4月9日晚，中国广核公告，2025年1至3月份，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，较上年同期增长9.25%。总上网电量约为566.89亿千瓦时，较上年同期增长9.41%。 中国广核于2014年赴港上市，2019年在A股上市，实现A+H两地上市。 一直以来，中国广核盈利较为稳定，从2016年起到2024年的这九年时间，公司扣非净利润保持持续增 长。 基于对公司的长期信心，4月8日，中国广核控股股东中国广核集团有限公司（简称"中广核"）启动对其 H股股份的增持计划，累计增持比例不超过截至4月8日公司已发行H股股份总数的5%。增持计划资金为 中广核的自有资金。 预计2025年资本开支规模或翻倍 据了解，中国广核是中广核核能发电的唯一平台，业务主要包括建设、运营及管理核电站，销售该等核 电站所发电力，组织开发核电站的设计及科研工作。 截至2024年12月31日，中国广核管理28台在运核电机组和16台在建核电机组（其中包含本公司控股股东 委托本公司管理的8台机组），装机容量分别为31798兆瓦和19406兆瓦，占全国在运及在建核电总装机 容量的45.02%。 核电巨头中国广核（0038 ...

Core Viewpoint - In the first quarter of 2025, China General Nuclear Power Corporation (CGN) reported a significant increase in electricity generation and grid-connected electricity, indicating strong operational performance and growth in the nuclear power sector [1][2]. Group 1: Electricity Generation and Grid Connection - From January to March 2025, the total electricity generation of CGN and its subsidiaries was approximately 60.174 billion kWh, representing a year-on-year increase of 9.25% [1]. - The total grid-connected electricity during the same period was approximately 56.689 billion kWh, reflecting a year-on-year growth of 9.41% [1]. Group 2: Operational Status - In the first quarter of 2025, CGN completed five annual fuel replacements (including one cross-year replacement) and one ten-year fuel replacement as planned [8]. - For the second quarter of 2025, CGN plans to initiate four annual fuel replacements, one ten-year replacement, and one first-time replacement [8]. Group 3: Construction Progress - As of March 31, 2025, CGN managed a total of 16 nuclear power units under construction, with two in the commissioning phase, three in equipment installation, three in civil construction, and eight in the FCD preparation phase [9]. Group 4: Corporate Developments - On January 8, 2025, CGN's board approved the acquisition of 100% equity in Taishan Nuclear Power Co., Ltd. from China General Nuclear Power Group, which was completed on January 20, 2025, making it a wholly-owned subsidiary [11]. - CGN's application for issuing A-share convertible bonds was approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission in February and March 2025 [11]. - On March 26, 2025, CGN's board agreed to distribute a cash dividend of RMB 0.95 per 10 shares (tax included) to all shareholders, expected to be paid around July 3, 2025, pending shareholder approval [12].

证券代码：003816 证券简称：中国广核 公告编号：2025-028 中国广核电力股份有限公司 关于2025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、2025 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，2025 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 601.74 亿千瓦时，较去年同期增长 9.25%。总上网电量约为 566.89 亿千瓦时，较去年同期增长 9.41%。 注： 1.本公告中提供的数字经过整数调整。 2.大亚湾核电站于 2025 年 1 月至 3 月份换料大修总时间少于 2024 年同期。 3.岭澳核电站于 2025 年 1 月至 3 月份换料大修总时间多于 2024 年同期。 4.岭东核电站于 2025 年 1 月至 3 月份换料大修总时间少于 2024 年同期。 5.防城港 4 号机组于 2024 年 5 月 25 日投入商业运营，防城港核电站于 2025 年 1 月至 3 月份换料大修总时 ...

Investment Rating - The report maintains an "Increase" rating for the electricity sector, indicating a positive outlook for the industry [2]. Core Viewpoints - The report highlights the significant support from the State-owned Assets Supervision and Administration Commission (SASAC) for central enterprises to increase share buybacks, with a proposed plan of 100 billion yuan for stock repurchases [1]. - Central enterprises in the electricity sector are responding positively to this initiative, showcasing confidence in the market and the sector's stability [1]. - The electricity sector is identified as a core asset under the "China Special Valuation" (中特估) framework, with expectations for valuation to be reshaped due to its defensive attributes and high dividend yield [1]. - The report anticipates that the asset scale of central enterprises will exceed 90 trillion yuan in 2024, with a year-on-year growth of 5.9% and a total profit of 2.6 trillion yuan [1]. - The current price-to-earnings (PE) ratio and price-to-book (PB) ratio for the electricity sector are noted to be lower than the overall A-share market, suggesting undervaluation [1]. Summary by Sections Market Response - Multiple electricity central enterprises have announced share buybacks, reflecting a collective confidence in the sector [1]. - The report emphasizes the defensive nature of public utilities, which is becoming increasingly recognized in the current volatile market environment [1]. Investment Opportunities - The report suggests focusing on the electricity sector for investment opportunities, particularly in coal-fired power generation, which is expected to benefit from falling coal prices [5]. - Specific recommendations include key coal-fired power companies such as Huadian International, Waneng Power, and Huaneng International, as well as leaders in power generation equipment like Qingda Environmental Protection [5]. - The report also advises on low-valued green electricity stocks, particularly in the Hong Kong market, and highlights companies like New Energy (H), Longyuan Power (H), and others [5]. - For hydropower and nuclear power, the report recommends companies such as Yangtze Power, State Power Investment Corporation, and China Nuclear Power [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 中国广核电力股份有限公司 关于控股股东增持公司H股股份计划的公告 中国广核集团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。 2025年4月8日，中国广核电力股份有限公司（以下简称"公司"、"本公司"）收到控股股东中国广核集团 有限公司（以下简称"中广核"）的通知，中广核计划自本公告披露之日起12个月内，通过深圳证券交易 所深港通系统增持公司H股股份，累计增持比例不超过截至2025年4月8日公司已发行H股股份总数的5% （以下简称"本次增持计划"）。 2025年4月8日，本公司接获控股股东中广核增持公司H股股份计划的通知，现将有关情况公告如下： 一、增持主体 （一）增持主体：中广核，为公司控股股东。 （二）增持主体已持有股份的数量、占公司总股本的比例：截至本公告披露日，中广核直接持有本公司 29,736,876,375股股份（其中：A股29,176,641,375股、H股560,235,000股），约占本公司总股本 58.89%。 二、本次增持计划的主要内容 1. 增持股份的目的：基于对本公司价值的认可及未来持续 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-027 中国广核电力股份有限公司 关于控股股东增持公司 H 股股份计划的公告 特别提示： 2025 年 4 月 8 日，中国广核电力股份有限公司（以下简称"公司"、"本公 司"）收到控股股东中国广核集团有限公司（以下简称"中广核"）的通知，中广 核计划自本公告披露之日起 12 个月内，通过深圳证券交易所深港通系统增持公 司 H 股股份，累计增持比例不超过截至 2025 年 4 月 8 日公司已发行 H 股股份总 数的 5%（以下简称"本次增持计划"）。 中国广核集团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公告内容与信息披露义务人提供的信息一致。 2025 年 4 月 8 日，本公司接获控股股东中广核增持公司 H 股股份计划的通 知，现将有关情况公告如下： 一、增持主体 （一）增持主体：中广核，为公司控股股东。 二、本次增持计划的主要内容 1. 增持股份的目的：基于对本公司价值的认可及未来持续稳定发展的信心。 2. 增持股份的种类：本公司无限售条件 H 股。 3. 增持股 ...

中国广核（003816）公告，控股股东中广核计划自公告披露之日起12个月内，通过深圳证券交易所深港 通系统增持公司H股股份，累计增持比例不超过截至2025年4月8日公司已发行H股股份总数的5%。中广 核目前直接持有公司297.37亿股股份，约占总股本58.89%。本次增持基于对公司的价值认可及未来持续 稳定发展的信心，增持资金为中广核自有资金，并承诺增持计划实施期间及法定期限内不减持所持股 份。 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the electricity sector, including Sanxia Energy, Changjiang Electric Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [24][25]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector index rising by 2.55% and the electricity sub-sector by 2.81%, ranking first among 31 primary sectors [1][9]. - The report highlights the recent government policy aimed at optimizing pricing mechanisms for electricity, gas, and water, which is expected to enhance the sustainability of public utility pricing [2][22]. - The national carbon market has stabilized at a price of 100 yuan per ton, with increased trading activity and mandatory green certificate consumption, indicating a maturing green certificate market [2][22]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2346.99 points, up 58.31 points, while the electricity sub-sector closed at 3129.43 points, up 85.49 points, outperforming the Shanghai and Shenzhen 300 index [1][9]. - Sub-sector performance included increases in wind power (3.49%), thermal power (3.61%), and hydropower (2.92%) [1][16]. Policy Developments - The Central Committee and State Council issued guidelines to improve pricing mechanisms for public utilities, focusing on market-driven pricing for electricity, gas, and water [2][22]. - The guidelines propose a phased approach to market-oriented pricing reforms for various power sources and emphasize the establishment of a unified green power certificate trading system [2][22]. Investment Recommendations - The report suggests focusing on defensive sectors with strong dividend yields, highlighting companies like Jiantou Energy, Huadian International, and Funiu Co., which are expected to maintain good growth in Q1 2025 [3][22]. - Specific recommendations include favoring companies with significant wind power assets and low-cost thermal power operations, while also monitoring potential mergers and acquisitions in the sector [22][23]. Key Company Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Sanxia Energy projected at 0.25 yuan for 2023, Changjiang Electric Power at 1.11 yuan, and China Nuclear Power at 0.55 yuan [24][25].

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

Core Insights - The company reported a revenue of 86.804 billion yuan for 2024, representing a year-on-year increase of 5.16% [1] - The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year, while the net profit excluding non-recurring items was 10.713 billion yuan, an increase of 0.94% [1] - In Q4 2024, the company achieved a revenue of 24.534 billion yuan and a net profit of 0.830 billion yuan, with year-on-year changes of +8.05% and -18.98% respectively [1] Revenue Breakdown - The company's revenue from nuclear power, construction installation, design services, labor provision, merchandise sales, and other businesses were 65.9 billion, 18.6 billion, 1.4 billion, 0.7 billion, and 0.2 billion yuan respectively, with year-on-year changes of +5.46%, +3.74%, -1.76%, +42.92%, and -3.80% [2] - The nuclear power sales business saw steady revenue growth, but the gross margin decreased by 2.25 percentage points compared to the previous year [2] - The installed capacity for nuclear power reached 25.084 million kilowatts, a year-on-year increase of 5.16%, and the nuclear power sales volume was 179.012 billion kilowatt-hours, up 7.15% year-on-year [2] Cost and Pricing Factors - The average market electricity price in 2024 decreased by approximately 3.85% compared to 2023, impacting revenue growth [2] - The operating costs for the nuclear power sales business increased by 9.85% year-on-year, primarily due to increased electricity generation and rising costs of nuclear fuel and depreciation [2] Future Capacity and Projects - As of December 31, 2024, the company managed 16 nuclear power units under construction, with several projects at various stages of development, expected to be operational between 2025 and 2030 [3] - The company anticipates further increases in operational capacity with the addition of new projects [3] Cash Flow and Dividends - The company's cash flow improved, with net cash flows from operating, investing, and financing activities changing by +14.78%, +61.19%, and -5.84% respectively [3] - A cash dividend of 0.95 yuan per 10 shares (before tax) was declared, totaling 4.797 billion yuan, which represents 44.36% of net profit, maintaining stability compared to 2023 [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 10.9 billion, 11.3 billion, and 12.1 billion yuan for 2025-2027, with year-on-year changes of +0.35%, +3.74%, and +7.29% respectively [4] - The corresponding price-to-earnings ratios for April 2, 2025, are estimated to be 16.94, 16.33, and 15.22 times [4]