Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (CGN) [3][6]. Core Views - The company's performance in the first half of 2024 was stable, with revenue of 39.377 billion yuan, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.109 billion yuan, up 2.16% year-on-year [1]. - The company has shown a significant reduction in operating expenses and a continuous decline in the debt-to-asset ratio, which reached 59.82%, the first time below 60% since 2017 [1][2]. - Despite a slight decrease in electricity generation and prices, the net profit per kilowatt-hour remained stable due to effective cost control [1][2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross profit margin of 38.56%, down 4.15 percentage points year-on-year, with a net profit margin of 27.55%, a decrease of 0.23 percentage points year-on-year [1]. - The operating cash flow for H1 2024 was 12.789 billion yuan, a decrease of 18% year-on-year, primarily due to the repayment of maturing notes [1]. Electricity Generation and Pricing - The total electricity generation for H1 2024 was 113.378 billion kWh, a slight increase of 0.08% year-on-year, with a notable increase in output from the Taishan Nuclear Power Station [2]. - The average on-grid electricity price decreased by 1.60% year-on-year, leading to a 1.78% decline in power generation revenue to 30.374 billion yuan [1][2]. Growth Potential - The company has a robust project pipeline, managing 28 operational units with a total installed capacity of 31.756 million kW and 10 units under construction with a capacity of 12.058 million kW [2]. - Recent approvals for new nuclear projects are expected to enhance long-term growth prospects, with a total of 19.406 million kW in approved and under-construction capacity, representing 61% of the operational capacity [2]. Profit Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 11.332 billion yuan, 12.370 billion yuan, and 13.407 billion yuan, respectively, with corresponding P/E ratios of 21.79x, 19.96x, and 18.42x [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [3][4] Core Views - The company achieved stable performance in H1 2024, with revenue of 39.377 billion yuan, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.109 billion yuan, up 2.16% year-on-year [2] - The company is entering a peak period for new approvals and production, which is expected to accelerate growth [2][3] - The average market electricity price decreased by 2.10% year-on-year, impacting the gross margin of the power segment, which fell by 4.51 percentage points to 48.73% [2][3] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 20.195 billion yuan, a decrease of 3.77% year-on-year, and a net profit of 3.505 billion yuan, an increase of 0.93% year-on-year [2] - The total on-grid electricity generated was 1060.10 billion kWh in H1 2024, a slight increase of 0.09% year-on-year [2] - The company completed five annual refueling overhauls and four ten-year overhauls during the same period [2] Growth Potential - As of H1 2024, the company manages 10 approved and under-construction nuclear power units, with recent approvals for six new units totaling 7.348 million kW [3] - The company’s growth trend is confirmed with the increase in the scale of under-construction and approved units [3] Profit Forecast and Valuation - The report slightly lowers the profit forecasts for 2024, 2025, and 2026 to 11.330 billion yuan (down 2.5%), 12.688 billion yuan (down 4.5%), and 13.924 billion yuan (down 0.2%) respectively [3][4] - Corresponding EPS for these years are projected at 0.22, 0.25, and 0.28 yuan, with current PE ratios of 22X, 19X, and 18X [3][4]

2024 年 8 月 22 日 公司研究 24H1 业绩稳健，新增核准+投产进入高峰期助力公司成长提速 ——中国广核（003816.SZ）2024 年中报点评 要点 事件：中国广核发布 2024 年半年度报告，2024H1 实现营业收入 393.77 亿元， 同比+0.26%；归母净利润 71.09 亿元，同比+2.16%；24Q2 单季度公司实现营 业收入 201.95 亿元，同比-3.77%；归母净利润 35.05 亿元，同比+0.93%。 防城港 4 号投产贡献增量，大亚湾等机组大修时间长于往年。24H1，公司管理 在运核电上网电量为 1060.10 亿千瓦时，同比+0.09%。其中，子公司 820.13 亿千瓦时，同比-0.19%；红沿河电站 239.97 亿千瓦时，同比+1.03%。24Q2， 实现上网电量 541.96 亿千瓦时，同比-1.5%。其中，子公司 423.69 亿千瓦时， 同比-1.09%；红沿河电站 118.28 亿千瓦时，同比-3.04%。从各电站情况来看， 大亚湾核电站于上半年新开展 1 个换料大修，上网电量同比-32.36%（Q2 同比 -43.02%）；岭澳核电站上半年未开展 ...

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 蔡思 S1350524070005 caisi@huayuanstock.com 联系人 蔡思 S1350524070005 caisi@huayuanstock.com 市场表现： -20% 0% 20% 40% 60% 80% 中国广核 沪深300 相关研究 公司点评 2024 年 08 月 22 日 中国广核 (003816.SZ ) 买入（维持） ——业绩符合预期 新增核准 6 台机组保障公司长期成长 投资要点： ➢ 事件：公司发布 2024 年半年报，2024 年上半年公司实现营业收入 393.8 亿元，同比增长 0.26%，实现 归母净利润 71.1 亿元，同比增长 2.16%，对应 2024 年二季度实现归母净利润 35.05 亿元，同比增长 0.93%，符合我们预期。 ➢ 会计规则导致去年毛利率虚高，上半年降本增效效果显著。2024 上半年公司实现上网电量 1060 亿千瓦 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [1][2]. Core Views - The company achieved a revenue of 39.377 billion yuan in H1 2024, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.109 billion yuan, up 2.16% year-on-year [1]. - The company has received approval for 6 new nuclear power units, expanding its construction scale to a record high, with a total installed capacity of 51.162 million kilowatts across 16 approved and under-construction units [1]. - The average on-grid electricity price has declined, impacting revenue growth, with the average market electricity price down 2.10% year-on-year [1]. - The company plans to issue convertible bonds to raise up to 4.9 billion yuan for the construction of new nuclear power units [1]. - Profit forecasts for the company are 11.835 billion yuan, 12.120 billion yuan, and 12.482 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.23, 0.24, and 0.25 yuan [2]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 39.377 billion yuan and a net profit of 7.109 billion yuan, with a gross margin of 38.56% and a net margin of 27.55% [1]. - The average operating hours for the nuclear units decreased by 2.35% year-on-year to 3659 hours, while the total on-grid electricity generated was 1060.10 billion kWh, a slight increase of 0.09% [1]. Future Outlook - The company has ambitious investment plans totaling 30.59 billion yuan for 2024, with several new units expected to commence operations between 2026 and 2028 [1]. - The report projects a steady growth in net profit and EPS over the next three years, indicating a positive long-term outlook for the company [2]. Market Position - The company is positioned to benefit from the increasing approval of nuclear power units in China, which is expected to enhance its operational capacity and market share in the energy sector [1].

中国广核电力股份有限公司 投资者关系活动记录表 编号：2024-005 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 2024 年度中期业绩 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 外部参与人员： 来自花旗银行、华泰证券、天风证券、西部证券、东吴证券、汇丰银行等 活动参与人员 约 138 家机构 176 位分析师、投资者参加会议。 公司参与人员： 财务总监兼董事会秘书尹恩刚 时间 2024 年 8 月 22 日 16:00-17:30 地点 中广核大厦 形式 电话会议 公司于 2024 年 8 月 21 日发布半年报，于 8 月 22 日下午召开中期业 绩电话会，就公司上半年业绩情况及下半年展望与投资者进行沟通。具体 交流内容及具体 情况如下： 问答记录 8 月 11 日，中共中央国务院公布的《关于加快经济社会发展全面绿色 转型的意见》指出，要加快沿海核电等清洁能源基地建设，明确积极安全 有序发展核电，保持合理布局和平稳建设节奏。核电在我国能源结构中的 占比仍然较低，随着国家经济发展绿色低碳转型的深入推进，核能产业仍 处于重要的战略机遇期，具有可持续的发展空间和增长前景。 ...

上 市 公 司 公用事业 2024 年 08 月 22 日 中国广核 (003816) ——核电量价稳定 利息减少及减值转回贡献增量业绩 | --- | --- | |-------------------------|---------------------| | 市场数据： | 2024 年 08 月 21 日 | | 收盘价（元） | 4.89 | | 一年内最高/最低（元） | 5.25/2.91 | | 市净率 | 2.1 | | 息率（分红/股价） | 1.92 | | 流通 A 股市值（百万元） | 192,348 | | 上证指数/深证成指 | 2,856.58/8,229.75 | | | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 2.29 | | 资产负债率% | 59.82 | | 总股本/流通 A 股（百万） | 50,499/39,335 | | 流通 B 股/H 股（百万） | -/11,164 | 一年内 ...

华福证券 核力发电 2024 年 08 月 22 日 持有（维持评级） 当前价格： 4.89 元 | --- | --- | |------------------------------------|---------------------| | 总股本/流通股本(百万股) | 50,498.61/39,334.99 | | 流通A股市值(百万元) | 192,348.08 | | 每股净资产(元) | 2.29 | | 资产负债率(%)一年内最高/最低价(元) | 59.82 5.25/2.91 | 一年内股价相对走势 团队成员 分析师： 严家源(S0210524050013) yjy30561@hfzq.com.cn 联系人： 闫燕燕(S0210123070115) yyy30238@hfzq.com.cn 相关报告 1、半壁江山核电巨头，价稳量增稳健成长—— 2024.08.07 中国广核（003816.SZ） 新增核准 6 台核电机组，支撑未来业绩稳步向上 投资要点： 事件：公司发布了 2024 年上半年报告，1H2024 公司实现营业收入 393.77 亿元，同比增长 0.26%；归属于母公司股 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][7]. Core Views - The company reported a revenue of 39.38 billion yuan for 1H24, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 7.17 billion yuan, up 2.2% year-on-year, which aligns with expectations [1]. - The company experienced seasonal fluctuations in electricity generation due to fuel replacement maintenance, with a total electricity generation of 106.01 billion kWh in 1H24, a slight increase of 0.09% year-on-year [2]. - The average market electricity price decreased by 2.1% in 1H24, but the company is expected to face limited price risks due to its controllable nuclear power generation capabilities and the high costs of marginal coal-fired power plants in its operational regions [2]. - The company received approval for six new nuclear units, confirming its growth potential in nuclear power, with a total installed capacity of 7.348 million kW [2]. Summary by Sections Performance Review - In 1H24, the company achieved a revenue of 39.38 billion yuan and a net profit of 7.17 billion yuan, both showing slight year-on-year growth [1]. Operational Analysis - The company’s electricity generation was impacted by seasonal maintenance, with a total of 1060.1 billion kWh generated in 1H24, reflecting a minor increase [2]. - The average market electricity price saw a decrease of 2.1%, but the company’s pricing power remains strong due to its nuclear power capabilities [2]. - The approval of six new nuclear units indicates ongoing growth in the nuclear sector, with a total capacity of 7.348 million kW [2]. Profit Forecast, Valuation, and Rating - The forecasted net profits for 2024, 2025, and 2026 are 11.93 billion yuan, 12.97 billion yuan, and 13.33 billion yuan respectively, with corresponding EPS of 0.24 yuan, 0.26 yuan, and 0.26 yuan [3]. - The projected P/E ratios for the same years are 21x, 19x, and 18x, maintaining a "Buy" rating [3].

中国广核电力股份有限公司 2024 年半年度报告全文 中国广核电力股份有限公司 2024 年半年度报告 2024 年 08 月 1 中国广核电力股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人杨长利、主管会计工作负责人尹恩刚及会计机构负责人(会计 主管人员)单菁声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成本公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。本报告第三节"管理层讨论与分析"中，详细描述了 公司可能面对的风险，敬请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 中国广核电力股份有限公司 2024 年半年度报告全文 目录 第一节 重要提示、目录和释义 . 第二节 公司简介和主要财务指标. 第三节 管理层讨论与分析 ... ...