Financial Performance - The group's operating revenue for the year ended December 31, 2024, was approximately RMB 86,804.4 million, an increase of 5.2% compared to 2023[4] - Net profit attributable to shareholders of the parent company was approximately RMB 10,813.9 million, reflecting a growth of 0.8% from 2023[4] - After excluding non-recurring gains and losses, net profit attributable to shareholders of the parent company was approximately RMB 10,712.8 million, up by 0.9% year-on-year[4] - Total revenue for 2024 reached RMB 86.61 billion, an increase of 5.5% from RMB 82.35 billion in 2023[15] - The total profit for the year was approximately RMB 21,596.5 million, compared to RMB 20,530.6 million in 2023[7] - Basic and diluted earnings per share for the year were both RMB 0.214, compared to RMB 0.212 in the previous year[7] - The company reported a total comprehensive income of approximately RMB 17,619.7 million, compared to RMB 17,042.5 million in 2023[7] - Total operating costs for 2024 amounted to RMB 57,265,603.08 thousand, up 8.3% from RMB 52,857,623.13 thousand in 2023[75] - The company reported a net profit margin improvement, with net profit increasing alongside revenue growth, indicating effective cost management strategies[15] Assets and Liabilities - Total assets as of December 31, 2024, amounted to approximately RMB 425,400.7 million, compared to RMB 415,250.4 million as of December 31, 2023[8] - Total liabilities increased to RMB 253.08 billion in 2024, compared to RMB 249.95 billion in 2023, marking a rise of 1.5%[9] - Current liabilities totaled RMB 83.48 billion, up from RMB 77.39 billion, indicating an increase of 7.3%[9] - Long-term borrowings decreased to RMB 155.72 billion from RMB 159.27 billion, a decline of 2.9%[9] - The total equity attributable to shareholders increased to RMB 119.44 billion from RMB 113.24 billion, a growth of 5.4%[9] Cash Flow and Investments - The net cash inflow from operating activities increased by 14.8% to RMB 38.02 billion in 2024, compared to RMB 33.12 billion in 2023[81] - Fixed asset investments reached approximately RMB 20.57 billion in 2024, representing a significant increase of 31.9% from RMB 15.60 billion in 2023[83] - The net cash outflow from investment activities rose by 61.2% to RMB 20.17 billion in 2024, compared to RMB 12.51 billion in 2023[81] - The company made equity investments totaling approximately RMB 601.1 million in joint ventures, increasing its stake in Ningde No. 2 Nuclear Power to 51%[84] Dividends - The board proposed a final cash dividend of RMB 0.095 per share (tax included)[4] - The company plans to distribute a final dividend of RMB 0.095 per share for the year ending December 31, 2024, totaling RMB 4,797,368,054.50[62] - The final dividend for the year ending December 31, 2023, is RMB 0.094 per share (tax included), with a dividend payout ratio of 44.26% of the net profit attributable to shareholders[142] - The company is committed to increasing the dividend payout ratio moderately based on annual performance, targeting at least 30% of the net profit attributable to shareholders for future distributions[142] Research and Development - The company's research and development expenses for the year were approximately RMB 2,442.9 million, slightly up from RMB 2,419.8 million in 2023[6] Safety and Environmental Management - The company is committed to safety management, prioritizing nuclear safety in all phases of nuclear power station operations[105] - The company maintained a historical record of no Level 2 or above nuclear incidents at its operating nuclear power stations in 2024[107] - The radioactive waste management strictly adhered to national standards, with no administrative penalties due to environmental issues in 2024[119] - The company managed to keep the total radioactive discharge levels well below the national limits across all operating nuclear units[121] Operational Performance - The company manages 28 operational nuclear units with a total capacity of 31,798 MW, reflecting a 3.70% increase in the number of units and a 4.02% increase in capacity compared to the previous year[104] - The average capacity factor for the 28 operating units in 2024 was 91.91%, up from 89.43% in 2023[114] - The total electricity generated by the operating nuclear units in 2024 was 227.28 billion kWh, representing a 6.13% increase compared to 2023[109] - The average utilization hours for the operating units in 2024 reached 7,710 hours, compared to 7,509 hours in 2023[114] Market and Strategic Positioning - The national energy strategy emphasizes the development of nuclear power, with the operational and under-construction scale of nuclear power in China reaching the world's largest by the end of 2024[100] - The company is positioned to benefit from the strategic opportunities in the nuclear energy sector as the country accelerates its green transformation and energy security initiatives[100] - The national unified electricity market has seen a significant increase in trading volume, with market transactions accounting for 62.7% of total electricity consumption, up 1.3 percentage points year-on-year[103] Governance and Compliance - The audit and risk management committee has reviewed and confirmed the company's annual performance for 2024, with audited consolidated financial statements prepared in accordance with Chinese accounting standards[151] - KPMG Huazhen LLP has audited the company's consolidated financial statements for the year ending December 31, 2024, and issued a standard unqualified audit opinion[152] - The company has established a board safety committee to enhance oversight of nuclear safety management[149] - The company has complied with all provisions of the listing rules and best practices during the reporting period[149]

证券代码：003816 证券简称：中国广核 公告编号：2025-015 中国广核电力股份有限公司 关于举行2024年度业绩发布会并征集问题的公告 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。 中国广核电力股份有限公司（以下简称"公司"）将于 2025 年 3 月 26 日披 露公司 H 股 2024 年度业绩公告，于 2025 年 3 月 27 日披露公司 A 股 2024 年年 度报告、年报摘要和 ESG 报告，并于 2025 年 3 月 27 日下午召开 2024 年度业绩 发布会。 为便于广大投资者进一步详细了解公司生产经营情况，本次业绩发布会将采 用网络视频直播的方式举行，欢迎广大投资者积极参与。 一、网络业绩发布会的安排 1. 召开时间：北京时间 2025 年 3 月 27 日（星期四）下午 15:00-16:30 2. 召开方式：网络视频直播 3. 出席人员：董事长杨长利先生及/或执行董事兼总裁高立刚先生、独立董 事徐华女士、财务总监兼董事会秘书尹恩刚先生、副总裁秦余新先生、副总裁刘 海军先生等（如遇特殊情况，参会人员可能进行调整） 4. 会议语 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-014 中国广核电力股份有限公司 向不特定对象发行可转换公司债券获得 中国证券监督管理委员会同意注册批复的公告 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。 中国广核电力股份有限公司（以下简称"公司"）近日收到中国证券监督管 理委员会《关于同意中国广核电力股份有限公司向不特定对象发行可转换公司债 券注册的批复》（证监许可〔2025〕479 号），批复主要内容如下： 一、同意公司向不特定对象发行可转换公司债券的注册申请。 二、公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案实 施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时报 告深圳证券交易所并按有关规定处理。 公司董事会将根据上述文件和相关法律法规的要求，以及公司股东大会及类 别股东大会的授权，在规定的期限内办理本次向不特定对象发行可转换公司债券 的相关事宜，并及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 中国广核电力股份有限公司董事会 2025 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for various companies based on their performance and market conditions [3][20][21]. Core Insights - The power sector outperformed the broader market, with the public utility sector index rising by 2.19% and the electricity sub-sector by 2.21% during the week ending March 14, 2025 [1][7]. - Significant investments are being made in renewable energy projects, particularly in the "Shagou Desert" area, with major state-owned enterprises planning substantial capacity expansions [2][23]. - The report emphasizes the acceleration of the electricity spot market construction and the establishment of a unified national electricity market system [2][28]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2287.91 points, up 49.11 points, while the electricity sub-sector closed at 3042.41 points, up 65.87 points, indicating strong performance compared to the Shanghai and Shenzhen 300 index, which rose by 1.59% [1][7]. - Among the electricity sub-sectors, photovoltaic power generation saw a rise of 4.68%, followed by thermal services at 3.80%, and comprehensive energy services at 3.57% [14][19]. Investment Recommendations - For thermal power, the report recommends companies like Sheneng Co. and Funeng Co., while cautiously recommending Waneng Power and Huadian International [3][19]. - In the green energy sector, it suggests investing in Three Gorges Energy and keeping an eye on new energy companies like Xintian Green Energy [3][19]. - The report highlights the stable performance of large hydropower companies, recommending Changjiang Electric Power, and notes the growth potential in nuclear power with a recommendation for China Nuclear Power [3][19]. Industry Developments - The report discusses the ongoing construction of the "Shagou Desert" renewable energy base and the promotion of cross-regional energy dispatch projects to enhance energy supply security [2][22]. - It notes that Xinjiang's electricity export volume reached 126.4 billion kilowatt-hours in 2024, marking a continuous increase over five years [2][23]. - The establishment of a national carbon market and the first cross-regional green electricity transaction are highlighted as significant steps towards market integration [28][29].

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。 公司于 2023 年 9 月 5 日收到交易商协会下发的《接受注册通知书》（文件编 号：中市协注〔2023〕TDFI27 号，以下简称"通知书"），批准公司注册发行多 品种债务融资工具，自通知书落款之日起两年内有效，公司在注册有效期内可分 期发行超短期融资券、短期融资券、中期票据、永续票据、资产支持票据、绿色 债务融资工具、定向债务融资工具等产品。相关内容详见公司于 2023 年 9 月 11 日刊登于巨潮资讯网（http://www.cninfo.com.c ...

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-012 中国广核电力股份有限公司 关于公司 2024 年度第二期超短期融资券到期兑付的公告 债券兑付日如遇法定节假日，则划付资金的时间相应顺延。债券持有人资金 汇划路径变更，应在兑付前将新的资金汇划路径及时通知银行间市场清算所股份 有限公司。因债券持有人资金汇划路径变更未及时通知银行间市场清算所股份有 限公司而不能及时收到资金的，发行人及银行间市场清算所股份有限公司不承担 由此产生的任何损失。 三、本次兑付相关机构 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 6 月 11 日完成了 2024 年度第二期超短期融资券（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 15 亿元，期限为 268 天，票面利率为 1.79%， 面值为人民币 100 元，由中国光大银行股份有限公司、宁波银行股份有限公司承 销。 鉴于本期超短融将于 2025 年 3 月 7 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 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-011 中国广核电力股份有限公司 关于陆丰 1 号机组即将开始全面建设的公告 中国广核电力股份有限公司（以下简称"公司"或"本公司"）的子公司中广 核陆丰核电有限公司的陆丰1号机组即将于2025年2月24日进行核岛首罐混凝土浇筑 （FCD），即陆丰1号机组将于该日开始全面建设，进入土建施工阶段。 陆丰 1 号机组的装机容量为 1,245MW。 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。 特此公告。 中国广核电力股份有限公司董事会 2025年2月21日 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。 ...