证券代码：003816 证券简称：中国广核 公告编号：2024-024 中国广核电力股份有限公司 关于会计政策变更的公告 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。 特别提示： 中国广核电力股份有限公司（以下简称"公司"）根据中华人民共和国财政 部（以下简称"财政部"）颁布的《企业会计准则解释第 17 号》（以下简称"《准 则解释第 17 号》"）的要求变更会计政策，无需提交公司董事会及股东大会审议。 不会对公司财务状况、经营成果和现金流量产生重大影响。 一、会计政策变更概述 1. 会计政策变更的原因及适用日期 2023 年 11 月 9 日，财政部印发《准则解释第 17 号》，对"关于流动负债 与非流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易 的会计处理"三方面内容进一步规范及明确，自 2024 年 1 月 1 日起施行。 2. 变更前公司采用的会计政策 （1）完善关于流动负债与非流动负债的划分的原则及披露要求； （2）明确企业供应商融资安排的界定、范围以及披露要求； （3）完善对于租赁准则中资产转让属于销售的售后租回交易的会计处理 ...

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for China General Nuclear Power (1816 HK) [2][36]. Core Views - The core business of China General Nuclear Power demonstrates stable profitability, with nuclear power accounting for a significant portion of the country's energy supply [5][8]. - The company is positioned as a leader in the nuclear power sector, with a strong operational capacity and ongoing projects that support future growth [5][24]. Summary by Sections 1. Clear Outlook for Nuclear Power Leader - China General Nuclear Power is the sole platform for nuclear energy generation under China General Nuclear Group, a state-owned enterprise regulated by the State-owned Assets Supervision and Administration Commission [8]. - The company focuses on safe, efficient, and low-carbon energy supply through the construction, operation, and management of nuclear power plants [8]. 2. Stable Financials and Growing Cash Dividends - In 2023, the company achieved operating revenue of RMB 82.56 billion, with a slight decrease of 0.35% year-on-year, while net profit rose by 9.99% to RMB 9.49 billion [13]. - Power sales contributed RMB 62.52 billion, accounting for 75.7% of total revenue, with a gross profit of RMB 28.67 billion and a gross margin of 45.85% [13][5]. - The company has maintained a stable dividend growth, with a payout ratio of 44.3% based on net profit [19]. 3. Nuclear Power "Duopoly" Dominating the Market - As of the end of 2023, China General Nuclear Power operated 27 nuclear units with a total installed capacity of 30,568 MW, representing 53.6% of the national operational nuclear capacity [27][24]. - The company is expected to see steady growth in installed capacity, with an average of 1-2 units expected to be commissioned annually from 2024 to 2028 [31]. 4. Extending Nuclear Plant Lifespan as a Path to Net Zero by 2050 - The company has significantly reduced coal consumption and CO2 emissions through its operations, contributing to environmental sustainability [33]. - Extending the operational lifespan of nuclear plants is crucial for achieving net-zero emissions by 2050, with the potential to add substantial low-carbon electricity to the grid [33]. 5. Profit Forecast and Valuation - The report forecasts operating revenues for FY24-26 at RMB 87.12 billion, RMB 91.95 billion, and RMB 97.05 billion, respectively, with corresponding net profits of RMB 16.23 billion, RMB 17.78 billion, and RMB 19.34 billion [34]. - A target price of HK$3.27 per share is set based on DCF valuation, reflecting the company's stable dividend growth and decreasing debt ratio [34].

证券代码：003816 证券简称：中国广核 公告编号：2024-023 中国广核电力股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券股份质押 完成的公告 持股 5%以上的股东广东恒健投资控股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信息披露内容与信息披露义务人提供的信息 一致。 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | 情况 | | | | 持股数量 | 持股 | 本次质 | 本次质 | 占其 所持 | 占公 司总 | 已质押 股份限 | 占已 | | | | | | | 押前质 | 押后质 | | | | | 未质押 | | | 股东名称 | | | 押股份 | 押股份 | | | | | 股份限 | 占未 | | | （股） | 比例 | | | ...

证券代码：003816 证券简称：中国广核 公告编号：2024-022 中国广核电力股份有限公司 关于持股 5%以上股东拟非公开发行可交换公司债券获得深 圳证券交易所无异议函的提示性公告 本公司及董事会全体成员保证信息披露内容与信息披露义务人提供的信息 一致。 中国广核电力股份有限公司（以下简称"本公司"）近日收到本公司持股 5% 以上股东广东恒健投资控股有限公司（以下简称"恒健投资"）的通知，恒健投 资拟以其所持本公司部分 A 股股票为标的非公开发行可交换公司债券（以下简 称"本次可交换债券"），并已取得深圳证券交易所出具的《关于广东恒健投资控 股有限公司非公开发行可交换公司债券符合深交所挂牌条件的无异议函》（深证 函〔2024〕264 号，以下简称"《无异议函》"）,《无异议函》有效期为出具之日 起 12 个月。根据《无异议函》，恒健投资本次非公开发行可交换公司债券拟募集 资金规模不超过人民币 20 亿元（含 20 亿元），在《无异议函》有效期内，恒健 投资将根据自身资金安排和市场情况，择机发行、部分发行或不发行本次可交换 债券。 截至本公告日，恒健投资持有本公司股份 3,428,512,500 股，占本 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-021 中国广核电力股份有限公司 关于召开 2023 年度股东大会、2024 年第一次 A 股类别股东大 会、2024 年第一次 H 股类别股东大会的通知 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。 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 2023 年度股东大会、2024 年第一次 A 股类别股东大会、2024 年第一次 H 股类别股 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：2023 年度股东大会、2024 年第一次 A 股类别股东大会、2024 年第一次 H 股类别股东大会。 2. 股东大会的召集人：公司董事会。 2024 年 3 月 27 日，公司第四届董事会第五次会议审议通过了《关于批准召开 中国广核电力股份有限公司 2023 年度股东大会、2024 年第一次 A 股类别股东大会 及 2024 年第一次 H 股类别股东大会的议案》。 3. 会议 ...

Financial Performance - The operating revenue for 2023 was RMB 82,548.6 million, a decrease of 0.3% compared to 2022[15]. - The net profit attributable to shareholders of the parent company was RMB 10,724.6 million, an increase of 7.6% from 2022[15]. - EBITDA for 2023 was RMB 38,569.7 million, reflecting a growth of 7.4% compared to the previous year[15]. - The total profit for 2023 reached RMB 20,530.56 million, an increase from RMB 18,700.13 million in 2022[16]. - In 2023, the company achieved revenue of approximately RMB 82.549 billion, a slight decrease of 0.33% compared to 2022[61]. - The net profit attributable to shareholders was approximately RMB 10.725 billion, an increase of 7.64% from 2022 (restated)[61]. - The proposed dividend for the year is RMB 0.094 per share (tax included), representing an increase of 8.05% compared to 2022[61]. - The company's EBITDA margin increased to 46.7% in 2023 from 43.4% in 2022[88]. - Net profit margin improved to 20.6% in 2023 compared to 18.4% in 2022[88]. - Operating revenue for 2023 was RMB 82,548.64 million, a slight decrease of 0.3% from RMB 82,822.40 million in 2022[89]. - The cost of operating revenue decreased by 4.4% to RMB 52,857.62 million in 2023 from RMB 55,280.97 million in 2022[89]. - Sales revenue from electricity rose by 7.6% to RMB 62,516.99 million in 2023, up from RMB 58,104.82 million in 2022[91]. Asset and Liability Management - The total assets as of December 31, 2023, were RMB 52,857.62 million, down from RMB 55,280.97 million in 2022[16]. - Total current assets for 2023 reached approximately $72.79 billion, an increase from $70.50 billion in 2022, reflecting a growth of about 1.8%[17]. - Total non-current assets amounted to approximately $342.46 billion in 2023, compared to $338.51 billion in 2022, indicating a growth of about 1.4%[17]. - Total liabilities decreased to approximately $249.95 billion in 2023 from $251.08 billion in 2022, representing a reduction of about 0.5%[17]. - Total equity attributable to shareholders increased to approximately $113.24 billion in 2023, up from $107.03 billion in 2022, marking a growth of about 5.5%[17]. - The total assets for 2023 were approximately $415.25 billion, compared to $409.02 billion in 2022, showing an increase of about 1.6%[17]. - The total liabilities and equity combined for 2023 stood at approximately $415.25 billion, consistent with the total assets[17]. - The company's debt-to-equity ratio improved to 111.2% in 2023 from 117.3% in 2022[88]. - Interest coverage ratio increased to 3.7 in 2023, up from 3.0 in 2022[88]. - The company reported a decrease in financial expenses by 14.1% to RMB 5,665.97 million in 2023[89]. Operational Efficiency and Production - The company maintained an average capacity factor of approximately 89% across its 27 operating nuclear units, with 24 units using second-generation technology achieving an average capacity factor of about 92%[68]. - The average utilization hours for nuclear units were 7,509 hours, an increase from the three-year average of 7,450 hours[68]. - The company successfully completed 17 scheduled refueling outages, achieving expected targets for duration and quality, setting multiple historical records[68]. - The average utilization hours of nuclear power in China for 2023 were 7,670 hours, an increase of 54 hours year-on-year[106]. - The average load factor for 2023 was 85.72%, an increase from 85.45% in 2022[116]. - The company’s operational nuclear units achieved stable operation throughout 2023, contributing to a reliable power supply[113]. - The company has completed annual trading sales of approximately 19.5 billion kWh for ten nuclear power units in Guangdong, maintaining similar trading volumes as in 2023[73]. - The company plans to conduct 18 scheduled refueling outages in 2024, including four ten-year overhauls and one first overhaul[140]. - The company aims to maintain an average utilization hour for its units in 2024 that is not lower than the average of the last three years[140]. Safety and Environmental Management - The company emphasizes environmental governance and social development in its operational strategies[57]. - The company emphasizes nuclear safety management, achieving over 99% completion of identified issues and hazards rectification in 2023[67]. - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[111]. - The company has implemented measures to optimize the management of radioactive waste, ensuring compliance with national regulations without incurring administrative penalties[123]. - The company has achieved a radioactive liquid waste discharge rate of 0.19% in 2023, down from 0.22% in 2022, indicating improved waste management[124]. - The company’s radioactive gas waste discharge rate was reported at 0.45% in 2023, slightly down from 0.46% in 2022[124]. - The company continues to enhance its safety management system, conducting regular emergency drills and safety inspections across all managed nuclear power stations[111]. Research and Development - The company is committed to strengthening technology research and development to enhance sustainable development capabilities[57]. - The company has received approval for five nuclear power projects in 2023, with multiple provinces focusing on nuclear project construction in their 2024 energy plans[61]. - The company has established three R&D bases in Shenzhen, Yangjiang, and Zhongshan, and applied for two national-level R&D centers in 2023[70]. - The company has applied for a total of 1,668 patents in 2023, with 985 patents granted, including one invention patent awarded the 24th China Patent Gold Award[71]. - The company has successfully developed new high-performance radiation shielding materials and core operation monitoring instruments, enhancing safety and economic operation at nuclear power plants[168]. - The company has developed the third-generation nuclear technology, Hualong One, based on over 30 years of experience, aiming to enhance economic efficiency and competitiveness[163]. - The company has established long-term collaborations with four academicians and university teams to enhance its research talent pool[177]. - The company has a total of 1,706 employees with registered qualifications in engineering construction, including 394 registered first-class constructors and 212 registered nuclear safety engineers[196]. Employee Development and Welfare - The total number of employees at the end of 2023 was 19,038, representing an increase from 18,968 in 2022[173]. - The company introduced 1,322 graduates through campus recruitment and 71 through social recruitment in 2023[177]. - The average training hours per employee reached 138.5 hours in 2023, reflecting the company's commitment to continuous skill enhancement[183]. - The company has established a talent training system with 211 full-time instructors and over 2,800 part-time instructors to enhance training resources[193]. - The company has implemented a competitive salary management system, with total employee costs reflecting performance-based bonuses[197]. - The company achieved a 100% coverage rate for social insurance for employees, emphasizing the importance of employee welfare[198]. - The company has established a comprehensive occupational health management system, complying with national regulations and obtaining ISO45001 certification[199]. Strategic Initiatives - The company aims to enhance profitability through cost reduction and efficiency improvements while focusing on high-quality production for new units[57]. - The strategy includes adapting to electricity market reforms and reinforcing market marketing on a provincial basis[57]. - The company is committed to accelerating the construction of a world-class nuclear energy enterprise with global competitiveness, targeting key areas such as production operations and technological innovation[139]. - The company will closely monitor changes in national policies and the economic environment to ensure stable development through effective risk management[140]. - The company has implemented a standardized management model (OPST) to enhance operational efficiency and unify technical standards, resulting in significant cost-effectiveness improvements[161].

海 外 研 证券研究报告 究 ＃industryId＃ 公用事业 01816.HK ＃中dy广Com核pa电ny＃力 港股通（沪、深） 买入（首次） ＃title＃ 稳健成长的核电运营龙头 ＃investSuggestion＃ ＃createTime1＃ 2024年 2月 5日 投资要点 跟 ＃市m场a数rk据et Data＃ ＃ summary＃ ⚫ 核能发电低碳稳定，占我国总发电量的比重低于全球水平，2021年政府工作报告提到 踪 日期 2024.2.5 “积极有序发展核电”。2022年中国核电发电量占全国比重4.7%，低于世界平均水平 收盘价（港元） 2.18 9.2%。2019-2021 年我国核准核电机组数量分别达到 4/4/5 台，2022-2023 年则分别 报 达到10台。中国核能协会预测，“十四五”期间我国核电机组有望维持每年6-8台的 总股本（百万股） 50,499 告 核准节奏。 总市值（亿港元） 1,091 ⚫ 中广核电力是集团旗下唯一核能发电平台，装机规模占中国内地过半份额。截至2023 年6月，中广核集团持有公司58.91%股权，实控人为国务院国资委。中广核集团承诺 净资产（亿元） ...

证券代码：003816 证券简称：中国广核 公告编号：2024-019 中国广核电力股份有限公司 关于2024年第一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 3 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 3 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 550.80 亿千瓦时，较去年同期上升 0.39%。总上网电量约为 518.14 亿千瓦时，较去年同期上升 1.83%。 | | 截至 2024 | | | 发电量 | | | 上网电量 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 年 3 | 月 31 | | （亿千瓦时）1 | | | （亿千瓦时）1 | | | 核电站名称 | | 日装机容 | 2024 年 | 2023 年 | 同比 | 2024 年 | 2023 | 同比 | | | 量（兆瓦） | 1 | 1-3 月 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 09 日 中 国广核(003816.SZ) 证券研究报告 一季度电量平稳，台山恢复全年业绩可 其他发电 投资评级 买入-A 期 维持评级 事件： 6 个月目标价 4.50元 股价 (2024-04-09) 4.04元 公司发布一季度运营情况公告，一季度公司实现总发电量 550.8 亿 千瓦时，同比增长 0.39%；实现总上网电量 518.14 亿千瓦时，同比 交易数据 增长 1.83%，总体电量保持平稳。 总市值(百万元) 204,014.39 流通市值(百万元) 158,913.34 台山恢复、新增投产电量增长体现，短期受机组大修安排影响： 总股本(百万股) 50,498.61 一季度公司部分电站电量波动较大，其中台山核电站及防城港核电站 流通股本(百万股) 39,334.99 贡献较大电量增量，台山1 号机组在2023 年一季度开始进行换料大 12 个月价格区间 2.92/4.13元 修，于 11 月才完成大修工作恢复并网，对去年公司电量及业绩形成 股价表现 较大拖累，今年一季度台山机组正常运行背景下子公司上网电量同比 ...

[Table_StockInfo] 持有 2024年 04月 08日 （首次） 证券研究报告•2023年年报点评 当前价： 4.11元 中国广核（003816） 公用事业 目标价： ——元（6个月） 新增机组持续投产，发电量持续增长 投资要点 西南证券研究发展中心 [T a盈ble利_能Su力m提m升ary，] 财务持续优化。2023年公司实现营业收入 825.5亿元，较去年 [分Ta析bl师e_：Au池th天or惠] 略降 0.33%；其中销售电力业务收入同比增长 7.6%，提供劳务和商品销售收入 执业证号：S1250522100001 分别增长32.4%/10.3%，总营收下降主要原因是工程公司对海上风电项目的施工 电话：13003109597 量减少导致建筑安装和设计服务收入同比下降 21.1%，其他业务收入同比下降 邮箱：cth@swsc.com.cn 58.8%。归属于母公司股东的净利润约为 107.3亿元，较去年增长 7.6%。公司 分析师：刘洋 毛利率和净利率分别由2022年的33.3%/18.4%上升到2023年的36.0%/20.7%， 执业证号：S1250523070005 毛利率的增长 ...