电价下滑影响营收增长，费用提升拖累业绩释放。2025 年Q1，公司营收仅实现同比增长4.41%，主要 系受参与市场化交易的电量增加以及电价下降影响。以公司部分机组所在的广东省为例，其2025 年电 力年度交易成交均价为0.392 元/千瓦时，较2024 年下降超7 分钱，拉低了公司的营收增速。 事件：公司发布2025 年一季度报告，2025 年公司实现营业收入200.28 亿元，同比+4.41%；实现归母净 利润30.26 亿元，同比-16.07%；实现扣非归母净利润29.28 亿元，同比-15.94%。 风险提示：核电机组核准不及预期，上网电价下滑，核电利用小时数下滑，核安全事故。 新机组投运以及大修时间缩短，上网电量持续增长。根据公司披露的2025年一季度运营情况，2025 年 Q1 公司及其子公司运营管理的核电机组总发电量约为601.74 亿千瓦时，同比增长9.25%；总上网电量 约为566.89 亿千瓦时，同比增长9.41%，电量增长主要系公司核电站2025 年Q1 换料大修总时间少于 2024 年同期所致。此外，2024 年5 月防城港4 号机组投入商业运营，也带动公司电量同比提升。 盈利预测与估值 ...

Performance Overview - In Q1 2025, the company's subsidiaries achieved a total electricity generation of 452.18 billion kWh, a year-on-year increase of 14.06% [1] - Including the joint venture Hongyanhe Nuclear Power, total electricity generation reached 566.89 billion kWh, a year-on-year growth of 9.41% [1] - The company reported operating revenue of RMB 20.028 billion, an increase of 4.41% year-on-year [2] - The net profit attributable to shareholders was RMB 3.026 billion, a decrease of 16.07% year-on-year [2] - After excluding non-recurring gains and losses, the net profit attributable to shareholders was RMB 2.928 billion, down 15.94% year-on-year [2] Project Approvals and Management - As of April 27, 2025, the State Council approved five projects, including the Fangchenggang Units 5 and 6, and Taishan Units 3 and 4 [2] - The company currently manages 20 units under construction, including 8 units entrusted by the controlling shareholder, with overall project progress on track [2] Market and Pricing Insights - The market transaction ratio for nuclear power units managed by the company has increased, particularly in Guangdong, while units in Guangxi and Fujian have fully entered market transactions [3] - The average market transaction price for electricity in Guangdong province was RMB 0.37 per kWh, approximately 0.02 lower than the same period last year [3] - The market transaction price in Guangxi was around RMB 0.34 per kWh, while prices in Fujian and Liaoning remained stable compared to the previous year [3] Financial Challenges - The decline in net profit was attributed to increased market transaction ratios and a decrease in average market prices, which affected the gross profit from electricity sales [3] - The net cash flow from operating activities decreased year-on-year due to reduced payments received from projects and increased prepayments for nuclear fuel [3] Maintenance and Financing - In Q1 2025, the company conducted 6 major repairs, including 1 annual overhaul from 2024, completing 5 annual repairs and 1 ten-year overhaul, with a total of approximately 156 days of maintenance, a reduction of about 142 days compared to the previous year [3] - The average financing cost in Q1 2025 was 2.73%, down 30 basis points from the 3.03% recorded for the entire year of 2024 [3]

本公司目前无其他任何应披露而未披露的信息。有关公司信息以公司在深圳证 券交易所网站（www.szse.cn）及指定信息披露媒体的相关公告为准，敬请广大投 资者理性投资，注意投资风险。 关于核电机组建设获得核准的公告 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。 2025年4月27日，中国广核电力股份有限公司（以下简称"公司"或"本公司"） 获悉本公司的子公司中广核台山第二核电有限公司的台山3号及4号机组、广西防城 港第三核电有限公司的防城港5号及6号机组已获得国务院核准。目前本公司及上述 各公司正在有序地开展上述机组各项施工准备工作，在取得国家核安全局颁发的 《核电厂建造许可证》后，即可开始全面建设。 本次核准的上述机组均采用华龙一号核电技术。台山 3 号及 4 号机组的单台机 组容量为 1,200MW，防城港 5 号及 6 号机组的单台机组容量为 1,208MW。 证券代码：003816 证券简称：中国广核 公告编号：2025-035 中国广核电力股份有限公司 特此公告。 中国广核电力股份有限公司董事会 2025年4月28日 ...

Investment Rating - The investment rating for China General Nuclear Power Corporation is "Buy" (maintained) [6] Core Views - The company's performance in Q1 2025 was below expectations, with a revenue of 20.03 billion yuan, a year-on-year increase of 4.41%, and a net profit attributable to shareholders of 3.03 billion yuan, a year-on-year decline of 16.1% [8] - The decline in performance is primarily attributed to a decrease in market-based electricity prices, increased costs, and higher income tax expenses [8] - The company achieved an on-grid electricity volume of 45.22 billion kWh in Q1 2025, a year-on-year increase of 14.1%, but revenue growth was limited due to a drop in on-grid electricity prices [8] - The auxiliary service policy in Liaoning is expected to enhance profitability for the Hongyanhe unit, despite a decrease in electricity volume [8] - The company has 16 units under construction, ensuring long-term growth in installed capacity, with the potential injection of the Huizhou unit expected to start within the year [8] Financial Forecasts and Valuation - Revenue forecasts for 2023 to 2027 are as follows: 82.549 billion yuan (2023), 86.804 billion yuan (2024), 87.604 billion yuan (2025E), 90.547 billion yuan (2026E), and 95.866 billion yuan (2027E) [7] - Net profit attributable to shareholders is projected to be 10.725 billion yuan (2023), 10.814 billion yuan (2024), 10.823 billion yuan (2025E), 11.299 billion yuan (2026E), and 11.999 billion yuan (2027E) [7] - The price-to-earnings ratio (P/E) for the years 2025 to 2027 is estimated to be 16.47, 15.78, and 14.86 respectively [7] - The dividend payout ratio for 2024 is expected to be 44.36%, with corresponding dividend yields for 2025 to 2027 projected at 2.7%, 2.8%, and 3.0% [8]

Investment Rating - The report maintains a "Recommended" rating for China General Nuclear Power Corporation (CGN) [3][5]. Core Views - Short-term fluctuations do not alter the long-term growth certainty of CGN, with expectations of stable revenue and profit growth despite recent challenges [5]. - The company reported a revenue of 20.028 billion yuan in Q1 2025, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [5]. - The decline in profit is attributed to lower market electricity prices and increased operating costs, particularly due to the commissioning of new units and rising fuel costs [5]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 86,804.41 million yuan - 2025E: 86,781.61 million yuan - 2026E: 92,257.27 million yuan - 2027E: 99,473.03 million yuan - Revenue growth rates are projected at 5.16% for 2024, -0.03% for 2025, 6.31% for 2026, and 7.82% for 2027 [2][7]. - **Net Profit Forecasts**: - 2024A: 10,813.87 million yuan - 2025E: 10,439.88 million yuan - 2026E: 11,088.06 million yuan - 2027E: 12,221.10 million yuan - Profit growth rates are expected to be 0.83% for 2024, -3.46% for 2025, 6.21% for 2026, and 10.22% for 2027 [2][7]. - **Key Financial Ratios**: - Gross margin is projected to decline from 34.03% in 2024 to 31.80% in 2027 [2][7]. - The Price-to-Earnings (P/E) ratio is expected to decrease from 16.72 in 2024 to 14.79 in 2027 [2][7]. Operational Insights - The company achieved a power generation of 60.174 billion kWh in Q1 2025, a year-on-year increase of 9.25%, with contributions from new units offsetting some operational challenges [5]. - The approval of convertible bonds is expected to enhance project construction, with significant growth potential in the long term [5].

Investment Rating - The report maintains a rating of "Add" for China General Nuclear Power Corporation (003816.SZ) [3] Core Views - The company's Q1 2025 revenue reached 20.028 billion yuan, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [1] - The decline in profit is primarily attributed to increased participation in market-based electricity trading, falling electricity prices, and R&D progress [6] - The company has seen growth in electricity generation from its subsidiaries, but overall profit has been impacted by the downward trend in electricity prices [6] - As of March 2025, the company manages 16 nuclear power units under construction or approved for construction, with a total installed capacity of 19.406 million kilowatts [6] - The company is expected to commission 1-2 units annually from 2025 to 2030, with the Huizhou Unit 1 expected to be operational this year [6] Financial Data Summary - Total revenue for 2023 is projected at 82.549 billion yuan, with a slight decrease to 85.880 billion yuan in 2025, followed by a recovery to 89.903 billion yuan in 2026 and 96.724 billion yuan in 2027 [2] - The net profit attributable to shareholders is expected to decline to 10.042 billion yuan in 2025, before increasing to 10.658 billion yuan in 2026 and 11.918 billion yuan in 2027 [2] - The company's PE ratio is projected to be 18.0x in 2025, decreasing to 15.2x by 2027 [2] Performance Metrics - The company's operating profit for 2025 is estimated at 20.427 billion yuan, reflecting a year-on-year decrease of 7% [9] - The gross profit margin is expected to decline from 36.0% in 2023 to 32.4% in 2025, with a slight recovery to 33.6% by 2027 [9] - The return on equity (ROE) is projected to decrease from 9.7% in 2023 to 8.2% in 2025, before recovering to 8.9% in 2027 [9]

Investment Rating - The report maintains a "Recommended" rating for China General Nuclear Power Corporation (CGN) [3][5]. Core Views - Short-term fluctuations do not alter the long-term growth certainty of CGN, with expectations of stable revenue and profit growth despite recent challenges [5]. - The company reported a revenue of 20.028 billion yuan in Q1 2025, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [5]. - The decline in profit is attributed to lower market electricity prices and increased operational costs, particularly due to the commissioning of new units and rising fuel costs [5]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 86,804.41 million yuan - 2025E: 86,781.61 million yuan - 2026E: 92,257.27 million yuan - 2027E: 99,473.03 million yuan - Revenue growth rates are projected at 5.16% for 2024, -0.03% for 2025, 6.31% for 2026, and 7.82% for 2027 [2][7]. - **Net Profit Forecast**: - 2024A: 10,813.87 million yuan - 2025E: 10,439.88 million yuan - 2026E: 11,088.06 million yuan - 2027E: 12,221.10 million yuan - Profit growth rates are expected to be 0.83% for 2024, -3.46% for 2025, 6.21% for 2026, and 10.22% for 2027 [2][7]. - **Gross Margin**: - 2024A: 34.03% - 2025E: 31.45% - 2026E: 31.56% - 2027E: 31.80% - The gross margin is expected to decline due to increased operational costs [2][7]. - **Earnings Per Share (EPS)**: - 2024A: 0.21 yuan - 2025E: 0.21 yuan - 2026E: 0.22 yuan - 2027E: 0.24 yuan [2][7]. Investment Opportunities - The approval of convertible bonds is expected to enhance project construction, with significant growth potential in the long term, as the company plans to commission multiple new units from 2025 to 2030 [5]. - The report highlights the potential cost savings from the continuous settlement trial in the Liaoning electricity market, which could positively impact CGN's auxiliary service expenses [5].

Investment Rating - The investment rating for the company is "Hold" [2][6] Core Insights - The company reported a 4.41% year-on-year increase in revenue for Q1 2025, reaching 20.028 billion yuan, while net profit attributable to shareholders decreased by 16.07% to 3.026 billion yuan [3][4] - The increase in controllable power generation was 14.06% year-on-year, which contributed to the revenue growth, although the revenue growth rate was lower than the power generation growth rate, likely due to market pricing factors [4] - The company's gross margin and net margin decreased by 2.7 percentage points and 4.27 percentage points year-on-year, respectively, to 36.58% and 23.67% [4] Financial Performance - For Q1 2025, the company completed five scheduled annual overhauls and one ten-year overhaul, with fewer overhaul days compared to the same period last year, leading to increased power generation from subsidiaries [5] - The company is managing 28 operational nuclear power units and 16 under construction, with expectations for the Huizhou 1 and 2 units to commence operations in 2025 and 2026, respectively [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 10.961 billion, 11.626 billion, and 11.825 billion yuan, with corresponding P/E ratios of 16.5, 15.6, and 15.3 [6][7] Market Data - As of April 23, 2025, the closing price was 3.58 yuan, with a total market capitalization of 140.819 billion yuan [8] - The company has a debt-to-asset ratio of 59.68% and a net asset value per share of 2.43 yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 4.41% year-on-year increase in total revenue for Q1 2025, amounting to 20.03 billion yuan, while the net profit attributable to shareholders decreased by 16.07% to 3.03 billion yuan, primarily due to declining electricity prices and increased tax costs [6] - The company’s total power generation from nuclear units increased by 9.25% year-on-year to approximately 60.17 billion kWh in Q1 2025, with significant contributions from the Fangchenggang nuclear power plant [6] - The company is expected to release performance elasticity with the commissioning of the Huizhou Unit 1 within the year, which is anticipated to enhance overall project returns as more units are put into operation [6] - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 10.75 billion, 11.61 billion, and 12.34 billion yuan respectively, while maintaining a price-to-earnings ratio of 17, 16, and 15 times for the respective years [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 87.25 billion yuan, with a year-on-year growth rate of 0.5% [5] - The gross profit margin is expected to be 33.5% in 2025, with a return on equity (ROE) of 8.6% [5] - The company’s financial expenses for Q1 2025 were 12.80 billion yuan, with interest expenses decreasing by 1.16 billion yuan to 12.91 billion yuan [6]

证券代码：003816 证券简称：中国广核 公告编号：2025-033 中国广核电力股份有限公司 第四届董事会第十三次会议决议公告 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 事会第十三次会议（以下简称"本次会议"）通知和材料已于 2025 年 4 月 8 日以 书面形式提交全体董事。 2. 本次会议于 2025 年 4 月 23 日在广东省深圳市深南大道 2002 号中广核大 厦 3408 会议室采用现场和通讯方式召开。 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、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，本次会议形成以 ...