for Q1 2023 were ¥0.069, up from ¥0.056 in the same quarter last year[21] Revenue and Costs - Total operating costs for Q1 2023 were ¥13,005,514,900.36, compared to ¥12,687,553,819.10 in Q1 2022, indicating a rise of 2.49%[20] - The tax expense for Q1 2023 was ¥971,345,652.60, compared to ¥906,066,807.10 in the previous year, reflecting an increase of 7.22%[21] - The company recorded other income of ¥514,221,641.86, significantly higher than ¥287,384,119.93 in Q1 2022[20] Cash Flow - The cash flow from operating activities for Q1 2023 was approximately CNY 4.46 billion, a 13.07% increase compared to the previous year[5] - The net cash flow from operating activities for Q1 2023 was CNY 4,460,418,797.08, an increase of 13.1% compared to CNY 3,944,891,218.50 in Q1 2022[23] - Cash paid for operating activities totaled CNY 16,915,920,799.19, an increase of 5.1% from CNY 16,098,987,173.60 in the previous year[23] - The net cash flow from financing activities was CNY 322,975,190.57, a significant improvement from a net outflow of CNY 1,103,071,434.86 in Q1 2022[24] Assets and Liabilities - The total assets as of the end of Q1 2023 were approximately CNY 412.69 billion, a 0.90% increase from CNY 409.02 billion at the end of the previous year[5] - The company's total equity increased to CNY 160.91 billion from CNY 157.93 billion, reflecting a growth of about 1.25%[19] - The total current liabilities rose to CNY 76.37 billion from CNY 76.13 billion, indicating a slight increase of approximately 0.31%[19] - The total non-current liabilities reached CNY 175.42 billion, up from CNY 174.95 billion, which is an increase of approximately 0.27%[19] Research and Development - Research and development expenses for the year-to-date period reached CNY 210.07 million, a 57.4% increase compared to CNY 133.45 million in the same period last year[10] - Research and development expenses increased to ¥210,070,915.96, a rise of 57.49% from ¥133,452,979.10 in Q1 2022[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 237,960, with the largest shareholder, China General Nuclear Power Corporation, holding 58.91%[13] - The board approved a cash dividend of RMB 0.87 per 10 shares for the 2022 fiscal year, expected to be distributed around July 7, 2023, pending shareholder approval[17] Investment Activities - Cash paid for investments amounted to RMB 60 million, a new investment in Huizhou Zhongdong Pumped Storage Power Co., Ltd.[12] - Cash received from investment income surged by 3,346.7% to RMB 271.73 million, mainly due to timing differences in dividend receipts[11] - The net cash outflow from investment activities was CNY 1,697,116,713.25, compared to CNY -826,031,099.69 in Q1 2022[23]

（在中華人民共和國註冊成立的股份有限公司） 股份代號：1816 淨淨淨淨能能能能 優優優優化化化化 生生生生活活活活 目錄 公司年度業務速覽 公司治理 2022年重要事項 1 董事會、監事會及 80 高級管理人員 2022年公司主要數據 2 商業模式 7 企業管治報告 87 董事會報告 122 董事長致辭 8 審計與風險管理委員會報告 139 總裁回顧 12 薪酬委員會報告 141 股東價值 17 提名委員會報告 143 核安全委員會報告 145 財務、資產與投資 監事會報告 147 財務表現與分析 22 風險管理報告 152 資產與投資 26 業務表現與展望 財務報告 行業概覽 30 審計報告 164 ...

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） 截至2022年12月31日止年度之 全年業績公告 財務摘要 截至2022年12月31日止年度： • 本集團營業收入為人民幣約82,822.40百萬元，比2021年增長2.66%。 • 歸屬於母公司股東的淨利潤為人民幣約9,964.85百萬元，比2021年（已重 述）增長2.06%。 • 扣除非經常性損益的影響後，歸屬於母公司股東的淨利潤為人民幣約 9,769.65百萬元，比2021年（已重述）增長0.08%。 • 董事會建議派發末期現金股息每股人民幣0.087元（含稅）。 ...

Financial Performance - For the third quarter of 2022, CGN Power Co., Ltd. reported operating revenue of CNY 21,792,933,291.06, a decrease of 2.14% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY 2,885,573,841.76, reflecting an 11.05% decline year-over-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,818,465,448.34, down 12.44% from the previous year[5]. - The basic earnings per share for the quarter was CNY 0.0571, a decrease of 11.06% compared to CNY 0.0636 in the same quarter last year[5]. - The total profit for Q3 2022 was approximately ¥15.86 billion, a decrease from ¥16.05 billion in Q3 2021, representing a decline of about 1.18%[24]. - The net profit attributable to shareholders of the parent company was approximately ¥8.79 billion, slightly up from ¥8.74 billion in the same period last year, indicating a growth of about 0.4%[24]. - The total comprehensive income for Q3 2022 was approximately ¥13.89 billion, compared to ¥13.94 billion in Q3 2021, reflecting a decrease of about 0.36%[24]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 402,102,128,347.71, showing a slight increase of 0.52% from the previous year[5]. - The total liabilities decreased to CNY 244.91 billion from CNY 249.08 billion year-on-year, reflecting a reduction of 1.74%[22]. - The total equity increased to CNY 157.20 billion, up from CNY 150.95 billion, representing a growth of 4.83%[22]. - As of September 30, 2022, the total current assets amounted to approximately CNY 67.07 billion, a decrease of 1.32% from CNY 67.97 billion at the beginning of the year[21]. - The total non-current assets reached approximately CNY 335.04 billion, an increase from CNY 332.07 billion at the beginning of the year[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 24,328,787,492.92, a decrease of 9.18% compared to the same period last year[5]. - Cash flow from operating activities for the period was approximately ¥24.33 billion, down from ¥26.79 billion in the previous year, a decline of about 9.15%[25]. - Cash flow from investing activities showed a net outflow of approximately ¥6.99 billion, an improvement from a net outflow of ¥9.97 billion in the same period last year[25]. - Cash flow from financing activities resulted in a net outflow of approximately ¥16.45 billion, slightly worse than the net outflow of ¥16.23 billion in Q3 2021[26]. - The company reported cash and cash equivalents at the end of the period amounting to approximately ¥12.42 billion, an increase from ¥9.29 billion at the end of Q3 2021, representing a growth of about 33.1%[26]. Operational Metrics - The total electricity generated by the nuclear power units managed by the company from January to September 2022 was approximately 142.837 billion kWh, a decrease of 4.17% compared to the same period last year[8]. - The company's operating revenue for the first nine months of 2022 was approximately CNY 58.415 billion, a decrease of about CNY 0.072 billion compared to the same period last year[9]. - The total profit for the first nine months of 2022 was approximately CNY 15.865 billion, a decrease of about CNY 0.189 billion compared to the same period last year[9]. - The company's weighted average return on equity for the reporting period was 2.76%, down from 3.27% in the previous year[5]. - The company has seven nuclear power units under construction, with a total installed capacity of 8,380 MW[19]. Changes in Accounting Policies - The company implemented a new accounting policy regarding the treatment of revenue from trial operation sales starting January 1, 2022[6]. - The company has made retrospective adjustments for trial operation sales that occurred between January 1, 2021, and the implementation date of the new policy[6]. Shareholder Information - The company's total number of ordinary shareholders at the end of the reporting period was 261,287[14]. - The company's receivables from bills decreased by 99.82% to CNY 304.76 million due to the recovery of matured bills by Ningde Nuclear Power[10]. Research and Development - Research and development expenses increased to CNY 885.73 million, up 20.24% from CNY 736.31 million in the previous year[23]. Future Outlook - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[23].