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].

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。 2024年8月19日，中国广核电力股份有限公司（以下简称"公司"或"本公司"） 获悉本公司的子公司山东招远核电有限公司的招远1号及2号机组、中广核陆丰核电 有限公司的陆丰1号及2号机组，和本公司控股股东委托本公司管理的中广核苍南第 二核电有限公司的苍南3号及4号机组已获得国务院核准。目前本公司及上述各公司 正在有序地开展上述机组各项施工准备工作，在取得国家核安全局颁发的《核电厂 建造许可证》后，即可开始全面建设。 证券代码：003816 证券简称：中国广核 公告编号：2024-048 中国广核电力股份有限公司 关于核电机组建设获得核准的公告 本次核准的陆丰 1 号及 2 号机组的单台机组容量为 1,245MW，招远 1 号及 2 号 机组的单台机组容量为1,214MW，苍南3号及4号机组的单台机组容量为1,215MW。 本公司目前无其他任何应披露而未披露的信息。有关公司信息以公司在深圳证 券交易所网站（www.szse.cn）及指定信息披露媒体的相关公告为准，敬请广大投 资者理性投资，注意投资风险。 特此公告。 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-047 中国广核电力股份有限公司 关于公司 2024 年度第三期超短期融资劵 发行完成的公告 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。 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。 公司于 2023 年 9 月 5 日收到交易商协会下发的《接受注册通知书》（文件编 号：中市协注〔2023〕TDFI27 号，以下简称"通知书"），批准公司注册发行多 品种债务融资工具，自通知书落款之日起两年内有效，公司在注册有效期内可分 期发行超短期融资券、短期融资券、中期票据、永续票据、资产支持票据、 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-046 中国广核电力股份有限公司 2024 年第一次临时股东大会、2024 年第二次 A 股类别股东 大会及 2024 年第二次 H 股类别股东大会决议公告 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（以下简称"公司"）已于 2024 年 8 月 8 日召 开公司 2024 年第一次临时股东大会（以下简称"临时股东大会"）、2024 年第 二次 A 股类别股东大会（以下简称"A 股类别股东大会"）及 2024 年第二次 H 股类别股东大会（以下简称"H 股类别股东大会"），有关会议的决议及表决情 况如下： 一、特别提示 1. 本次会议无其他新增议案、无变更、否决议案的情况。 2. 本次会议不涉及变更以往股东大会已通过的决议。 二、会议召开情况 1. 会议召开方式：现场及网络投票相结合 2. 会议召开时间： （1）现场会议时间：2024 年 8 月 8 日（星期四）下午 14:30 开始依次召开 临时股东大会、H 股类别股东大会及 A 股类别股东大会会议。 （2）网络投 ...

之法律意见书 致：中国广核电力股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受中国广核电力股份 有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理 委员会颁布的《上市公司股东大会规则》（2022 年修订）（以下简称《股东大会 规则》）等中华人民共和国境内（以下简称中国境内，仅为本法律意见书之目的， 本法律意见书中提及的"中国境内"不包括中国香港特别行政区、中国澳门特 别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和 现行有效的《中国广核电力股份有限公司章程》（以下简称《公司章程》）有关 规定，指派律师出席了公司于 2024 年 8 月 8 日召开的 2024 年第一次临时股东 大会、2024 年第二次 A 股类别股东大会、2024 年第二次 H 股类别股东大会（以 下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 北京市金杜（深圳）律师事务所 关于中国广核电力股份有限公司 2024 年第一次临时股东大会、2024 年第二次 A 股类别股东大会、 2024 年第二次 ...

华福证券 �� �� 中国广核（003816.SZ） 半壁江山核电巨头，价稳量增稳健成长 投资要点： 核电双龙之一，业绩向好：公司为中广核集团控股子公司，系集团核 能发电唯一平台。销售电力为公司营收主要来源，其次是建筑安装和设计 服务。23 年收入同比微降系公司对海风项目的施工量减少，导致建筑安装 和设计服务业务板块同比下降；1Q24 公司营收同比增长 4.9%。公司多年 归母净利润保持稳健增长，23 年归母净利润同比增长 7.6%，1Q24 归母净 利润同比增长 3.4%。预计随着在建核电机组的稳定投产和建安业务的修 复，公司业绩有望持续增长。1Q24 公司毛利率 39.3%，净利润率回升至 27.9%，公司盈利能力明显提高。受益于近年 LPR 利率下行，公司融资成 本降低，财务费用率降幅明显。公司持续优化资产结构，资产负债率降至 1Q24 的 59.8%。公司分红比例从 40.6%增至 44.3%，多年保持适度增长， 未来公司分红比例有望进一步提高。 机组核准提速中，核电喜迎第二春：核电清洁低碳、稳定高效，是优 质的基荷能源，是保障新型电力系统安全稳定的重要手段。《中国核能发 展报告（2023）》蓝皮书显 ...

中国广核电力股份有限公司（以下简称"公司"）于近日收到控股股东中国 广核集团有限公司出具的《关于同意中国广核电力股份有限公司向不特定对象发 行 A 股可转换公司债券相关事项的批复》（中广核﹝2024﹞213 号），同意公司向 不特定对象发行 A 股可转换公司债券总体方案，募集资金总额不超过 490,000.00 万元（含本数）。 本次发行的总体方案需在获得公司股东大会及类别股东大会的审议批准、深 圳证券交易所审核通过和中国证券监督管理委员会同意发行注册后方可实施。公 司将根据本次发行的进展情况，严格按照相关法律、法规的规定和要求及时履行 信息披露义务，敬请广大投资者注意投资风险。 特此公告。 中国广核电力股份有限公司董事会 2024 年 8 月 2 日 证券代码：003816 证券简称：中国广核 公告编号：2024-045 中国广核电力股份有限公司 关于向不特定对象发行A股可转换公司债券 获得有关批复的公告 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。 ...

[Table_Page] 跟踪研究|公用事业 证券研究报告 [Table_Title] 中国广核(003816.SZ)/中广核电力 (01816.HK) 电量稳定、机组开工，可转债融资保障成长 [Table_Summary] 核心观点： ⚫ 公司拟发行可转债募资，保障核电机组建设。公司发布公开发行可转 债预案公告，拟募资不超过 49 亿元，用于陆丰 5、6 号机组建设根据 公司财报及投产公告，截至 2024 年 5 月末，公司在运装机 31.76GW， 在建+核准 10 台机组合计 12.06GW，其中陆丰#5、#6 为公司自行建 设，预计总投资 409 亿元，也是此次可转债募资方向；宁德#5、#6 由 联营企业宁德第二核电建设（公司持股 43%），宁德#5 已于 7 月 28 日开工，惠州、苍南 6 台机组由集团委托公司管理在建。除此次募资 外，截止 Q1 公司资产负债率仅 60%，未来自有资金融资空间充裕。 ⚫ 多机组并网贡献增量，业绩稳健增长。根据公司财报，因防城港#3 于 2023 年 3 月投产、及平均利用小时数提升，2023 年公司控股核电发 电量同比+7.3%，带动 23 年利润同比提升 7.6 ...

宁德 5 号机组采用华龙一号核电技术，单台机组容量为 1,210MW。 本公司目前无其他任何应披露而未披露的信息。有关公司信息以公司在深圳证 券交易所网站（www.szse.cn）及指定信息披露媒体的相关公告为准，敬请广大投 资者理性投资，注意投资风险。 中国广核电力股份有限公司 关于宁德 5 号机组即将开工建设的公告 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。 中国广核电力股份有限公司（以下简称"公司"或"本公司"）的联营公司福 建宁德第二核电有限公司的宁德5号机组计划于2024年7月28日进行核岛首罐混凝土 浇筑（FCD），即宁德5号机组即将于该日开始全面建设，进入土建施工阶段。 证券代码：003816 证券简称：中国广核 公告编号：2024-044 特此公告。 中国广核电力股份有限公司董事会 2024年7月26日 ...

Investment Rating - The report assigns a "Buy" rating to China General Nuclear Power Corporation (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [2][3]. Core Insights - The operational data for the first half of the year met expectations, with a generation volume of 113.4 billion kWh, reflecting a year-on-year increase of 0.08%. The number of major repairs and their duration increased compared to the same period last year, resulting in stable generation volume despite the addition of new units. The company anticipates performance growth in the second half of the year due to the completion of major repairs and the integration of new units [1][2]. - The company completed ten major repairs by June 30, including five annual refueling outages and four ten-year overhauls. In the third quarter, four annual refueling outages and one ten-year overhaul are planned [1][2]. Summary by Sections Operational Performance - In the first half of 2024, the company achieved a generation volume of 113.4 billion kWh, which is essentially flat compared to the previous year. The generation from subsidiaries was 87.8 billion kWh, a slight decline of 0.21%, while the generation from joint ventures was 25.5 billion kWh, an increase of 1.06% [1]. - The on-grid electricity volume was 106.0 billion kWh, up 0.09% year-on-year, with 82.0 billion kWh from subsidiaries (down 0.19%) and 24.0 billion kWh from joint ventures (up 1.03%) [1]. Future Outlook - The company expects a release of performance in the second half of the year due to the completion of major repairs and the flexible release of the Taishan nuclear power units. The total installed capacity increased to 31.75 GW with the commissioning of the Fangchenggang Unit 4 [1][2]. - Revenue forecasts for 2024-2026 are projected at RMB 88.3 billion, RMB 92.0 billion, and RMB 97.8 billion, with growth rates of 7.0%, 4.2%, and 6.3% respectively. Net profit attributable to shareholders is expected to be RMB 12.0 billion, RMB 13.4 billion, and RMB 14.9 billion, with growth rates of 12.5%, 11.2%, and 11.1% respectively [2][6].