CGN POWER(003816)

Search documents
中国广核:单Q3防城港和台山表现亮眼,管理发电同比增长14.7%
Huafu Securities· 2024-10-15 11:00
Investment Rating - The report maintains a "Hold" rating for the company [3][5][15] Core Views - The company reported a total power generation of approximately 178.07 billion kWh in the first three quarters of 2024, representing a year-on-year increase of 4.93% [2] - The company completed 10 annual refueling outages as planned, compared to 13 in the same period of 2023, contributing to the increase in power generation [2] - The performance of the Daya Bay unit was affected by longer refueling outage times, resulting in a year-on-year decrease in power generation by 20.23% in the first three quarters of 2024 [2] Summary by Sections Operational Performance - The company's nuclear power generation increased by 14.7% year-on-year in Q3 2024, primarily due to a reduction in the number of outages and contributions from the newly operational units at Fangchenggang and Taishan [2] - The Fangchenggang unit's power generation increased by 19.12% year-on-year in the first three quarters, with Q3 showing a 38% increase [2] - The Taishan unit exhibited the most significant growth, with a 52.81% increase in the first three quarters and a 90.4% increase in Q3, largely due to the annual refueling outage that began in Q1 2023 [2] Future Growth Potential - The company has received approval for 6 new units, bringing the total number of approved and under-construction nuclear power units to 16, which supports steady future performance [3] - The company’s revenue projections for 2024-2026 are estimated at 889.65 billion, 935.17 billion, and 998.30 billion CNY, with corresponding net profits of 121.50 billion, 123.98 billion, and 131.89 billion CNY [3][4] Financial Metrics - The company reported a revenue of 82.55 billion CNY in 2023, with a projected growth rate of 8% for 2024 [4][9] - The net profit for 2023 was 10.73 billion CNY, with an expected increase to 12.15 billion CNY in 2024, reflecting a growth rate of 13% [4][10] - The earnings per share (EPS) for 2023 was 0.21 CNY, projected to rise to 0.24 CNY in 2024 [4][10]
中国广核:关于2024年第三季度运营情况的公告
2024-10-14 10:47
证券代码:003816 证券简称:中国广核 公告编号:2024-057 中国广核电力股份有限公司 关于2024年第三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 9 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 9 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 1,780.69 亿千瓦时,较去年同期增长 4.93%。总上网电量约为 1,668.90 亿千瓦时,较去年同期增长 4.97%。 | 核电站名称 | 截至 2024 年 9 | 月 30 日装机容量 | | 发电量 (亿千瓦时)1 | | 上网电量 (亿千瓦时)1 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (兆瓦)1 | 2024 年 | 2023 年 | 同比 | 2024 年 | 1-9 | 2023 年 | 同比 | | | | | 月 1-9 | ...
中国广核:中国广核电力股份有限公司关于股票交易异常波动的公告
2024-10-08 12:17
证券代码:003816 证券简称:中国广核 公告编号:2024-056 二、关注和核实情况说明 针对公司股票异常波动,公司董事会就相关事项进行了自查,并通过电话及 问询等方式,对公司控股股东中国广核集团有限公司就相关问题进行了核实,相 关情况说明如下: 1. 公司前期所披露的信息,不存在需要更改、补充之处; 2. 公司未发现近期公共媒体报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息; 3. 公司已披露的经营情况、内外部经营环境未发生重大变化; 4. 公司不存在需披露业绩预告的情况; 中国广核电力股份有限公司 关于股票交易异常波动的公告 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、股票交易异常波动情况 中国广核电力股份有限公司(以下简称"公司")股票于 2024 年 9 月 27 日、 9 月 30 日、10 月 8 日连续三个交易日收盘价格跌幅偏离值累计超过 20%,根据 《深圳证券交易所交易规则》的有关规定,属于股票交易异常波动情况。 5. 公司正在筹划向不特定对象发行 A 股可转换公司债券事项。2024 年 8 月 8 日,本公司 ...
中国广核:中报点评:核电机组建设持续推进,分红比例逐步提升
Zhongyuan Securities· 2024-10-02 09:00
Investment Rating - The report maintains an "Accumulate" rating for China General Nuclear Power Corporation (CGN) [2][5][15] Core Views - CGN's nuclear power generation capacity is steadily increasing, with 28 operational nuclear units and 10 under construction, representing 43.48% of the national total installed capacity [2][4][5] - The company has shown stable profitability in the first half of 2024, with a revenue of 39.377 billion yuan and a net profit of 7.109 billion yuan, reflecting a year-on-year increase of 2.16% [2][5] - The dividend payout ratio has been consistently rising, with cash dividends of 4.769 billion yuan in 2023, translating to a dynamic dividend yield of 2.24% based on the closing price of 4.20 yuan per share [4][5] Financial Performance Summary - For the first half of 2024, CGN's revenue was 39.377 billion yuan, with a net profit of 7.109 billion yuan, marking a 2.16% increase year-on-year [2][5] - The company expects net profits for 2024-2026 to be 11.354 billion yuan, 12.208 billion yuan, and 12.944 billion yuan respectively, with corresponding earnings per share of 0.22, 0.24, and 0.26 yuan [5][12] - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 18.68X, 17.37X, and 16.39X respectively, indicating a favorable valuation outlook [5][12] Growth Potential - The report highlights the ongoing expansion of nuclear power projects in China, with an increasing number of approved nuclear units, suggesting a sustainable growth trajectory for CGN [5][6][12] - The company is positioned to benefit from the national push for cleaner energy sources, with nuclear power's share in the energy mix expected to rise [5][6][12]
中国广核:关于公司2024年度第一期中期票据发行完成的公告
2024-09-19 09:25
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。 证券代码:003816 证券简称:中国广核 公告编号:2024-055 中国广核电力股份有限公司 关于公司 2024 年度第一期中期票据发行完成的公告 本期中票募集资金用于偿还本公司即将到期的超短期融资券和子公司偿还 借款。 公司不是失信责任主体。 本 期 中 票 发 行 的 有 关 文 件 详 情 , 已 在 上 海 清 算 所 ( 网 址 : https://www.shclearing.com.cn )和中国货币网(网址: https://www.chi ...
中国广核:关于公司2024年度第一期超短期融资券到期兑付的公告
2024-09-12 09:05
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")于 2024 年 4 月 3 日完成了 2024 年度第一期超短期融资券(以下简称"本期超短融")的发行。 本期超短融发行金额为人民币 10 亿元,期限为 169 天,票面利率为 2.00%,面 值为人民币 100 元,由中国工商银行股份有限公司、华夏银行股份有限公司承销。 鉴于本期超短融将于 2024 年 9 月 23 日到期兑付,为保证兑付工作的顺利进 行,方便投资者及时领取兑付资金,现将有关事宜公告如下: 一、本期超短融基本情况 证券代码:003816 证券简称:中国广核 公告编号:2024-054 中国广核电力股份有限公司 关于公司 2024 年度第一期超短期融资券到期兑付的公告 1.发行人:中国广核电力股份有限公司 联系人:倪一凡 联系电话:0755-84431621 1. 发行人:中国广核电力股份有限公司 5. 发行总额:人民币 10 亿元 二、兑付办法 托管在银行间市场清算所股份有限公司的债券,其兑付资金由发行人在规定 的时间之前划付至银行间 ...
中国广核:年内新增核准6台核电机组,未来成长确定性进一步加强
INDUSTRIAL SECURITIES· 2024-08-27 10:46
#市场ma数rk据etData# 日期 2024/8/21 收盘价(元) 4.89 总股本(百万股) 50,498.61 流通股本(百万股) 39,334.99 净资产(百万元) 115,666.79 总资产(百万元) 418,799.33 每股净资产(元) 2.29 来源:WIND,兴业证券经济与金融研究院整理 主要财务指标 | --- | --- | --- | --- | |------------------------------------------|-------|-------|-------| | $会计zy年c度wzb|主要财务指标$ | 2023A | 2025E | 2026E | | 营业收入(百万元) | 82549 | 89712 | 97041 | | 同比增长 | -0.3% | 5.8% | 8.2% | | 归母净利润(百万元) | 10725 | 12016 | 13002 | | 同比增长 | 7.6% | 3.2% | 8.2% | | 毛利率 | 36.0% | 36.2% | 35.7% | | ROE | 9.5% | 9.5% | 9.7% | | 每股收 ...
中国广核2024半年报点评:业绩同比低增,远期成长预期强化
Guotai Junan Securities· 2024-08-24 08:23
Investment Rating - The investment rating for China General Nuclear Power (003816) is "Buy" [1] - The target price has been raised to 5.75 RMB from the previous 4.68 RMB [1] Core Views - The company's revenue for the first half of 2024 was 39.4 billion RMB, showing a year-on-year increase of 0.3%, while the net profit attributable to shareholders was 7.11 billion RMB, up 2.2% year-on-year [4][7] - The second quarter of 2024 saw a revenue decline of 3.77% year-on-year, with a net profit of 3.51 billion RMB, reflecting a 0.93% increase year-on-year [7] - The issuance of convertible bonds is expected to alleviate financial pressure, and the approval of new nuclear power units strengthens long-term growth expectations [7] Financial Summary - The company plans to issue up to 4.9 billion RMB in A-share convertible bonds for the construction of units 5 and 6 at the Lufeng Nuclear Power Plant [7] - Capital expenditure for 2024 is projected at 30.59 billion RMB, an increase of 16.34 billion RMB from 2023 [7] - The company has received approval for six new nuclear power units, the highest number in recent years, with a total of 16 units approved or under construction [7][12] Performance Metrics - The gross profit margin for Q2 2024 was 37.9%, down 6.1 percentage points year-on-year [7] - The net profit margin for the company is projected to improve gradually, with EPS estimates for 2024, 2025, and 2026 at 0.23, 0.25, and 0.26 RMB respectively [8][10] - The company's total assets are expected to reach 414.965 billion RMB by 2024, with total liabilities projected at 236.849 billion RMB [10]
中国广核:业绩小幅增长,项目储备再上台阶
Guotou Securities· 2024-08-23 14:00
本报告仅供 Choice 东方财富 使用,请勿传阅。 2024 年 08 月 23 日 中国广核(003816.SZ) 业绩小幅增长,项目储备再上台阶 事件: 公司发布 2024 年半年报,上半年实现营业收入 393.77 亿元,同比增 长 0.26%;归母净利润 71.09 亿元,同比增长 2.16%;扣非归母净利 润 69.6 亿元,同比增长 0.1%。 大修天数增加,新机组投产下整体电量平稳,市场化电价小幅 下降: 电量方面,上半年公司管理的在运核电机组上网电量为 1060.1 亿千 瓦时,同比增长 0.09%,其中,子公司 820.13 亿千瓦时,同比下降 0.19%,联营企业 239.97 亿千瓦时,同比增长 1.03%。分电站看,台 山、防城港、岭澳电站贡献较大增长,其中,台山电站于去年一季度 至 11 月实行较长时间的换料大修,今年一季度正常运行背景下上网 电量同比增长 36.21%;防城港电站电量同比增长 10.81%主要受益于 3 号、4 号机组分别于 2023 年 3 月、2024 年 5 月投产;岭澳电站电 量同比增长 15.3%主要受益于其换料大修时长少于去年同期。但受换 料大修时间安 ...