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].

Core Viewpoint - China General Nuclear Power Corporation (CGN) emphasizes green and low-carbon development, achieving a significant increase in electricity generation and maintaining a leading position in installed capacity in the domestic market [1][2]. Group 1: Financial Performance - In 2024, CGN's electricity generation reached 227.84 billion kWh, a year-on-year increase of 6.13% [1]. - The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year, while the net profit after deducting non-recurring gains and losses was 10.713 billion yuan, an increase of 0.94% year-on-year [1]. Group 2: Nuclear Safety and Operations - CGN prioritizes nuclear safety, adhering to the principle that "safety comes first," and has conducted safety inspections at all nuclear power bases for five consecutive years [2]. - Over 86% of the 28 operational units managed by CGN meet the advanced standards set by the World Association of Nuclear Operators (WANO), with an average capacity factor of approximately 92% [2]. Group 3: Technological Innovation - CGN focuses on technological innovation, developing a product system centered around "Hualong One" and other advanced reactor types, while addressing key issues in construction and operation through innovation [3]. - The "Hualong One" technology has undergone significant optimization, and CGN has implemented advanced construction techniques to enhance safety and efficiency [3]. Group 4: Environmental Impact - In 2024, CGN's electricity generation equivalent reduced coal consumption by approximately 68.91 million tons and cut carbon dioxide emissions by about 187 million tons, equivalent to planting over 510,000 hectares of forest [3].

Core Points - China General Nuclear Power Corporation (CGN Power) reported a total electricity generation of 227.284 billion kWh for 2024, representing a year-on-year increase of 6.13% [1] - The company achieved a net profit attributable to shareholders of RMB 10.814 billion, a year-on-year increase of 0.83%, and a net profit of RMB 10.713 billion after deducting non-recurring gains and losses, up 0.94% year-on-year [1] - The board proposed a final cash dividend of RMB 0.095 per share for 2024, with a dividend payout ratio of 44.36%, continuing a five-year dividend commitment [1] Project Approvals - In 2024, six units managed by the company received national approval, including the Cangnan 3 and 4 nuclear power units, with a total of 16 units under construction by the end of 2024 [2] - The project progress is in line with the company's plans [2] Environmental Impact - The company reported a reduction in standard coal consumption equivalent to approximately 6.891 million tons and a reduction in carbon dioxide emissions of about 187 million tons for the year 2024 [2] - The emission reduction effect is equivalent to planting over 510,000 hectares of forest [2]

Core Viewpoint - China General Nuclear Power Corporation (CGN) emphasizes green and low-carbon development while maintaining nuclear safety and stable operations, achieving a net profit of RMB 10.814 billion in 2024, a year-on-year increase of 0.83% [2][3] Group 1: Operational Performance - In 2024, CGN's electricity generation reached 227.284 billion kWh, a year-on-year increase of 6.13%, contributing to the overall balance of national electricity supply and demand [2] - The company managed 28 operational units, maintaining a capacity factor of approximately 92%, with over 86% of units meeting advanced international standards [3] - The total installed capacity of operational and under-construction units exceeded 51.2 million kW by the end of 2024, maintaining a leading position in the domestic market [2][3] Group 2: Financial Performance - CGN's net profit attributable to shareholders was RMB 10.814 billion, with a net profit of RMB 10.713 billion after excluding non-recurring gains, reflecting a year-on-year increase of 0.94% [2] - The board proposed a cash dividend of RMB 0.095 per share, with a dividend payout ratio of 44.36%, continuing a five-year dividend commitment [2] Group 3: Safety and Quality - CGN adheres to the principle of "nuclear safety above all," ensuring that safety and quality are prioritized in all operations and construction projects [3] - The company successfully commenced commercial operations of the Fangchenggang Unit 4 on May 25, 2024, and received national approval for six new units [3] Group 4: Technological Innovation - CGN focuses on technological innovation to enhance safety and economic efficiency in nuclear power, developing a product system centered around the "Hualong One" reactor technology [4][5] - The company has implemented advanced construction technologies, such as remote online maintenance for the Ningde nuclear unit, to improve operational safety [5] Group 5: Sustainable Development - CGN's operations contributed to a reduction of approximately 6.891 million tons of standard coal consumption and a decrease of about 18.7 million tons of CO2 emissions in 2024, equivalent to planting over 510,000 hectares of forest [6] - The company emphasizes talent development and supply chain resilience, integrating green and safety principles throughout its operations [6]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) reported a stable performance in 2024, with a revenue of 86.804 billion yuan, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% from the previous year [1][2]. Financial Performance - In 2024, CGN Power achieved a total revenue of 86.804 billion yuan, reflecting a 5.16% increase year-on-year [1]. - The net profit attributable to shareholders was 10.814 billion yuan, representing a 0.83% growth compared to the previous year [1][2]. - The basic earnings per share were 0.214 yuan, and the company proposed a cash dividend of 0.95 yuan per 10 shares [1]. - The net profit after deducting non-recurring gains and losses was 10.713 billion yuan, a 0.94% increase year-on-year [2]. Operational Highlights - CGN Power's total electricity generation reached 2,272.84 billion kWh, an increase of 6.13% year-on-year [1][2]. - The company managed 28 operational units, with over 86% of them meeting the advanced standards set by the World Association of Nuclear Operators (WANO) [2]. - The average capacity factor of the operational nuclear units was approximately 92%, indicating stable performance [2]. Project Development - The company received national approval for 6 new units in August 2024, including units managed on behalf of its controlling shareholder [2]. - As of the end of 2024, CGN Power managed 16 units under construction, with project progress aligning with company plans [2]. Technological Innovation - CGN Power focused on technological innovation in nuclear energy, developing a product system centered around "Hualong One" and advanced reactor types [3]. - The company achieved significant milestones in safety and efficiency, including remote online maintenance of the Ningde nuclear unit and the application of advanced construction technologies [3]. 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 [3]. - The environmental benefits were equivalent to planting over 510,000 hectares of forest [3].