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].

Investment Rating - The report maintains a "Hold" rating for the company [2][4]. Core Views - The company reported a slight increase in revenue and net profit for the first half of 2024, with revenue at 39.377 billion yuan, up 0.26% year-on-year, and net profit at 7.109 billion yuan, up 2.16% year-on-year [3][4]. - The company has received approval for six new nuclear power units, which supports future performance growth [4]. - The company manages 28 operational nuclear units and 10 under construction, accounting for 43.48% of the national total capacity [3][4]. Financial Summary - For 2024-2026, the company is projected to have revenues of 88.965 billion yuan, 93.517 billion yuan, and 99.830 billion yuan, respectively, with corresponding net profits of 12.150 billion yuan, 12.398 billion yuan, and 13.189 billion yuan [4][5]. - The company's earnings per share (EPS) is expected to grow from 0.24 yuan in 2024 to 0.26 yuan in 2026, with price-to-earnings (P/E) ratios decreasing from 19.6 to 18.1 over the same period [5][7]. - The company’s total assets are projected to increase from 415.25 billion yuan in 2023 to 482.95 billion yuan in 2026, with a debt-to-asset ratio decreasing from 60.2% to 58.1% [7][8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][7]. Core Views - The company reported a revenue of 39.38 billion yuan for 1H24, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 7.17 billion yuan, up 2.2% year-on-year, which aligns with expectations [1]. - The company experienced seasonal fluctuations in electricity generation due to fuel replacement maintenance, with a total electricity generation of 106.01 billion kWh in 1H24, a slight increase of 0.09% year-on-year [2]. - The average market electricity price decreased by 2.1% in 1H24, but the company is expected to face limited price risks due to its controllable nuclear power generation capabilities and the high costs of marginal coal-fired power plants in its operational regions [2]. - The company received approval for six new nuclear units, confirming its growth potential in nuclear power, with a total installed capacity of 7.348 million kW [2]. Summary by Sections Performance Review - In 1H24, the company achieved a revenue of 39.38 billion yuan and a net profit of 7.17 billion yuan, both showing slight year-on-year growth [1]. Operational Analysis - The company’s electricity generation was impacted by seasonal maintenance, with a total of 1060.1 billion kWh generated in 1H24, reflecting a minor increase [2]. - The average market electricity price saw a decrease of 2.1%, but the company’s pricing power remains strong due to its nuclear power capabilities [2]. - The approval of six new nuclear units indicates ongoing growth in the nuclear sector, with a total capacity of 7.348 million kW [2]. Profit Forecast, Valuation, and Rating - The forecasted net profits for 2024, 2025, and 2026 are 11.93 billion yuan, 12.97 billion yuan, and 13.33 billion yuan respectively, with corresponding EPS of 0.24 yuan, 0.26 yuan, and 0.26 yuan [3]. - The projected P/E ratios for the same years are 21x, 19x, and 18x, maintaining a "Buy" rating [3].

证券代码：003816 证券简称：中国广核 公告编号：2024-052 中国广核电力股份有限公司 境内同步披露公告 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。 中国广核电力股份有限公司根据《香港联合交易所有限公司证券上市规则》 规定，于 2024 年 8 月 21 日在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登了《关连交易 工程总承包合同》。 根据《深圳证券交易所股票上市规则（2024 年修订）》11.2.1 条关于境内外 同步披露的要求，特将有关公告同步披露如下，供参阅。 特此公告。 中国广核电力股份有限公司董事会 2024 年 8 月 21 日 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。 董事會宣佈，於2024年8月21日，董事會審議並通過工程公司和設計公司與寧 德第二核電訂立工程總承包合同（「該合同」）的決議案，由工程公司和設計公 司向寧德第二核電提供寧德二 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 39,376,736,526.09, representing a year-on-year increase of 0.26%[11] - The net profit attributable to shareholders of the listed company was CNY 7,109,286,616.72, an increase of 2.16% compared to the same period last year[11] - The net cash flow from operating activities decreased by 18.44% to CNY 12,789,004,652.64[11] - The total assets at the end of the reporting period were CNY 418,799,331,334.79, reflecting a growth of 0.85% from the end of the previous year[11] - The net assets attributable to shareholders of the listed company increased by 2.15% to CNY 115,666,787,173.16[11] - The basic earnings per share for the reporting period was CNY 0.141, up by 2.17% year-on-year[11] - The diluted earnings per share also stood at CNY 0.141, reflecting a 2.17% increase compared to the previous year[11] - The weighted average return on equity decreased by 0.21 percentage points to 6.13%[11] - The company reported a total profit of CNY 12.96 billion, slightly down from CNY 13.07 billion in the first half of 2023, a decrease of 0.84%[141] - The total comprehensive income for the first half of 2024 was CNY 10.87 billion, compared to CNY 11.19 billion in the previous year, a decline of 2.85%[141] Operational Highlights - The company manages 28 operational nuclear units and 10 under construction, with a total installed capacity of 43,814 MW, accounting for 43.48% of the national total[16] - In the first half of 2024, the company's nuclear power plants generated a total of 106.01 billion kWh, representing 53.03% of the national nuclear power generation[16] - The average capacity factor for the 28 operational units in the first half of 2024 was 88.66%, while the average load factor was 83.77%, and the average utilization hours were 3,659 hours[33] - The operational performance of the Daya Bay Nuclear Power Station showed a significant decrease in power generation, down 32.36% year-over-year to 5.62 billion kWh[30] - The company completed 10 scheduled fuel replacements during the first half of 2024, totaling approximately 523 calendar days[31] Environmental and Safety Initiatives - The company achieved a reduction in standard coal consumption by approximately 32.06 million tons and a reduction in CO2 emissions by about 87.03 million tons in the first half of 2024[17] - The company emphasizes cost optimization management, continuously reducing operational and maintenance costs through management improvements and technological innovations[19] - The company is committed to nuclear safety, establishing a comprehensive safety management system and a culture of nuclear safety[18] - The company emphasizes safety and quality in the construction of nuclear power plants, adhering to regulatory requirements at all major project milestones[40] - The company has implemented strict radioactive waste management, with all operational units complying with national standards and no administrative penalties due to environmental issues[37] Research and Development - The company has established a research and development system with over 5,000 R&D personnel as of June 30, 2024, and is focused on enhancing its technological capabilities through the establishment of three major R&D bases in the Guangdong-Hong Kong-Macao Greater Bay Area[21] - The company has developed the Hualong One third-generation nuclear technology, achieving standardized design and continuous optimization[20] - The company has developed the CPR1000 nuclear technology with 16 safety technology improvements and has implemented 28 and 31 additional safety technology upgrades to align with international safety standards, leading to the development of the ACPR1000 technology[21] - The company’s R&D investment reached approximately RMB 1.12 billion in the first half of 2024, promoting deep localization of key systems and components in the nuclear energy industry[90] Market and Strategic Positioning - The company is positioned to benefit from national policies promoting the development of clean energy and nuclear power as part of the energy strategy[17] - The company is adapting to new market environments and regulatory frameworks, including the establishment of a unified electricity market system to enhance operational stability[26] - The company is actively expanding its market presence and enhancing its operational efficiency through continuous benchmarking against international standards[35] - The company plans to maintain a high-quality construction of power units and aims to achieve grid connection for Unit 1 in Huizhou in the second half of 2024[50] Community Engagement and Social Responsibility - The company actively participates in rural revitalization efforts in regions such as Guangxi, Guangdong, and Fujian, improving local living conditions[94] - The company invested CNY 18.6 million in 11 poverty alleviation projects in Guangxi during the first half of 2024[97] - The company organized various environmental awareness campaigns, including the "6·5 Environment Day" and national energy-saving week activities[88] - The company maintained 20 classes under the "Egrets Class" education assistance program, serving over 1,000 students in Guangxi[97] Financial Management and Capital Structure - The company plans to issue A-share convertible bonds to optimize its capital structure and support business development[50] - The total amount of foreign currency borrowings decreased by approximately RMB 429.7 million compared to the end of 2023[49] - The company has a total of 184,216.56 million CNY set aside for spent fuel disposal as of the first half of 2024[84] - The company has a total of 34,209.66 million CNY reserved for nuclear facility decommissioning fees[85] - The company reported a decrease in gross margin for electricity sales by 4.51 percentage points to 48.73%[54] Shareholder Information - The total number of shares is 50,498,611,100, representing 100.00% of the company's equity[120] - The number of unrestricted shares held by the largest shareholder, China General Nuclear Power Group, is 29,736,876,375, accounting for 58.89% of total shares[121] - The company has a total of 166,413 shareholders, with 163,279 holding more than 5% of the shares[121] - The report does not indicate any recent share buybacks or changes in shareholding structure[120] Risk Management - The management has highlighted potential risks and future plans in the report, urging investors to remain aware of these factors[2] - The company plans to optimize risk management actions in the second half of 2024, aligning with its "14th Five-Year Plan" and long-term goals[74] - The company aims to maintain a risk level consistent with the end of 2023, focusing on safety and quality in project management[74]

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 证券代码：003816 证券简称：中国广核 公告编号：2024-049 中国广核电力股份有限公司 第四届董事会第八次会议决议公告 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 事会第八次会议（以下简称"本次会议"）通知和材料已于 2024 年 8 月 6 日以书 面形式提交全体董事。 2. 本次会议于 2024 年 8 月 21 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及通讯方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。董事李历女士、 庞松涛先生、王鸣峰先生及李馥友先生通过通讯方式进行了议案表决。 4. 本次会议由公司董事长杨长利先生主持，公司监事会监事、总裁、副总裁 和董事会秘书等高级管理人员列席了本次会议。 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 ...

中广核财务有限责任公司 风险评估报告 根据深圳证券交易所于 2023 年 1 月 13 日发布的《深圳证券交易所上市公司 自律监管指引第 7 号—交易与关联交易（2023 年修订）》的要求，以及中广核财 务有限责任公司（以下简称"财务公司"）提供的有关资料和财务报表，中国广 核电力股份有限公司（以下简称"公司"）对财务公司截至 2024 年 6 月 30 日的 经营资质、业务和风险状况进行了评估，现将公司关于财务公司的风险评估情况 报告如下： 一、财务公司基本情况 财务公司成立于 1997 年 7 月 22 日，系经中国人民银行银复[1997]244 号文 批准设立的非银行金融机构，初始注册资本为人民币 3 亿元。由中国广东核电集 团有限公司(2013 年 4 月 26 日更名为中国广核集团有限公司，以下简称"中广 核")、广东核电投资有限公司、岭澳核电有限公司、广东核电服务总公司(后更 名为中广核服务集团有限公司)、广东核电实业开发有限公司、广东核电物业发 展有限公司、中广核大唐置业有限公司及中广核电进出口有限公司分别出资 61%、 10%、6%、5%、5%、5%、5%和 3%。 2001 年，经中国人民银 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-050 3. 本次会议应出席的监事 5 人，实际出席会议的监事 5 人。 4. 本次会议由公司监事会主席时伟奇先生主持，公司董事会秘书等高级管 理人员列席了本次会议。 中国广核电力股份有限公司 第四届监事会第六次会议决议公告 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"）第四届监事会第六次会 议（以下简称"本次会议"）通知和材料于 2024 年 8 月 9 日以书面形式提交全体 监事。 2. 本次会议于 2024 年 8 月 21 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。 2. 审议通过《关于批准中国广核电力股份有限公司 2024 年半年度报告及摘 要的议案》 表决情况：5 票同意、0 票反对、0 票弃权。 监事会认为，中国广核电力股份有限公司 2024 年半年度报告的编制和审议 程序符合法律、行政法规、中国证监会和《公司章程》及公司内部管理制度的各 项规定，报告内容和 ...

中国广核电力股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 中国广核电力股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表（续） | 其他关联资金往 来 | 资金往来方名称 | 往来方与上市公司的 关联关系 | 上市公司核算的 会计科目 | 2024 年期初往来 资金余额 | 1-6 月占用累计发生 金额（不含利息） | 1-6 月占用资 金的利息（如 | 1-6 月偿还累计发 生金额 | 2024 年 6 月30 日 往来形成原因 往来资金余额 | 往来性质（经营 性往来、非经营 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有） | | | 性往来） | | | 中广核服务集团有限公司及其子公司 | 受同一方控制 | 其他非流动资产 | 115.75 | 11.42 | - | 50.00 | 77.17 预付采购设备及服务合同款 | 经营性往来 | | | 中广核服务集团有限公司及其子公司 | 受同一方控制 | 其他应收款 | ...

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].