华福证券研报指出，受市场化电价冲击、燃料组件款增加影响等，中国广核上半年归母净利润下降 16%。1H2024，按计划完成了10个换料大修，换料大修日历天总数约523天。其中，大亚湾核电（大修 天数少）、岭东核电（大修天数少）、防城港核电（4号机投产）上网电量分别同比 +39.78%/+11.80%/+33.85%，出力表现较为亮眼。1H2025，子公司上网电量较去年同期增长8.84%。 2Q2025，子公司上网电量较去年同期增长4.0%，其中大亚湾和防城港分别同比增长51.5%和12.6%。核 电储备项目丰富，惠州1号机预计下半年投产。截至1H2025，公司共管理28台在运核电机组和20台在建 核电机组（包括委托管理的8台核电机组），储备项目丰富。维持"持有"评级。 ...

Investment Rating - The investment rating for China General Nuclear Power Corporation is maintained at "Hold" [5][7]. Core Views - The company reported a slight increase in electricity revenue of 1% despite a decrease in average market electricity prices, which fell by approximately 8.23% year-on-year [3][4]. - The net profit attributable to shareholders decreased by 16.30% year-on-year, primarily due to increased R&D expenses and higher fuel component payments [3][5]. - The company managed to increase its online electricity generation by 8.84% year-on-year in the first half of 2025, with significant contributions from specific nuclear power plants [4][5]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 39.167 billion yuan, a decrease of 0.53% year-on-year, and a net profit of 5.952 billion yuan, down 16.30% year-on-year [2][3]. - The gross profit margin and net profit margin decreased by 3.57 percentage points and 5.00 percentage points, respectively, to 34.99% and 22.55% [3]. - The company expects net profits for 2025-2027 to be 9.883 billion, 10.438 billion, and 10.553 billion yuan, respectively, with corresponding P/E ratios of 19.5, 18.5, and 18.3 [5][6]. Operational Highlights - The company completed 8 annual refueling outages in the first half of 2025, with a total outage calendar of 414 days, compared to 10 outages and 523 days in the same period of 2024 [4]. - The company has a robust pipeline with 28 operational and 20 under-construction nuclear power units, with the Huizhou Unit 1 expected to commence operations in the second half of 2025 [4][5].

Group 1 - China General Nuclear Power Corporation (CGN) plans to acquire 100% or partial stakes in four nuclear power companies from its controlling shareholder, China General Nuclear Group, for a total price of 9.375 billion yuan [2][3] - The acquisition is part of a commitment made by the controlling shareholder to avoid competition and transfer retained nuclear power-related businesses to CGN, as promised prior to CGN's A-share market listing in August 2019 [3][4] - As of June 30, 2025, CGN manages 28 operational nuclear power units and 20 under construction, accounting for 44.46% of the total operational and under-construction nuclear power capacity in China [2][5] Group 2 - The acquisition includes stakes in Huizhou Nuclear Power (82%), Huizhou Second Nuclear Power (100%), Huizhou Third Nuclear Power (100%), and Zhanjiang Nuclear Power (100%), with the total transaction price based on an asset evaluation report [4][5] - The financial performance of CGN showed a decline in the first half of 2025, with revenue of 39.167 billion yuan, a decrease of 0.53% year-on-year, and a net profit of 5.952 billion yuan, down 16.30% year-on-year, attributed to falling transaction electricity prices [7][8] - Despite the decline in net profit, CGN's total electricity generation increased, with a total of 113.36 billion kWh generated in the first half of 2025, representing a year-on-year growth of 6.93% [8]

Summary of Key Points from the Conference Call Company Overview - The conference call pertains to China General Nuclear Power Corporation (CGN) and its operations in the nuclear power sector. Core Developments - **Project Updates**: - Huizhou Unit 3 achieved First Concrete Date (FCD) on June 10, 2025, marking the start of full construction [2] - Lufeng Unit 6 completed dome lifting on July 14, 2025, and entered equipment installation [2] - Huizhou Unit 2 completed its hot functional test on July 30, 2025, preparing for commercial operations [2] - A-share convertible bonds were issued on July 25, 2025, to support nuclear projects and optimize capital structure [2] - **Financial Performance**: - On-grid power generation reached 1,133.6 billion kWh in H1 2025, up 6.93% YoY [5] - Revenue was RMB 39.167 billion, down 0.5% YoY, with net attributable profit at RMB 5.952 billion, down 16.3% YoY [5] - Electricity sales revenue increased by 0.9% YoY to RMB 306.58 billion, but overall growth was hindered by declining market-based tariffs [21] Industry Context - **Electricity Consumption**: - China's electricity consumption rose by 3.7% YoY in H1 2025, totaling approximately 4.84 trillion kWh, driven by high summer temperatures [6] - Non-fossil energy sources accounted for over 60% of installed capacity and contributed 43.1% to total power generation, up 3.7 percentage points YoY [6] - **Nuclear Power's Role**: - Nuclear power represented about 1.7% of China's total installed capacity but contributed around 5.2% of total power generation as of June 2025 [7] - The average utilization hours for nuclear facilities increased by 167 hours YoY, indicating high stability [7] Safety and Operational Management - The company maintained zero incidents classified as Level 2 or above on the International Nuclear Event Scale in H1 2025 [9] - 91.07% of managed nuclear power units reached the world's top quartile advanced level based on WANO key performance indicators [10] Financial Strategy and Market Dynamics - **Market-Based Tariffs**: - The average market-based tariff in Guangdong was approximately 0.33 RMB per kWh, down by 6.5 RMB cents YoY [32] - The company is actively negotiating with provincial authorities regarding tariff adjustments to mitigate revenue impacts [33] - **Acquisitions and Capital Expenditures**: - The company approved a cash acquisition of equity interests in four companies, including Huizhou Nuclear Power, expected to complete by year-end [4] - Future capital expenditures will primarily be funded through bank loans, with minimal additional capital anticipated for completed projects [34] Environmental Impact - The company's operations contributed to a reduction of approximately 34.09 million tons of standard coal consumption and about 107 million tons of CO2 emissions, supporting national carbon neutrality goals [14] Future Outlook - The company plans to enhance research on strategic issues and improve operational management to ensure safe production during peak demand seasons [25] - Anticipated stable macroeconomic growth is expected to drive higher electricity consumption demand in H2 2025, benefiting nuclear unit generation [26] Conclusion - The company is positioned to leverage ongoing projects and market dynamics while focusing on safety, operational efficiency, and environmental sustainability to navigate the challenges and opportunities in the nuclear power sector.

加强电力营销能力与核能综合利用是重要手段。 电力市场化交易大趋势下，核电公司盈利情况受到的影响越发明显。 中国广核（003816.SZ）、中国核电（601985.SH）陆续披露半年报，前者上半年净利润同比下滑16.3% 至59.52亿元，系2019年以来近七年内首次出现同期净利润下降；后者净利润同比微降3.66%至56.66亿 元，相较于近五年来净利润增幅亦下滑明显。 对于业绩下滑，这两家核电企业均表示系电力现货市场加速建设、新能源全面入市下，电力市场交易价 格出现下降所致。 但同时，两家公司参与市场化交易的电量也在同步增加，中国广核该部分电量占公司总上网电量比重达 56.1%，同比增加了3.7个百分点。这也解释了为何中国广核上半年总上网电量增长，但公司营收、净利 润却双双下滑的情况。 第一财经记者注意到，中国核电的核电及相关业务归母净利润逆势增长了9.48%至53.22亿元，但由于所 持风电、光伏等新能源资产较多，公司总归母净利润仍难挡下滑趋势。 市场电价波动影响 中国核电和中国广核主要业务包括建设、运营和管理核电站，公司盈利主要源自电力销售业务。其中， 中国核电近年来还在大力开拓风电、光伏等非核清洁能源产 ...

中国广核电力股份有限公司 2025 年上半年，公司管理的核电机组实现上网电量约 1133.60 亿千 瓦时，同比增长 6.93%；公司子公司实现上网电量 892.65 亿千瓦时，同 比增长 8.82%；公司管理核电机组平均利用小时数为 3784 小时，同比提 升 125 小时。 上半年，公司已按计划完成 8 个年度大修和 2 个十年大修，其中包 括 2024 年开始的 1 个年度换料大修。上半年大修总天数约为 414 天， 较去年同期减少约 109 天。根据公司大修计划的总体安排，预计全年大 修天数将较去年有所减少，贡献增量电量。 上半年，公司累计上网电量等效燃煤发电减少标煤消耗约 3409 万吨、减排二氧化碳约 1.07 亿吨，为助力国家实现"双碳"目标贡献 | 核电力量。 | | --- | | 2025 年上半年，公司参与市场化交易比例约为 56.1%，较去年同期 | | 略有提升，受全市场交易价格总体下降影响，公司上半年市场化交易平 | | 均电价总体有所下降。 | | 财务业绩方面，公司上半年实现营业收入人民币 391.67 亿元，同 | | 比下降 0.5%。实现归母净利润为人民币 59.52 亿 ...

Core Viewpoint - UBS has upgraded China General Nuclear Power (01816) from "Sell" to "Neutral" due to its favorable position in accelerating the deployment of Small Modular Reactors (SMR) in China and potential benefits from advancements in nuclear fusion technology [1] Summary by Relevant Categories Company Positioning - China General Nuclear Power is well-positioned to benefit from the rapid deployment of SMR technology in China [1] - The company may also gain from breakthroughs in nuclear energy technology in the long term [1] Financial Outlook - UBS has raised the target price for China General Nuclear Power from HKD 2.3 to HKD 3.4, indicating a reasonable valuation with limited downside [1] - The cash flow discount rate used for valuation suggests that the current price reflects the company's financial health [1] Short-term Risks - UBS remains cautious about the short-term outlook for China General Nuclear Power, primarily due to risks associated with declining market electricity prices and rising uranium procurement costs [1] - The company is expected to face ongoing profit pressure until 2026, with earnings per share forecasts for 2025 to 2027 approximately 11% lower than market expectations [1]

但瑞银对中广核电力短期前景仍保持审慎，主要考虑到市场化电价下行及铀采购成本上升的风险，预期 盈利压力将持续至2026年，目前对其2025至2027年每股盈利预测仍较市场普遍预期低约11%。 智通财经APP获悉，瑞银发布研报称，中广核电力(01816)在中国加速推进小型模块化反应堆(SMR)部署 方面处于有利位置，长远或能受惠于核聚变技术发展，受惠核能技术突破，将评级由"沽售"调升至"中 性"，现时估值合理，下行空间有限，以现金流折现率计，目标价由2.3港元上调至3.4港元。 ...

国金证券股份有限公司张君昊,唐执敬近期对中国广核（003816）进行研究并发布了研究报告《电价拖累 业绩，管理在建机组达20台》，给予中国广核买入评级。 中国广核 业绩简评 8月27日晚间公司披露25年中报，1H25实现营收391.7亿元，同比-0.5%；实现归母净利润59.5亿元，同 比-16.3%。2Q25实现营收191.4亿元，同比-5.2%；实现归母净利润29.3亿元，同比-16.5%。 经营分析 | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | 研报数 | 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-07-09 | 中信证券 | 李樹 | - | -- | - | 99.28 G | 103.07 Z | 108.89 Z | 4.00 | | 2025-04-28 | 方正证券 | 我 | -- | -- | ...

Group 1: Company Performance - XINWANDA reported a revenue of 26.985 billion yuan, a year-on-year increase of 12.82%, and a net profit of 856 million yuan, up 3.88% [1] - GUANGXUN TECHNOLOGY achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [1] - NORTHEAST SECURITIES posted a revenue of 2.046 billion yuan, a year-on-year increase of 31.66%, and a net profit of 431 million yuan, up 225.90% [1][2] - SHANXI COAL reported a revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.014 billion yuan, down 48.44% [3] - SHENGTIAN NETWORK achieved a revenue of 633 million yuan, a year-on-year increase of 17.23%, and a net profit of 52.304 million yuan, up 1186.02% [4] - SANLIAN FORGING reported a revenue of 775 million yuan, a year-on-year increase of 6.86%, and a net profit of 71.335 million yuan, up 3.88% [5][6] - JIAMEI PACKAGING posted a revenue of 1.257 billion yuan, a year-on-year decrease of 8.73%, and a net profit of 19.7416 million yuan, down 65.59% [8] - ANZHENG FASHION achieved a revenue of 1.146 billion yuan, a year-on-year increase of 12.38%, and a net profit of 22.0834 million yuan, turning from a loss of 12.1096 million yuan in the previous year [9] - HUAHENG BIO reported a revenue of 1.489 billion yuan, a year-on-year increase of 46.54%, and a net profit of 115 million yuan, down 23.26% [10] - BAIREN MEDICAL achieved a revenue of 248 million yuan, a year-on-year increase of 30.07%, and a net profit of 71.4006 million yuan, up 102.90% [12] - TIANZHIHANG reported a revenue of 125 million yuan, a year-on-year increase of 114.89%, but a net loss of 57.5482 million yuan, worsening by 23.80% [14] - AIBO MEDICAL achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, up 2.53% [15] - ZHONGSHAN SHIPPING reported a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, and a net profit of 2.125 billion yuan, down 14.91% [16] - SHANGHAI XINYANG achieved a revenue of 897 million yuan, a year-on-year increase of 35.67%, and a net profit of 133 million yuan, up 126.31% [17] - SHANCOAL INTERNATIONAL reported a revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit of 655 million yuan, down 49.25% [18] - GUIDANCE reported a revenue of 935 million yuan, a year-on-year increase of 71.55%, and a net profit of 143 million yuan, turning from a loss of 48.9539 million yuan in the previous year [19] - YINGFANGWEI reported a revenue of 1.927 billion yuan, a year-on-year increase of 4.48%, but a net loss of 32.2966 million yuan, worsening from a loss of 22.4024 million yuan in the previous year [21] - CHINA COMMUNICATIONS reported a revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit of 1.621 billion yuan, up 1.34% [22] - CHINA GENERAL NUCLEAR reported a revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit of 5.951 billion yuan, down 16.30% [23] - CHINA HEAVY TRUCK reported a revenue of 26.162 billion yuan, a year-on-year increase of 7.22%, and a net profit of 669 million yuan, up 8.10% [24] - SHENGGUANG GROUP achieved a revenue of 9.275 billion yuan, a year-on-year increase of 22.78%, and a net profit of 60.8446 million yuan, up 3.06% [25] Group 2: Dividend Proposals - XINWANDA proposed a cash dividend of 0.6 yuan per 10 shares [1] - SHANXI COAL proposed a cash dividend of 0.36 yuan per 10 shares [3] - ZHONGSHAN SHIPPING proposed a cash dividend of 0.7 yuan per 10 shares [16] - CHINA HEAVY TRUCK proposed a cash dividend of 3.15 yuan per 10 shares [24]