Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 4.14 CNY per share based on a PE valuation of 18.0 times for 2024 [5][12]. Core Viewpoints - The company reported a revenue of 82.549 billion CNY in 2023, a slight decrease of 0.33% year-on-year, while the net profit attributable to shareholders increased by 7.64% to 10.725 billion CNY [1][3]. - The company achieved a total power generation of 228.29 billion kWh in 2023, marking an 8.0% increase year-on-year, driven by the commissioning of the Fangchenggang Unit 3 and the expected commissioning of Unit 4 in the first half of 2024 [1][2]. - The company plans to distribute a cash dividend of 0.094 CNY per share, totaling 4.747 billion CNY, with a cash dividend payout ratio of approximately 44.34% [1]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 82.549 billion CNY, with a net profit of 10.725 billion CNY, and an EPS of 0.21 CNY [3][9]. - The projected EPS for 2024, 2025, and 2026 are 0.23 CNY, 0.24 CNY, and 0.26 CNY respectively, with corresponding PE ratios of 18.5, 16.9, and 16.3 [3][9]. Operational Highlights - The company completed the power generation of 1,180.52 billion kWh from its Guangdong units, a 2.8% increase, while the external units generated 1,102.38 billion kWh, a 14.3% increase [1][2]. - The commissioning of the Taishan Unit 1 on November 27, 2023, is expected to contribute positively to the company's performance in 2024 [1][2]. Future Outlook - The company has five projects under construction, with the Fangchenggang Unit 4 expected to be operational in 2024, and additional units planned for 2025 and 2026 [2][3]. - The long-term growth potential of nuclear power is highlighted, with expectations for stable revenue growth driven by increased power generation and favorable pricing conditions [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit growth in the coming years [3][9]. Core Viewpoints - The company reported a revenue of 82.55 billion RMB in 2023, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 7.6% to 10.72 billion RMB [1]. - The company plans to distribute a cash dividend of 0.094 RMB per share for 2023, up from 0.087 RMB in 2022, with a payout ratio of 44.3% [1][2]. - The increase in electricity sales volume, driven by new power generation units, contributed positively to the company's performance, with total electricity sold reaching 214.15 billion kWh, a year-on-year increase of 7.95% [2]. - The average on-grid electricity price slightly increased to 0.423 RMB per kWh, reflecting the stability of nuclear power as a low-cost clean energy source [2]. - The company has received approvals for new nuclear power units, enhancing its growth potential in the nuclear sector [2]. - The report highlights the long-term investment value of nuclear power, anticipating improved profit margins and dividend payouts as capital expenditure peaks [2]. Summary by Sections Performance Review - In 2023, the company achieved a revenue of 82.55 billion RMB, down 0.3% year-on-year, and a net profit of 10.72 billion RMB, up 7.6% [1]. - The planned cash dividend for 2023 is 0.094 RMB per share, with a payout ratio of 44.3% [1]. Operational Analysis - The company’s electricity sales volume increased by 7.95% year-on-year, attributed to new power generation units coming online [2]. - The average on-grid electricity price rose slightly, indicating the resilience of nuclear power amidst market fluctuations [2]. - Non-electricity business revenue declined, leading to a structural improvement in gross margin, which increased to 35.97% [2]. Profit Forecast and Valuation - The company is expected to achieve net profits of 11.85 billion RMB, 12.90 billion RMB, and 13.07 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.24, 0.26, and 0.26 RMB [3][5]. - The projected P/E ratios for the next three years are 17x, 15x, and 15x, respectively [3].

H 股代码：1816 A 股代码：003816 中国广核电力股份有限公司 CGN Power Co., Ltd. * * 仅供识别 目 录 | 关于本报告 | 04 | | --- | --- | | 董事会声明 | 06 | | 关于我们 | 07 | | 我们的 2023 | 14 | | 责任专题：加"数"前进，激活发展新动能 | 18 | | 22 | | 42 | | 70 | | 98 | | 122 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 稳健发展 | | 安全发展 | | 绿色发展 | | 同心发展 | | 共谋发展 | | 诚信合规经营 | | 树立运营典范 | | 打造生态核电 | | 成就员工价值 | | 助力伙伴共赢 | | 公司治理 | 24 | 加强安全管理 | 44 | 应对气候变化 | 72 | 巩固人力资本 | 100 | 打造责任供应链 | | ESG 管治 | 30 | 保障稳健运营 | 54 | 加强环境管理 | 79 | 保障员工权益 | 102 | 深化多元合作 | | 商业道德 | 3 ...

中国广核电力股份有限公司 2023 年度内部控制审计报告 | | | | 1—2 | | --- | | 一、审计报告……………………………………………………… 第 页 | | 二、执业资质证书…………………………………………………… 第 | 3—6 | 页 | | --- | --- | --- | | （一）本所营业执照复印件 ………………………………………第 | 3 | 页 | | （二）本所执业证书复印件 ………………………………………第 | 4 | 页 | | （三）签字注册会计师证书复印件 ……………………………第 | 5—6 | 页 | 内部控制审计报告 天健审〔2024〕1-158 号 中国广核电力股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了中国广核电力股份有限公司（以下简称中国广核公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 四、财务报告内部控制审计意见 我们认为，中国广核公司于 2023 年 12 月 31 日按照《企业内部控制基本规 第 1 页 共 6 页 范》和相关规定在所有重大方面保持了有效的财务报告内部控 ...

一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内 部控制，评价其有效性，并如实披露内部控制评价报告是公司董 事会的责任。监事会对董事会建立和实施内部控制进行监督。经 理层负责组织领导企业内部控制的日常运行。公司董事会、监事 会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性 和完整性承担个别及连带法律责任。 中国广核电力股份有限公司 2023 年内部控制评价报告 中国广核电力股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他 内部控制监管要求（以下简称"企业内部控制规范体系"），结合 中国广核电力股份有限公司（以下简称"公司"）内部控制制度 和评价办法，在内部控制日常监督和专项监督的基础上，我们对 公司2023年12月31日（内部控制评价报告基准日）的内部控制有 效性进行了评价。 公司内部控制的目标是：合理保证经营合法合规、资产安全、 财务报告及相关信息真实完整，提高经营效率和效果，促进实现 发展战略。由于内部控制存在固有局限性，故仅能对达到上述目 1 / 7 标提供合理保证。此外，由于内外部情况的变化 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-010 中国广核电力股份有限公司 第四届监事会第三次会议决议公告 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"）第四届监事会第三次会 议（以下简称"本次会议"）通知和材料于 2024 年 3 月 13 日和 3 月 20 日以书面 形式提交全体监事。 2. 本次会议于 2024 年 3 月 26 日在广东省深圳市福田区深南大道 2002 号中 广核大厦南楼 2702 会议室现场召开。 3. 本次会议应出席的监事 4 人，实际出席会议的监事 4 人。 2. 审议通过《关于审议中国广核电力股份有限公司 2023 年度财务报告的议 案》 表决情况：4 票同意、0 票反对、0 票弃权。 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。 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、监事会会议审 ...

中国广核电力股份有限公司 证券代码：003816 证券简称：中国广核 公告编号：2024-009 第四届董事会第五次会议决议公告 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 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 事会第五次会议（以下简称"本次会议"）通知和材料已于 2024 年 3 月 12 日以 书面形式提交全体董事。 2. 本次会议于 2024 年 3 月 27 日在广东省深圳市深南大道 2002 号中广核大 厦 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。董事高立刚先 生和庞松涛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、公司总裁、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与表决，本次会议形成 ...

Financial Performance - The total operating revenue for the year ended December 31, 2023, was approximately RMB 82,548.6 million, a decrease of 0.3% compared to 2022[2]. - Net profit attributable to shareholders of the parent company was approximately RMB 10,724.6 million, an increase of 7.6% from 2022[2]. - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was approximately RMB 10,612.9 million, reflecting an increase of 8.6% from the previous year[2]. - The total profit for the year was approximately RMB 20,530.6 million, compared to RMB 18,700.1 million in 2022, showing a growth in profitability[5]. - Basic and diluted earnings per share for the year were both RMB 0.212, compared to RMB 0.197 in 2022, indicating improved earnings performance[5]. - The total comprehensive income for the year was approximately RMB 17,042.5 million, an increase from RMB 15,782.1 million in 2022, highlighting overall growth in financial performance[5]. - The consolidated net profit attributable to ordinary shareholders for 2023 was RMB 10,724,570,116.68, an increase from RMB 9,963,793,122.97 in 2022, representing a growth of approximately 7.6%[30]. - The basic earnings per share for 2023 was RMB 0.212, compared to RMB 0.197 in 2022, reflecting an increase of about 7.6%[30]. Dividends - The board proposed a final cash dividend of RMB 0.094 per share (tax included)[2]. - The proposed final cash dividend for the year ending December 31, 2023, is RMB 0.094 per share (tax included), with an expected payout ratio of approximately 44.26%[106]. - The final dividend for the year ended December 31, 2022, was RMB 0.087 per share (tax included), with a dividend payout ratio of 44.09% of the net profit attributable to shareholders[106]. - Cumulative dividends paid since the company's listing in 2014 have reached RMB 27,216.52 million[106]. Research and Development - Research and development expenses for the year were approximately RMB 2,419.8 million, up from RMB 1,869.8 million in 2022, indicating a significant investment in innovation[4]. Assets and Liabilities - As of December 31, 2023, total current assets amounted to RMB 72,787,425,761.31, an increase of 3.6% from RMB 70,504,910,095.09 in 2022[6]. - Cash and cash equivalents increased to RMB 15,740,022,846.16, up from RMB 14,840,775,400.46, reflecting a growth of 6.1%[6]. - Total non-current assets reached RMB 342,462,931,015.04, a slight increase of 1.4% compared to RMB 338,511,007,620.51 in the previous year[6]. - Total liabilities decreased to RMB 249,946,409,917.28 from RMB 251,082,965,789.67, representing a reduction of 0.5%[7]. - The company's total equity increased to RMB 165,303,946,859.07, up from RMB 157,932,951,925.93, marking a growth of 4.3%[7]. - Short-term borrowings rose to RMB 14,254,614,202.81, an increase of 19.5% from RMB 11,930,482,045.91 in 2022[7]. - The company reported a decrease in other payables to RMB 4,706,474,580.48 from RMB 6,756,582,982.51, a decline of 30.2%[7]. - The company's retained earnings increased to RMB 44,432,050,938.38, up from RMB 39,037,526,815.66, reflecting a growth of 13.0%[7]. Operational Performance - The company is primarily engaged in nuclear power generation and related services, with a focus on expanding its operational capabilities[8]. - The average utilization hours for nuclear power in 2023 were 7,670 hours, an increase of 54 hours from 2022[76]. - The total electricity generated by the operating nuclear units in 2023 was 214,146.46 GWh, representing a 7.95% increase compared to 198,374.80 GWh in 2022[83]. - The average capacity factor for the 27 operating units in 2023 was 89.43%, slightly down from 89.74% in 2022[86]. - The average load factor for the same units in 2023 was 85.72%, compared to 85.45% in 2022[86]. - The company conducted six emergency drills in 2023 to enhance its nuclear emergency response capabilities[82]. - The company maintained a good safety record, with no Level 2 or higher nuclear incidents reported in its operational history[82]. Market and Regulatory Environment - The company continues to enjoy preferential tax rates of 15.00% for several subsidiaries, maintaining the same rate as the previous year[29]. - The company has benefited from various tax incentives, including those for high-tech enterprises and small profit enterprises, which support its operational efficiency[29]. - The company’s credit rating was maintained at AAA with a stable outlook as of September 2023, reflecting strong profitability and cash generation capabilities[72]. - The company has not experienced significant impacts from exchange rate fluctuations on operations or liquidity as of December 31, 2023[107]. Audit and Compliance - The financial statements are prepared in accordance with the Chinese Accounting Standards and relevant regulations, ensuring compliance and transparency[9]. - KPMG Huazhen LLP has audited the company's consolidated financial statements for the year ended December 31, 2023, and issued a standard unqualified audit opinion[112]. - The audit and risk management committee has reviewed the annual performance for 2023 and the consolidated financial statements prepared in accordance with Chinese accounting standards[111]. - The company has maintained compliance with all provisions of the corporate governance code during the reporting period[109]. Future Plans and Strategies - The company plans to invest in ongoing nuclear power station construction and technology upgrades in 2024, focusing on sustainable development[74]. - The company plans to conduct 18 refueling outages in 2024, including four ten-year overhauls and one first overhaul, with a distribution of 7 in Q1, 3 in Q2, 5 in Q3, and 3 in Q4[102]. - The company is committed to enhancing its safety culture and has initiated a quality assurance system effectiveness assessment for all managed companies in 2023[81]. - The company is actively exploring diversified applications of nuclear energy, including heating and energy storage projects, to improve energy utilization efficiency[101]. - The company has implemented a "three modernization" management strategy and lean management to enhance operational efficiency and reduce supply chain risks[100].

中国广核电力股份有限公司 独立董事 2023 年度述职报告 根据《公司法》《上市公司独立董事管理办法》《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有关法律、法规、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》"）《中国广核电力股份有限公司 独立董事工作规定》等规定和要求，2023 年任期内，本人本着客 观、公正、独立的原则及对中国广核电力股份有限公司（以下简 称"公司"）和股东负责的态度，认真工作、勤勉尽责，及时了 解公司的生产经营及发展状况，积极出席公司各次董事会及股东 大会会议，积极履行对公司及相关主体的调查和监督工作，切实 维护公司整体利益及全体股东特别是中小股东的合法权益，充分 发挥独立董事的作用。现将年度独立董事履行职责的情况报告如 下： 一、独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人王鸣峰，1971 年出生，2023 年 10 月 9 日经 2023 年第 二次临时股东大会选举为公司独立董事，同时担任董事会薪酬委 员会主任委员、审计与风险管理委员会委员、提名委员会委员。 博士学位，香港资深大律师，英国衡平大律师协会海外会员 ...

关于中国广核电力股份有限公司 2023 年度涉及财务公司关联交易的存款、 贷款等金融业务汇总表的专项说明 关于《中国广核电力股份有限公司 2023 年度涉及财务公司关联交易的存款、 贷款等金融业务汇总表》的专项说明 毕马威华振专字第 2400242 号 中国广核电力股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了中国广核电力股份有限公司 (以下简 称"中广核电力公司") 2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司资产 负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权 益变动表以及财务报表附注，并于 2024 年 3 月 27 日签发了标准无保留意见的审计报告。 根据深圳证券交易所发布的《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》的要求，中广核电力公司编制了本专项说明所附的中国广核电力股份有限公司 2023 年度涉及财务公司关联交易的存款、贷款等金融业务汇总表 (以下简称"汇总表") 。 编制和对外披露汇总表，并确保其真实性、合法性及完整性是中广核电力公司的责任。我 们对汇总表所载项目金额与我们 ...