Financial Performance - The company's operating revenue for 2024 reached RMB 86,804.4 million, representing a growth of 5.2% compared to 2023[12]. - Net profit attributable to shareholders of the parent company was RMB 10,813.9 million, an increase of 5.4% from 2023[15]. - The EBITDA for 2024 was RMB 40,620.8 million, reflecting a growth of 5.3% compared to the previous year[12]. - The proposed dividend for the year is RMB 0.095 per share (tax included), which is an increase of 1.06% from 2023[40]. - The net profit attributable to shareholders was approximately RMB 10.814 billion, reflecting a growth of 0.83% year-on-year[40]. - The EBITDA profit margin for 2024 was 46.8%, slightly up from 46.7% in 2023[74]. - The total assets return rate improved to 6.5% in 2024 from 6.4% in 2023[74]. - The company's debt-to-asset ratio decreased to 59.5% in 2024 from 60.2% in 2023, indicating improved financial stability[74]. - The main business cost for 2024 was RMB 57,116.44 million, which is an increase of 8.4% from RMB 52,684.51 million in 2023[80]. - Investment income increased by 20.5% to RMB 1,932.89 million in 2024, primarily due to higher returns from investments in joint ventures[78]. Operational Capacity and Performance - The total installed capacity of operational nuclear power units is 19,406 MW, accounting for 35.98% of the total in mainland China[13]. - The company achieved a total electricity generation of 227.28 billion kWh, contributing to a CO2 reduction equivalent to approximately 18.66 million tons[10]. - The average capacity factor for the company's 28 operational nuclear units was approximately 92% in 2024, with 24 units using second-generation technology achieving an average capacity factor of 93%[53]. - The company’s operational nuclear units maintained an average utilization hours of 7,710 hours, an increase from the three-year average of 7,517 hours[53]. - The operational performance indicators, including capacity factor and load factor, were influenced by maintenance schedules and market demand conditions[119]. - The average utilization hours for 2024 were 7,710 hours, compared to 7,509 hours in 2023, indicating improved operational efficiency[122]. - The operational nuclear units achieved an average utilization hour of 7,683 hours in 2024, slightly up from 7,670 hours in 2023[106]. - The company completed 19 out of 20 scheduled refueling outages in 2024, with a total duration of approximately 713 days[125]. Safety and Environmental Commitment - The company continues to focus on safety and quality as its core principles in nuclear power generation and services[5]. - The company has established a more stringent nuclear safety responsibility system, achieving over 99% completion of identified issues and hidden dangers rectification in 2024[50]. - The company’s safety management system operated effectively, with no INES Level 2 or higher incidents reported across all operational units[51]. - The company strictly adhered to national regulations regarding radioactive waste management, with no administrative penalties due to environmental issues in 2024[128]. - The company has contributed to significant reductions in emissions, including approximately 18.66 million tons of CO2 and 1.75 million tons of SO2 in 2024[130]. Research and Development - The company emphasizes enhancing research and development capabilities to strengthen sustainable development[36]. - In 2024, the company applied for 1,836 patents, with 892 patents granted, including two awarded the China Patent Gold Award and Silver Award[59]. - The company is increasing R&D investment to drive business growth and enhance sustainable development, focusing on advanced nuclear energy research and development[1]. - The company has established multiple national-level R&D platforms and has applied for two additional national R&D platforms in 2023, with significant progress expected in 2024[177]. - The company has a research and development team of 4,544 personnel, focusing on key technology issues to improve safety, reliability, and economic efficiency of nuclear power plants[177]. Market Strategy and Expansion - The company is focused on expanding its market presence while adapting to electricity market reforms[36]. - The company plans to ensure stable operation of all nuclear power units, with an expected 6% growth in national electricity consumption in 2025[61]. - The company plans to expand its market presence by targeting more online electricity volume indicators and optimizing market electricity prices, while also developing high-quality market users[136]. - The company is actively participating in electricity market transactions, representing 217 retail users with an actual electricity consumption of approximately 19.994 billion kWh in 2024[142]. Human Resources and Employee Development - The total number of employees at the end of 2024 is 20,453, an increase from 19,038 in 2023[190]. - In 2024, the company recruited 1,867 graduates through campus recruitment and 49 through social recruitment, along with 8 high-level talents[195]. - The proportion of employees with a master's degree increased from 19.71% in 2023 to 20.95% in 2024[192]. - The company has established a dual career development path for employees, focusing on both management and technical roles[196]. - The performance evaluation results are linked to employee bonuses, salary adjustments, and personal development plans[200].

4月9日晚，中国广核公告，2025年1至3月份，公司及其子公司运营管理的核电机组总发电量约为601.74 亿千瓦时，较上年同期增长9.25%。总上网电量约为566.89亿千瓦时，较上年同期增长9.41%。 中国广核于2014年赴港上市，2019年在A股上市，实现A+H两地上市。 一直以来，中国广核盈利较为稳定，从2016年起到2024年的这九年时间，公司扣非净利润保持持续增 长。 基于对公司的长期信心，4月8日，中国广核控股股东中国广核集团有限公司（简称"中广核"）启动对其 H股股份的增持计划，累计增持比例不超过截至4月8日公司已发行H股股份总数的5%。增持计划资金为 中广核的自有资金。 预计2025年资本开支规模或翻倍 据了解，中国广核是中广核核能发电的唯一平台，业务主要包括建设、运营及管理核电站，销售该等核 电站所发电力，组织开发核电站的设计及科研工作。 截至2024年12月31日，中国广核管理28台在运核电机组和16台在建核电机组（其中包含本公司控股股东 委托本公司管理的8台机组），装机容量分别为31798兆瓦和19406兆瓦，占全国在运及在建核电总装机 容量的45.02%。 核电巨头中国广核（0038 ...

Investment Rating - The report maintains an "Increase" rating for the electricity sector, indicating a positive outlook for the industry [2]. Core Viewpoints - The report highlights the significant support from the State-owned Assets Supervision and Administration Commission (SASAC) for central enterprises to increase share buybacks, with a proposed plan of 100 billion yuan for stock repurchases [1]. - Central enterprises in the electricity sector are responding positively to this initiative, showcasing confidence in the market and the sector's stability [1]. - The electricity sector is identified as a core asset under the "China Special Valuation" (中特估) framework, with expectations for valuation to be reshaped due to its defensive attributes and high dividend yield [1]. - The report anticipates that the asset scale of central enterprises will exceed 90 trillion yuan in 2024, with a year-on-year growth of 5.9% and a total profit of 2.6 trillion yuan [1]. - The current price-to-earnings (PE) ratio and price-to-book (PB) ratio for the electricity sector are noted to be lower than the overall A-share market, suggesting undervaluation [1]. Summary by Sections Market Response - Multiple electricity central enterprises have announced share buybacks, reflecting a collective confidence in the sector [1]. - The report emphasizes the defensive nature of public utilities, which is becoming increasingly recognized in the current volatile market environment [1]. Investment Opportunities - The report suggests focusing on the electricity sector for investment opportunities, particularly in coal-fired power generation, which is expected to benefit from falling coal prices [5]. - Specific recommendations include key coal-fired power companies such as Huadian International, Waneng Power, and Huaneng International, as well as leaders in power generation equipment like Qingda Environmental Protection [5]. - The report also advises on low-valued green electricity stocks, particularly in the Hong Kong market, and highlights companies like New Energy (H), Longyuan Power (H), and others [5]. - For hydropower and nuclear power, the report recommends companies such as Yangtze Power, State Power Investment Corporation, and China Nuclear Power [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 中国广核电力股份有限公司 关于控股股东增持公司H股股份计划的公告 中国广核集团有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 2025年4月8日，中国广核电力股份有限公司（以下简称"公司"、"本公司"）收到控股股东中国广核集团 有限公司（以下简称"中广核"）的通知，中广核计划自本公告披露之日起12个月内，通过深圳证券交易 所深港通系统增持公司H股股份，累计增持比例不超过截至2025年4月8日公司已发行H股股份总数的5% （以下简称"本次增持计划"）。 2025年4月8日，本公司接获控股股东中广核增持公司H股股份计划的通知，现将有关情况公告如下： 一、增持主体 （一）增持主体：中广核，为公司控股股东。 （二）增持主体已持有股份的数量、占公司总股本的比例：截至本公告披露日，中广核直接持有本公司 29,736,876,375股股份（其中：A股29,176,641,375股、H股560,235,000股），约占本公司总股本 58.89%。 二、本次增持计划的主要内容 1. 增持股份的目的：基于对本公司价值的认可及未来持续 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-027 中国广核电力股份有限公司 关于控股股东增持公司 H 股股份计划的公告 特别提示： 2025 年 4 月 8 日，中国广核电力股份有限公司（以下简称"公司"、"本公 司"）收到控股股东中国广核集团有限公司（以下简称"中广核"）的通知，中广 核计划自本公告披露之日起 12 个月内，通过深圳证券交易所深港通系统增持公 司 H 股股份，累计增持比例不超过截至 2025 年 4 月 8 日公司已发行 H 股股份总 数的 5%（以下简称"本次增持计划"）。 中国广核集团有限公司保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 2025 年 4 月 8 日，本公司接获控股股东中广核增持公司 H 股股份计划的通 知，现将有关情况公告如下： 一、增持主体 （一）增持主体：中广核，为公司控股股东。 二、本次增持计划的主要内容 1. 增持股份的目的：基于对本公司价值的认可及未来持续稳定发展的信心。 2. 增持股份的种类：本公司无限售条件 H 股。 3. 增持股 ...

中国广核（003816）公告，控股股东中广核计划自公告披露之日起12个月内，通过深圳证券交易所深港 通系统增持公司H股股份，累计增持比例不超过截至2025年4月8日公司已发行H股股份总数的5%。中广 核目前直接持有公司297.37亿股股份，约占总股本58.89%。本次增持基于对公司的价值认可及未来持续 稳定发展的信心，增持资金为中广核自有资金，并承诺增持计划实施期间及法定期限内不减持所持股 份。 ...

Core Viewpoint - The company reported a revenue of 86.804 billion yuan for 2024, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 10.814 billion yuan, reflecting a slight increase of 0.8% year-on-year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 24.534 billion yuan, an increase of 8.1% year-on-year, but the net profit attributable to shareholders was 0.830 billion yuan, a decrease of 19.0% year-on-year [1] - The company declared a cash dividend of 0.95 yuan per 10 shares for 2024, with a cash dividend payout ratio of 44.36%, slightly up from 44.26% in 2023 [1] - The operating cash flow for 2024 was 38.016 billion yuan, representing a year-on-year growth of 14.78% [3] Cost and Profitability Analysis - The company experienced a significant increase in income tax expenses and minority shareholder losses, which rose by 163.6% and 56.3% year-on-year, respectively [2] - The return on equity (ROE) for 2024 was 9.05%, a decrease of 0.42 percentage points year-on-year [2] - The sales gross margin decreased by 1.94 percentage points to 34.03%, primarily due to falling electricity prices and rising costs [2] - The company’s asset-liability ratio improved, dropping to 59.49% in 2024 [2] Operational Highlights - The company’s subsidiaries generated a total power output of 190.807 billion kWh in 2024, a year-on-year increase of 7.08% [4] - The average on-grid electricity price was 0.416 yuan/kWh, down 0.07 yuan/kWh or 1.57% year-on-year [4] - Despite a decrease in gross margin, the net profit from the power generation business remained stable at 17.245 billion yuan, nearly unchanged year-on-year [4] Future Outlook - The company plans to commission the Huizhou Unit 1, which is expected to support performance in 2025 [5] - The company anticipates achieving net profits of 10.440 billion, 11.126 billion, and 12.259 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 18.09x, 16.98x, and 15.41x [5]

Summary of CGN Power Co., Ltd Conference Call Company Overview - **Company**: CGN Power Co., Ltd (1816.HK) - **Industry**: China Utilities - **Date of Call**: March 26, 2025 Key Points Financial Performance - **Earnings**: FY24 earnings remained flat, with a recurring earnings increase of 1% year-over-year, aligning with expectations [2][7] - **Dividend**: Dividend per share (DPS) announced at Rmb0.095, a 1% increase from Rmb0.094 in 2023, with a payout ratio of 44.4%, slightly lower than expectations [7] - **Revenue**: Total revenue for FY24 was Rmb86.8 billion, a 5% increase from Rmb82.5 billion in FY23 [7] - **Power Generation**: Increased by 6% year-over-year in 2024, capturing a 54.38% market share in China's nuclear power sector [7] Market Conditions - **Tariff Changes**: Anticipated declines in market tariffs in Guangdong (down Rmb0.06) and Guangxi (down Rmb0.10) are expected to negatively impact 2025 earnings. These provinces contributed 54% and 11% of revenue, respectively, in 2024 [3][7] - **Average Market Tariff**: Decreased by 3.85% year-over-year in 2024 [7] Operational Insights - **Overhauls**: CGN plans to conduct 19 overhauls in 2025, compared to 20 in 2024 [7] - **Outage Days**: The company expects fewer outage days in 2025, which may improve operational efficiency [2] Valuation and Outlook - **Price Target**: The price target is set at HK$3.19, indicating a potential upside of 25% from the current price [2] - **P/E Ratio**: A P/E multiple of 13x is applied to the 2025E EPS, reflecting a recovery in power tariff risks [11] Risks - **Upside Risks**: Include higher-than-expected utilization, upward adjustments of on-grid tariffs, and timely approvals of new projects [12] - **Downside Risks**: Include lower-than-expected utilization, downward adjustments of on-grid tariffs, and delays in new project commissioning [12] Additional Insights - **Market Share**: CGN Power holds a significant market share in the nuclear power sector, indicating strong competitive positioning [7] - **Analyst Ratings**: The stock is rated as "Overweight," suggesting a favorable outlook compared to the industry average [2] This summary encapsulates the essential insights from the conference call, highlighting CGN Power's financial performance, market conditions, operational strategies, and future outlook.

Summary of Key Points from the Conference Call Industry Overview - The nuclear power generation in China accounts for less than the world average and significantly lower than developed countries, but it remains in a strategic opportunity period under the dual carbon strategy and energy structure adjustment, with substantial development potential [2][3][4] Company Performance and Financials - In 2024, the company's revenue was RMB 86.804 billion, a year-on-year increase of 5.16%, and the net profit attributable to shareholders was RMB 10.814 billion, up 0.83%. Cash flow from operating activities was RMB 108.278 billion, an increase of 9.1% [2][14] - The average financing cost was 3.03%, and the debt-to-asset ratio was 59.5% [2][14] - The company has maintained a stable dividend policy, with a dividend of RMB 0.095 per share for 2024, representing 44.36% of profits, marking ten consecutive years of growth in both dividend ratio and amount [2][8][7] Safety and Management - The company prioritizes nuclear safety, achieving over 86% of its operational indicators at world-class levels, with no incidents above level two reported in 2024 [2][5] - A rigorous safety management system has been established, with over 99% of identified issues rectified during safety inspections [5] Technological Innovation - The company has intensified its research and development efforts, with 1,836 patents applied for in 2024, of which 892 were granted, including awards for two invention patents [2][6] - Significant progress has been made in advanced pressurized water reactor technologies, including the Hualong One small modular reactor [6] Market Dynamics - In 2025, the company will have 10 nuclear power units participating in market trading in Guangdong, with an expected annual trading volume of approximately 27.3 billion kWh [2][11] - The average market price for nuclear power in Guangdong and Guangxi has decreased compared to 2024, while prices in Fujian and Liaoning remain stable [11] Environmental, Social, and Governance (ESG) Initiatives - The company integrates ESG into its strategy, achieving a reduction of approximately 68.9124 million tons of standard coal consumption and 187 million tons of CO2 emissions in 2024 [2][9] - The proportion of purchased clean electricity reached 95%, emphasizing supply chain resilience and safety [9] Future Outlook and Strategic Focus - The company plans to focus on safety production, market expansion, and technological innovation to enhance value for society, shareholders, and employees [2][10] - Capital expenditures are expected to double in 2025, supporting expansion and development goals [2][36] Regulatory and Market Challenges - The company is actively communicating with relevant departments to improve the nuclear pricing mechanism, which currently has some unreasonable aspects [2][15] - The nuclear power market is expected to maintain a marketization ratio of around 50% in 2025, with ongoing efforts to enhance competitiveness [2][18] Conclusion - The nuclear power industry in China is positioned for growth, with the company demonstrating strong financial performance, a commitment to safety and innovation, and a proactive approach to market challenges and ESG responsibilities [2][38]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) reported stable operational performance for 2024, with a focus on nuclear safety and maintaining a leading position in installed capacity in the domestic market [1][2]. Group 1: Operational Performance - In 2024, CGN Power achieved a total electricity generation of 227.28 billion kWh, reflecting a year-on-year increase of 6.13% [1][2]. - The company managed 28 operational units, maintaining a high operational safety standard, with over 86% of its units meeting advanced global standards set by the World Association of Nuclear Operators (WANO) [3]. - The installed capacity of operational and under-construction units exceeded 51.2 million kW, keeping CGN Power at the forefront of the domestic market [1][3]. Group 2: Financial Performance - CGN Power reported a net profit attributable to shareholders of RMB 10.814 billion, a year-on-year increase of 0.83%, while the net profit after excluding non-recurring items was RMB 10.713 billion, up 0.94% [2]. - The board proposed a cash dividend of RMB 0.095 per share, with a dividend payout ratio of 44.36%, continuing its commitment to a five-year dividend plan [2]. Group 3: Safety and Technology - The company emphasizes nuclear safety as a top priority, implementing a rigorous safety management system and conducting regular safety inspections at nuclear power bases [3]. - CGN Power's "Hualong One" technology continues to be optimized, with significant advancements in safety systems and innovative construction techniques being applied [4]. Group 4: Environmental Impact - In 2024, CGN Power's operations resulted in a reduction of approximately 6.891 million tons of standard coal consumption and a decrease of about 18.7 million tons of carbon dioxide emissions, equivalent to planting over 510,000 hectares of forest [5]. - The company is committed to talent development and creating a diverse workplace environment to support employee growth [5].