上市保荐书 华泰联合证券有限责任公司关于 中国广核电力股份有限公司 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 发行人名称：中国广核电力股份有限公司 成立时间：2014 年 3 月 25 日 注册地址：深圳市福田区深南大道 2002 号中广核大厦南楼 18 楼 联系地址：深圳市福田区深南大道 2002 号中广核大厦南楼 联系电话：（+86）755-84430888 向不特定对象发行 A 股可转换公司债券并在主板上市 之上市保荐书 深圳证券交易所： 作为中国广核电力股份有限公司（以下简称"发行人"、"公司"）向不特 定对象发行 A 股可转换公司债券并在主板上市（以下简称"本次发行"或"本 次可转债"）的保荐人，华泰联合证券有限责任公司（以下简称"华泰联合证 券"、"保荐人"、"保荐机构"）及其保荐代表人已根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）等 法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及贵所的有关 规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具 上市保荐书，并保证所出具文件真实、准确、完整。 ...

Investment Rating - The report maintains a "Hold" rating for the company [3][5][15] Core Views - The company reported a total power generation of approximately 178.07 billion kWh in the first three quarters of 2024, representing a year-on-year increase of 4.93% [2] - The company completed 10 annual refueling outages as planned, compared to 13 in the same period of 2023, contributing to the increase in power generation [2] - The performance of the Daya Bay unit was affected by longer refueling outage times, resulting in a year-on-year decrease in power generation by 20.23% in the first three quarters of 2024 [2] Summary by Sections Operational Performance - The company's nuclear power generation increased by 14.7% year-on-year in Q3 2024, primarily due to a reduction in the number of outages and contributions from the newly operational units at Fangchenggang and Taishan [2] - The Fangchenggang unit's power generation increased by 19.12% year-on-year in the first three quarters, with Q3 showing a 38% increase [2] - The Taishan unit exhibited the most significant growth, with a 52.81% increase in the first three quarters and a 90.4% increase in Q3, largely due to the annual refueling outage that began in Q1 2023 [2] Future Growth Potential - The company has received approval for 6 new units, bringing the total number of approved and under-construction nuclear power units to 16, which supports steady future performance [3] - The company’s revenue projections for 2024-2026 are estimated at 889.65 billion, 935.17 billion, and 998.30 billion CNY, with corresponding net profits of 121.50 billion, 123.98 billion, and 131.89 billion CNY [3][4] Financial Metrics - The company reported a revenue of 82.55 billion CNY in 2023, with a projected growth rate of 8% for 2024 [4][9] - The net profit for 2023 was 10.73 billion CNY, with an expected increase to 12.15 billion CNY in 2024, reflecting a growth rate of 13% [4][10] - The earnings per share (EPS) for 2023 was 0.21 CNY, projected to rise to 0.24 CNY in 2024 [4][10]

证券代码：003816 证券简称：中国广核 公告编号：2024-057 中国广核电力股份有限公司 关于2024年第三季度运营情况的公告 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。 一、2024 年 1 月至 9 月份发电量及上网电量情况 根据中国广核电力股份有限公司（以下简称"本公司"）之统计，2024 年 1 月至 9 月份，本公司及其子公司（以下简称"本集团"）运营管理的核电机组总 发电量约为 1,780.69 亿千瓦时，较去年同期增长 4.93%。总上网电量约为 1,668.90 亿千瓦时，较去年同期增长 4.97%。 | 核电站名称 | 截至 2024 年 9 | 月 30 日装机容量 | | 发电量 （亿千瓦时）1 | | 上网电量 （亿千瓦时）1 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （兆瓦）1 | 2024 年 | 2023 年 | 同比 | 2024 年 | 1-9 | 2023 年 | 同比 | | | | | 月 1-9 | ...

证券代码：003816 证券简称：中国广核 公告编号：2024-056 二、关注和核实情况说明 针对公司股票异常波动，公司董事会就相关事项进行了自查，并通过电话及 问询等方式，对公司控股股东中国广核集团有限公司就相关问题进行了核实，相 关情况说明如下： 1. 公司前期所披露的信息，不存在需要更改、补充之处； 2. 公司未发现近期公共媒体报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息； 3. 公司已披露的经营情况、内外部经营环境未发生重大变化； 4. 公司不存在需披露业绩预告的情况； 中国广核电力股份有限公司 关于股票交易异常波动的公告 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。 一、股票交易异常波动情况 中国广核电力股份有限公司（以下简称"公司"）股票于 2024 年 9 月 27 日、 9 月 30 日、10 月 8 日连续三个交易日收盘价格跌幅偏离值累计超过 20%，根据 《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动情况。 5. 公司正在筹划向不特定对象发行 A 股可转换公司债券事项。2024 年 8 月 8 日，本公司 ...

Investment Rating - The report maintains an "Outperform" rating for China General Nuclear Power (1816 HK) with a target price raised to HK$3.8 per share, reflecting a 16% upside potential [3][19]. Core Insights - The company is experiencing operational pressure due to longer overhaul durations and declining electricity prices, with a slight increase in revenue and net profit for the first half of 2024 [2][16]. - The company has a stable growth outlook with an increase in approved and commissioned nuclear units, which is expected to enhance future capacity [18][19]. Financial Performance Summary - For the first half of 2024, the company reported operating revenue of RMB 39.38 billion, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of RMB 7.11 billion, up 2.2% [2][16]. - The gross profit margin for H1 2024 was 38.6%, down 4.1 percentage points year-on-year, primarily due to a 7.7% rise in nuclear fuel costs [17]. - The company managed to maintain a net profit margin of 27.6% despite the challenges, with a net cash flow from operating activities of approximately RMB 12.79 billion, down 18.44% year-on-year [17] [19]. Growth Prospects - As of mid-2024, the company manages 28 operational nuclear units and has 10 under construction, with expectations for gradual operational commencement starting in 2025 [18]. - The company received approvals for six new nuclear units in August 2024, indicating a steady increase in its long-term capacity [18][19]. Future Projections - The forecast for operating income for FY24-26 is set at RMB 87.12 billion, RMB 91.95 billion, and RMB 97.05 billion respectively, with net profit estimates adjusted to RMB 18.70 billion, RMB 20.27 billion, and RMB 21.83 billion for the same period [3][19].

Investment Rating - The report maintains an "Accumulate" rating for China General Nuclear Power Corporation (CGN) [2][5][15] Core Views - CGN's nuclear power generation capacity is steadily increasing, with 28 operational nuclear units and 10 under construction, representing 43.48% of the national total installed capacity [2][4][5] - The company has shown stable profitability in the first half of 2024, with a revenue of 39.377 billion yuan and a net profit of 7.109 billion yuan, reflecting a year-on-year increase of 2.16% [2][5] - The dividend payout ratio has been consistently rising, with cash dividends of 4.769 billion yuan in 2023, translating to a dynamic dividend yield of 2.24% based on the closing price of 4.20 yuan per share [4][5] Financial Performance Summary - For the first half of 2024, CGN's revenue was 39.377 billion yuan, with a net profit of 7.109 billion yuan, marking a 2.16% increase year-on-year [2][5] - The company expects net profits for 2024-2026 to be 11.354 billion yuan, 12.208 billion yuan, and 12.944 billion yuan respectively, with corresponding earnings per share of 0.22, 0.24, and 0.26 yuan [5][12] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 18.68X, 17.37X, and 16.39X respectively, indicating a favorable valuation outlook [5][12] Growth Potential - The report highlights the ongoing expansion of nuclear power projects in China, with an increasing number of approved nuclear units, suggesting a sustainable growth trajectory for CGN [5][6][12] - The company is positioned to benefit from the national push for cleaner energy sources, with nuclear power's share in the energy mix expected to rise [5][6][12]

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。 中国广核电力股份有限公司（以下简称"公司"）于 2023 年 3 月 15 日召开 的第三届董事会第二十二次会议和于 2023 年 5 月 25 日召开的公司 2022 年度股 东大会审议通过了《关于申请注册与发行银行间多品种债务融资工具的议案》， 同意公司在中国银行间市场交易商协会（以下简称"交易商协会"）注册不超过 人民币 200 亿元的债券，注册品种为多品种债务融资工具（TDFI），公司将在注 册有效期内自主发行，最终方案以交易商协会注册通知书为准。 证券代码：003816 证券简称：中国广核 公告编号：2024-055 中国广核电力股份有限公司 关于公司 2024 年度第一期中期票据发行完成的公告 本期中票募集资金用于偿还本公司即将到期的超短期融资券和子公司偿还 借款。 公司不是失信责任主体。 本 期 中 票 发 行 的 有 关 文 件 详 情 ， 已 在 上 海 清 算 所 （ 网 址 ： https://www.shclearing.com.cn ）和中国货币网（网址： https://www.chi ...

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、误导性陈述或者重大遗漏。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）于 2024 年 4 月 3 日完成了 2024 年度第一期超短期融资券（以下简称"本期超短融"）的发行。 本期超短融发行金额为人民币 10 亿元，期限为 169 天，票面利率为 2.00%，面 值为人民币 100 元，由中国工商银行股份有限公司、华夏银行股份有限公司承销。 鉴于本期超短融将于 2024 年 9 月 23 日到期兑付，为保证兑付工作的顺利进 行，方便投资者及时领取兑付资金，现将有关事宜公告如下： 一、本期超短融基本情况 证券代码：003816 证券简称：中国广核 公告编号：2024-054 中国广核电力股份有限公司 关于公司 2024 年度第一期超短期融资券到期兑付的公告 1．发行人：中国广核电力股份有限公司 联系人：倪一凡 联系电话：0755-84431621 1. 发行人：中国广核电力股份有限公司 5. 发行总额：人民币 10 亿元 二、兑付办法 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定 的时间之前划付至银行间 ...

Investment Rating - The report maintains an "Overweight" rating for China General Nuclear Power Corporation (CGN) [1][2] Core Views - In the first half of 2024, CGN achieved revenue of 39.377 billion yuan, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.109 billion yuan, up 2.16% year-on-year [1] - The company’s operational management of nuclear power units resulted in a total power generation of 113.378 billion kWh, which is flat compared to the previous year, influenced by the commissioning of Fangchenggang Unit 4 and maintenance schedules [1] - The company has received approval for six new nuclear power units in 2024, enhancing future growth certainty, with a total of 16 units approved for construction, amounting to approximately 19.406 million kW [1][2] Financial Summary - Revenue for 2023 is projected at 82.549 billion yuan, with a slight decline of 0.3% year-on-year, while 2024 revenue is expected to increase by 2.7% to 84.767 billion yuan [2][3] - Net profit attributable to shareholders is forecasted to grow from 10.725 billion yuan in 2023 to 11.649 billion yuan in 2024, reflecting an 8.6% increase [2][3] - The gross profit margin is expected to improve slightly from 36.0% in 2023 to 36.6% in 2024, indicating stable profitability [2][3] - The price-to-earnings (PE) ratio is projected to decrease from 23.0 in 2023 to 21.2 in 2024, suggesting a more attractive valuation over time [2][3]