证券代码：003816 证券简称：中国广核 公告编号：2024-064 中国广核电力股份有限公司 第四届监事会第八次会议决议公告 公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 1. 中国广核电力股份有限公司（以下简称"公司"）第四届监事会第八次会 议（以下简称"本次会议"）通知和材料于 2024 年 11 月 1 日以书面形式提交全 体监事。 2. 本次会议于 2024 年 11 月 8 日以书面方式召开。 4. 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《中 国广核电力股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 经出席会议的监事审议与表决，本次会议审议通过《关于审议公司控股股东 延长避免同业竞争承诺履行期限的议案》 表决情况：4 票同意、0 票反对、0 票弃权。关联监事时伟奇先生已回避表 决。 监事会认为，公司控股股东根据其解决同业竞争承诺的工作进展延长避免同 业竞争承诺履行期限，不会对公司生产经营产生重大影响，符合《上市公司监管 指引第 4 号——上市公司及其相关方承诺》等相关 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-063 中国广核电力股份有限公司 5. 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《中 国广核电力股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 经出席会议的董事审议与表决，本次会议形成以下决议： 第四届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1. 中国广核电力股份有限公司（以下简称"本公司"或"公司"）第四届董 事会第十次会议（以下简称"本次会议"）通知和材料已于 2024 年 11 月 1 日以 书面形式提交全体董事。 2. 本次会议于 2024 年 11 月 8 日在广东省深圳市深南大道 2002 号中广核大 厦南楼 3408 会议室采用现场视频方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。 4. 本次会议由公司董事长杨长利先生主持，公司部分高级管理人员列席了 本次会议。 公司监事会对本议案进行了审议，有关意见于 2024 年 11 月 8 日登载于巨潮 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-065 中国广核电力股份有限公司 关于 2024 年第二次临时股东大会的通知 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 本次股东大会的网络投票时间为：2024 年 12 月 23 日（星期一）。 4. 会议召开的日期、时间： 现场会议时间：2024 年 12 月 23 日（星期一）下午 14:30—15:30； 中国广核电力股份有限公司（以下简称"本公司"或"公司"）董事会决定召 集 2024 年第二次临时股东大会（以下简称"本次股东大会"）。本次股东大会采用 现场投票与网络投票相结合的方式，现将有关事项通知如下： 一、召开会议的基本情况 1. 股东大会届次：2024 年第二次临时股东大会。 2. 股东大会的召集人：公司董事会。 2024 年 11 月 8 日，公司第四届董事会第十次会议审议通过了《关于批准召开 公司 2024 年第二次临时股东大会的议案》。 3. 会议召开的合法、合规性： 本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件、业务 规则和《中国广核电力股份有限公司 ...

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [1][4]. Core Views - The report highlights a steady performance in the third quarter, with a year-on-year increase in electricity generation of 4.97%, reaching 166.89 billion kWh, and a revenue increase of 4.06% to CNY 62.37 billion [1][2]. - The company is expected to maintain stable growth in electricity generation and performance, driven by new approved nuclear units [1][2]. - The report notes that the average market transaction price for electricity remained stable, with a slight decrease of approximately 1 cent to CNY 0.39 per kWh [2]. - The approval of new nuclear projects and the steady progress of ongoing projects are seen as positive growth drivers, with the company currently having 16 nuclear units under construction [2][4]. Financial Summary - For FY 2024, the projected revenue is CNY 88.28 billion, reflecting a growth rate of 6.95%, with net profit expected to reach CNY 12.06 billion, a growth rate of 12.46% [3][7]. - The gross profit margin is projected to improve to 36.62% in FY 2024, with a net profit margin of 13.66% [3][9]. - The report indicates a stable increase in cash flow from operating activities, with net cash flow expected to reach CNY 33.12 billion in FY 2023 [8].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a steady growth in electricity generation and revenue for the first three quarters, indicating a positive outlook for future growth driven by new approved units [1] Financial Performance - The company achieved an electricity generation of 166.89 billion kilowatt-hours, representing a year-on-year increase of 4.97% [1] - Revenue reached 62.37 billion yuan, an increase of 4.06% compared to the previous year [1] Cost Factors - The increase in costs is attributed to the first-time fuel replacement costs for new units and the accrual of spent fuel treatment funds for units that have been in operation for five years [1] Future Outlook - The company is expected to maintain steady growth in electricity generation, with optimism regarding the growth potential of newly approved units [1] - The target price is set at 3.8 HKD, corresponding to a 2024 earnings valuation of 15.8 times [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The report maintains a "Recommended" rating for China General Nuclear Power Corporation (CGN) with a target price of 4.46 CNY, compared to the current price of 4.04 CNY [1]. Core Views - The company demonstrates sufficient long-term growth potential and stable operational performance, with a revenue of 22.893 billion CNY in Q3 2024, reflecting a year-on-year increase of 11.31%. For the first three quarters of 2024, the total revenue reached 62.27 billion CNY, up 4.06% year-on-year [1]. - The net profit attributable to shareholders for Q3 2024 was 2.874 billion CNY, a 4.87% increase year-on-year, while the net profit for the first three quarters was 9.984 billion CNY, growing by 2.93% year-on-year [1]. Summary by Sections Operational Performance - The total installed capacity of the company reached 31.756 GW in the first three quarters of 2024 [2]. - The total power generation from the nuclear units managed by the company was approximately 178.069 billion kWh, representing a year-on-year growth of 4.93%. The total grid-connected power was about 166.890 billion kWh, with a year-on-year increase of 4.97% [3]. - The Taishan unit showed significant improvement, achieving power generation and grid-connected power of 17.308 billion kWh and 16.171 billion kWh respectively, marking increases of 52.81% and 52.93% year-on-year [3]. Maintenance and Projects - The company has steadily progressed in its maintenance schedule, completing 10 annual refueling outages and 4 ten-year overhauls in the first three quarters of 2024. For Q4, it plans to initiate 3 additional annual refueling outages [3]. - The company has received approval for 6 new nuclear units, enhancing its future growth prospects. Notably, construction of the Ningde Unit 5 commenced in July 2024, and several other units have received government approval [3]. Financial Forecast - The report adjusts profit expectations, forecasting net profits of approximately 11.8 billion CNY, 12.5 billion CNY, and 13.5 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 9.8%, 6.2%, and 7.8% [3]. - The company is projected to achieve a price-to-earnings ratio of 18x by 2025, corresponding to a market capitalization of 225.1 billion CNY [3].

Financial Performance - In the first three quarters of 2024, the company achieved a power generation of 166.89 billion kWh, representing a year-on-year increase of 4.97% [1] - Revenue reached RMB 62.27 billion, with a year-on-year growth of 4.06% [2] - Net profit attributable to shareholders was RMB 9.98 billion, reflecting a year-on-year increase of 2.93% [2] - The average utilization hours of the 28 nuclear units managed by the company were 5,700 hours, an increase of 108 hours compared to the previous year [2] Operational Efficiency - The company completed 15 major repairs as planned, with repair days totaling approximately 606 days, which is 60 days less than the same period last year [2] - The proportion of market-based trading electricity volume in the first half of the year was about 51.2%, remaining stable compared to the same period last year [2] Asset Management - As of September 30, 2024, the company managed 16 approved and under-construction units, with various stages of development [2] - The company's asset-liability ratio was 59.5%, a decrease of 0.7 percentage points from the end of 2023 [2] Cash Flow - The net cash flow from operating activities for the first three quarters was RMB 25.82 billion, down 4.4% year-on-year, indicating a stable cash flow situation [2] Research and Development - The company expects its annual R&D expenses to remain stable compared to last year, influenced by the progress of R&D projects [3] - The company is advancing the development of fourth-generation nuclear technology and is focused on the mass construction of the third-generation "Hualong One" technology [3][4] Future Outlook - The company anticipates an increase in capital expenditure due to the gradual approval of new projects, which may lead to a rise in the asset-liability ratio [4] - The expected market price for nuclear power in 2025 will be influenced by various factors, including overall market trading prices and the company's marketing strategies [3]

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (CGN) [1] Core Views - The company achieved a revenue of 62.27 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 4.06%. The net profit attributable to shareholders was approximately 9.984 billion yuan, up 2.93% year-on-year [1] - Significant growth in electricity generation was noted, with total electricity generation from operational nuclear units reaching approximately 1668.90 billion kWh, a year-on-year increase of 4.97% [1] - New project approvals are accelerating growth, with the Ningde Unit 5 project commencing full construction. By June 30, 2024, the company managed 28 operational units and 10 under construction [1] - The company plans to conduct 18 major overhauls throughout the year, with an accelerated pace compared to the previous year [1] - Cost control measures have been effective, with total expenses decreasing by 7.67% year-on-year to 6.575 billion yuan [1] Summary by Sections Revenue and Profit Growth - In Q3 2024, the company reported a revenue of 22.893 billion yuan, an increase of 11.31% year-on-year, and a net profit of 2.874 billion yuan, up 4.87% year-on-year [1] - The increase in revenue was primarily driven by a rise in electricity generation and reduced financial expenses [1] Project Development - The company received approval for six new units, enhancing its growth trajectory, with a projected nuclear power capacity of 51.13 million kW by 2030, a 67% increase from 2023 [1] - The construction of Ningde Unit 5 is expected to contribute to performance growth from 2025 to 2029 [1] Maintenance and Overhaul - The company completed 10 annual refueling overhauls and plans to initiate three additional overhauls in Q4 2024 [1] Financial Management - The company reported a decrease in total expenses, with a reduction in the expense ratio by 1.34 percentage points to 10.56% [1] - The report forecasts net profits of 11.797 billion yuan for 2024, with a price-to-earnings ratio (P/E) of 18 times [1]

Investment Rating - Maintains an "Overweight" rating with a target price of 5.75 RMB [2] - Current price is 4.22 RMB, indicating potential upside [2] Core Views - 3Q24 performance meets expectations with revenue of 228.9 billion RMB, up 11.3% YoY, and net profit of 28.7 billion RMB, up 4.9% YoY [8] - Controlled grid-connected electricity in 3Q24 reached 48.3 billion kWh, up 15.2% YoY, driven by new capacity and the restart of Taishan Nuclear Power [8] - Operating profit in 3Q24 was 5.64 billion RMB, up 6.0% YoY, with slower profit growth due to increased costs and R&D expenses [8] - The company has a robust pipeline of nuclear power projects, with 16 units under construction or in preparation, totaling 19.4 GW [8] Financial Summary - 1~3Q24 revenue reached 622.7 billion RMB, up 4.1% YoY, with net profit of 99.8 billion RMB, up 2.9% YoY [8] - 2024E revenue is projected at 865.79 billion RMB, up 4.9% YoY, with net profit of 114.05 billion RMB, up 6.3% YoY [9] - EPS for 2024E is forecasted at 0.23 RMB, with ROE expected to remain stable at 9.5% [9] Market Data - 52-week stock price range is 2.92-5.21 RMB [3] - Market capitalization stands at 213.104 billion RMB [3] - P/E ratio for 2024E is 18.68x, with a P/B ratio of 1.78x [9] Industry and Growth Prospects - The company benefits from China's push for clean energy, with 6 new nuclear units approved in 2024, the highest in recent years [8] - The company manages 16 nuclear units under construction or in preparation, with 7 units already under construction totaling 8.4 GW [8] - Future growth is supported by a strong pipeline of projects, including 9 units in preparation with a total capacity of 11.0 GW [8] Financial Ratios and Projections - 2024E gross margin is projected at 34.8%, with EBIT margin at 31.3% [10] - ROIC for 2024E is expected to improve to 6.1%, up from 5.7% in 2023A [10] - Capital expenditure is forecasted to increase to 15.878 billion RMB in 2024E, up from 14.232 billion RMB in 2023A [10] Peer Comparison - The company's 2024E P/E ratio of 19x is slightly higher than the peer average of 18x [11] - The company's 2024E P/B ratio of 1.78x is lower than the peer average of 2.34x [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported a revenue of 62.27 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.06%, with a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% [5]. - The company's power generation increased significantly, with a total generation of approximately 178.07 billion kWh for the first nine months of 2024, representing a 4.93% year-on-year growth [5]. - The company has received approval for six new nuclear units, entering a phase of intensive construction and commissioning, which is expected to support stable growth in future earnings [5]. - Financial costs have decreased due to interest rate cuts, with financial expenses for the first nine months of 2024 amounting to 3.88 billion yuan, a reduction of 348 million yuan year-on-year [5]. Summary by Sections Market Data - Closing price: 4.22 yuan - One-year high/low: 5.25/2.91 yuan - Market capitalization: 165,994 million yuan [2]. Financial Data - Net asset per share: 2.35 yuan - Debt-to-asset ratio: 59.45% - Total shares: 50,499 million [3]. Earnings Forecast - Projected net profit for 2024-2026: 12.20 billion, 12.91 billion, and 13.98 billion yuan respectively, with corresponding PE ratios of 17, 17, and 15 [6][7].