Investment Rating - Maintains an "Overweight" rating with a target price of 5.75 RMB [2] - Current price is 4.22 RMB, indicating potential upside [2] Core Views - 3Q24 performance meets expectations with revenue of 228.9 billion RMB, up 11.3% YoY, and net profit of 28.7 billion RMB, up 4.9% YoY [8] - Controlled grid-connected electricity in 3Q24 reached 48.3 billion kWh, up 15.2% YoY, driven by new capacity and the restart of Taishan Nuclear Power [8] - Operating profit in 3Q24 was 5.64 billion RMB, up 6.0% YoY, with slower profit growth due to increased costs and R&D expenses [8] - The company has a robust pipeline of nuclear power projects, with 16 units under construction or in preparation, totaling 19.4 GW [8] Financial Summary - 1~3Q24 revenue reached 622.7 billion RMB, up 4.1% YoY, with net profit of 99.8 billion RMB, up 2.9% YoY [8] - 2024E revenue is projected at 865.79 billion RMB, up 4.9% YoY, with net profit of 114.05 billion RMB, up 6.3% YoY [9] - EPS for 2024E is forecasted at 0.23 RMB, with ROE expected to remain stable at 9.5% [9] Market Data - 52-week stock price range is 2.92-5.21 RMB [3] - Market capitalization stands at 213.104 billion RMB [3] - P/E ratio for 2024E is 18.68x, with a P/B ratio of 1.78x [9] Industry and Growth Prospects - The company benefits from China's push for clean energy, with 6 new nuclear units approved in 2024, the highest in recent years [8] - The company manages 16 nuclear units under construction or in preparation, with 7 units already under construction totaling 8.4 GW [8] - Future growth is supported by a strong pipeline of projects, including 9 units in preparation with a total capacity of 11.0 GW [8] Financial Ratios and Projections - 2024E gross margin is projected at 34.8%, with EBIT margin at 31.3% [10] - ROIC for 2024E is expected to improve to 6.1%, up from 5.7% in 2023A [10] - Capital expenditure is forecasted to increase to 15.878 billion RMB in 2024E, up from 14.232 billion RMB in 2023A [10] Peer Comparison - The company's 2024E P/E ratio of 19x is slightly higher than the peer average of 18x [11] - The company's 2024E P/B ratio of 1.78x is lower than the peer average of 2.34x [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported a revenue of 62.27 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.06%, with a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% [5]. - The company's power generation increased significantly, with a total generation of approximately 178.07 billion kWh for the first nine months of 2024, representing a 4.93% year-on-year growth [5]. - The company has received approval for six new nuclear units, entering a phase of intensive construction and commissioning, which is expected to support stable growth in future earnings [5]. - Financial costs have decreased due to interest rate cuts, with financial expenses for the first nine months of 2024 amounting to 3.88 billion yuan, a reduction of 348 million yuan year-on-year [5]. Summary by Sections Market Data - Closing price: 4.22 yuan - One-year high/low: 5.25/2.91 yuan - Market capitalization: 165,994 million yuan [2]. Financial Data - Net asset per share: 2.35 yuan - Debt-to-asset ratio: 59.45% - Total shares: 50,499 million [3]. Earnings Forecast - Projected net profit for 2024-2026: 12.20 billion, 12.91 billion, and 13.98 billion yuan respectively, with corresponding PE ratios of 17, 17, and 15 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company reported a revenue of 62.27 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 4.1%, with Q3 revenue reaching 22.89 billion RMB, up 11.3% year-on-year [2]. - The net profit attributable to the parent company for the first three quarters of 2024 was 9.98 billion RMB, a 2.9% increase year-on-year, while Q3 net profit was 2.87 billion RMB, up 4.9% year-on-year, aligning with expectations [2]. - The increase in electricity generation is attributed to the operational contributions from the Fangchenggang and Taishan nuclear power plants, with a significant 52.9% year-on-year increase in electricity output for the first three quarters of 2024 [3]. Summary by Sections Financial Performance - The company is projected to achieve net profits of 11.93 billion RMB, 12.96 billion RMB, and 13.33 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.24, 0.26, and 0.26 RMB, leading to PE ratios of 18x, 16x, and 16x [4][8]. Operational Highlights - The Fangchenggang Unit 3 commenced operation in March 2023, and Unit 4 is expected to start in May 2024, contributing to the increase in electricity generation [3]. - The Huizhou Unit 1 has completed hot testing and is expected to be operational by 2025, while the Ningde Unit 5 has entered the construction phase [3]. Market Sentiment - The report indicates a strong market sentiment with a consistent "Buy" recommendation across multiple reports, reflecting confidence in the company's growth trajectory [11][12].

Investment Rating - The report maintains an "Overweight" rating for China General Nuclear Power (1816) [3] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 62.27 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 9.98 billion yuan, up 2.9% year-on-year [3] - The company has a robust pipeline of projects under construction and reserves, indicating significant growth potential in the long term [2][3] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 22.89 billion yuan, a year-on-year increase of 11.3%, and a net profit of 2.87 billion yuan, up 4.9% year-on-year [3] - The total controllable power generation in Q3 2024 was 48.3 billion kWh, representing a year-on-year increase of 15.2%, primarily due to the commissioning of the Fangchenggang Unit 4 and the restart of the Taishan Nuclear Power Plant [3] Project Development - As of the end of Q3 2024, the company manages 16 approved nuclear power units under construction or awaiting final construction decision (FCD), with 7 units already under construction (total capacity of 8.4 GW) and 9 units in the FCD preparation stage (total capacity of 11.0 GW) [3] - The approval of 6 new nuclear power units in August 2024 marks the highest number of approvals in recent years, indicating strong governmental support for nuclear energy development [3] Market Position - The current stock price is 2.92 HKD, with a market capitalization of 147.456 billion HKD [4] - The company is positioned favorably compared to peers, with a projected EPS of 0.23/0.25/0.26 HKD for 2024-2026 and a target price of 3.90 HKD [3][7]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company reported a revenue of 62.27 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 9.98 billion yuan, reflecting a 2.93% increase year-on-year [2]. - In Q3 2024, the company achieved a revenue of 22.89 billion yuan, up 11.31% year-on-year, and a net profit of 2.87 billion yuan, which is a 4.87% increase year-on-year [2]. - The company's power generation increased significantly in Q3 2024, with a total of 51.317 billion kWh generated, marking a 15% year-on-year growth, driven by the contributions from the Fangchenggang and Taishan nuclear power plants [2][3]. Financial Performance Summary - The company’s revenue is projected to reach 86.73 billion yuan in 2024, with a growth rate of 5.07%, and net profit is expected to be 11.12 billion yuan, reflecting a growth rate of 3.71% [4]. - The gross margin for 2024 is forecasted to be 34.82%, slightly down from 35.97% in 2023 [4]. - The company’s return on equity (ROE) for Q3 2024 was 2.46%, with a slight decrease in non-recurring ROE to 2.37% [2]. Long-term Growth Potential - As of September 30, 2024, the company manages 16 approved and under-construction nuclear power units, indicating a robust project pipeline and long-term growth potential [3]. - The company is expected to commission 1, 2, 2, 1, and 1 new units from 2025 to 2029, ensuring sustained growth [3]. Future Outlook - For Q4 2024, the company anticipates continued growth in power generation due to the operational contributions from the Fangchenggang and Taishan units, with fewer major repairs planned compared to the previous year [2].

Investment Rating - The report maintains a "Hold" rating for China General Nuclear Power Corporation (CGN) [2][4] Core Views - The company reported a revenue of 62.27 billion yuan for Q3 2024, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% year-on-year [1] - The company plans to issue convertible bonds to raise up to 4.9 billion yuan to support the construction of the Lufeng Nuclear Power Plant [1] - The company has a robust pipeline with 16 approved nuclear units under construction, which supports steady future performance [2] Financial Performance Summary - For the first three quarters of 2024, the company's revenue increased by 4.06% year-on-year, while net profit grew by 2.93% [1] - The company expects revenues of 88.97 billion yuan, 93.52 billion yuan, and 99.83 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 12.15 billion yuan, 12.40 billion yuan, and 13.19 billion yuan [2][3] - The projected P/E ratios for 2024, 2025, and 2026 are 17.5, 17.2, and 16.2 respectively [2][3] Operational Highlights - The company’s electricity generation increased by 5.02% year-on-year, contributing to the revenue growth [1] - The construction activities for the Huizhou and Cangnan nuclear projects have increased, positively impacting the engineering segment [1] - The company’s financial expenses have decreased, and other income and investment income have increased, contributing to the net profit growth [1]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4][6]. Core Views - The company has demonstrated stable performance with sufficient long-term growth potential, as evidenced by its revenue and profit growth in the first three quarters of 2024 [3][4]. - The company has received approval for six new nuclear power units, which, along with the management of additional units, is expected to enhance future growth prospects [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 62.27 billion yuan, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% year-on-year [3]. - The basic earnings per share (EPS) for the same period was 0.1977 yuan, reflecting a growth of 2.92% year-on-year [3]. - The gross profit margin was 36.72%, down 8.15 percentage points year-on-year, while the net profit margin was 24.89%, a decrease of 2.70 percentage points year-on-year [3]. Operational Highlights - The company's installed capacity reached 31.76 million kilowatts by the end of Q3 2024, marking a year-on-year increase of 3.89% [3]. - The total power generation managed by the company from January to September 2024 was approximately 178.07 billion kWh, up 4.93% year-on-year [3]. - In Q3 2024, the company generated 64.69 billion kWh of electricity, with a year-on-year increase of 14.7% [3]. Future Growth Potential - The company is set to operate additional units, including the newly operational Fangchenggang Unit 4 and the recovery of Taishan Unit 1, which are expected to contribute to stable growth in electricity generation [4]. - The company has a significant number of units awaiting operation, and the potential injection of managed assets from the parent group is anticipated to further expand the company's asset scale [4][5]. Earnings Forecast - The forecasted net profits for the company for 2024, 2025, and 2026 are 11.83 billion yuan, 12.26 billion yuan, and 12.42 billion yuan, respectively, with corresponding EPS of 0.23 yuan, 0.24 yuan, and 0.25 yuan [4][5].

Financial Performance - The company's operating revenue for Q3 2024 reached approximately CNY 22.89 billion, representing an increase of 11.31% compared to the same period last year[4]. - The net profit attributable to shareholders for Q3 2024 was approximately CNY 2.87 billion, reflecting a growth of 4.87% year-on-year[4]. - The net profit attributable to shareholders for the first nine months of 2024 was approximately CNY 9.98 billion, up 2.93% year-on-year[7]. - The company's total profit for the first nine months of 2024 was approximately CNY 18.60 billion, reflecting a growth of 1.12% year-on-year[7]. - The net profit for the third quarter of 2024 was CNY 15,497,317,921.14, an increase from CNY 15,306,551,008.25 in the same period last year, representing a growth of approximately 1.25%[23]. - The total revenue for the third quarter was CNY 18,599,067,100.36, compared to CNY 18,392,759,700.17 in the previous year, indicating a year-over-year increase of about 1.13%[23]. - The basic and diluted earnings per share for the third quarter were both CNY 0.1977, up from CNY 0.1921 in the same quarter last year, reflecting a growth of approximately 2.92%[24]. - The company's operating profit for the quarter was CNY 18,628,431,871.31, compared to CNY 18,467,709,631.93 in the previous year, reflecting a growth of about 0.87%[23]. Assets and Liabilities - The company's total assets as of September 30, 2024, amounted to approximately CNY 421.50 billion, a 1.51% increase from the end of the previous year[4]. - Total assets reached ¥421.50 billion, up from ¥415.25 billion, indicating a growth of approximately 1.6%[21]. - Total liabilities increased to ¥250.60 billion from ¥249.95 billion, a slight rise of about 0.3%[21]. - Total liabilities increased by 40.58% to ¥7,215,874.18 million, reflecting higher borrowing to meet operational and investment needs[10]. - The company's equity attributable to shareholders increased to approximately CNY 118.45 billion, a rise of 4.60% from the previous year[4]. - The company's equity attributable to shareholders rose to ¥118.45 billion from ¥113.24 billion, an increase of approximately 4.0%[21]. Cash Flow and Investments - The company reported a cash flow from operating activities net amounting to approximately CNY 25.82 billion, which is a decrease of 4.36% compared to the same period last year[4]. - Cash flow from operating activities for the period was CNY 25,820,398,997.06, a decrease from CNY 26,997,797,062.71 in the previous year, showing a decline of about 4.36%[25]. - The company experienced a net cash increase of CNY 4,862,533,499.34 during the quarter, compared to CNY 3,045,503,904.45 in the same period last year, indicating a significant increase of approximately 59.73%[26]. - Investment cash payments rose by 365.74% to ¥27,944.66 million, primarily due to the acquisition of a stake in Ningde Second Nuclear Power[10]. Shareholder Information - The number of ordinary shareholders reached 199,567, with the largest shareholder, China General Nuclear Power Corporation, holding 58.89%[11]. - China General Nuclear Power Corporation (CGN) reported a total shareholding of 29,176,641,375 shares of RMB ordinary shares[12]. - BlackRock, Inc. holds 750,885,325 shares, representing 1.49% of the total shares[12]. - Citigroup, Inc. holds 696,206,995 shares, representing 1.38% of the total shares[12]. - The total number of shares held by the top ten shareholders amounts to 29,736,876,375 shares[12]. Government and Regulatory Matters - The company received government subsidies amounting to CNY 10.03 million during the reporting period, primarily related to research projects[5]. - Approval was granted for new nuclear projects including Zhaoyuan units 1 and 2, and Lufeng units 1 and 2, along with Cangnan units 3 and 4[18]. - The company plans to issue A-share convertible bonds with a total amount not exceeding RMB 4.9 billion, aimed at funding the Guangdong Lufeng Nuclear Power Plant units 5 and 6[16]. Operational Highlights - The total electricity generated by the company's nuclear power units from January to September 2024 was approximately 166.89 billion kWh, an increase of 4.97% compared to the previous year[7]. - The construction of the Ningde 5 unit commenced on July 28, 2024, entering the civil construction phase[15]. Accounting and Reporting - The third quarter report of China General Nuclear Power Corporation for 2024 has not been audited[27]. - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[27]. - The report was released on October 23, 2024, by the board of directors[27]. - There are no specific performance summaries, user data, or future outlooks provided in the report[27]. - The report does not disclose any financial figures or performance metrics for the third quarter[27]. - The report indicates that it is the first execution of the new accounting standards, but details are lacking[27]. - The absence of an audit may affect the reliability of the financial data presented[27].

证券代码：003816 证券简称：中国广核 公告编号：2024-062 中国广核电力股份有限公司 本公司与中广核于2021年11月30日订立了《2022年至2024年技术支持与维修 服务框架协议》，服务范围及截至2022年、2023年和2024年12月31日止年度的年 度交易金额上限（以下简称"年度上限"）已经本公司第三届董事会第十一次会 议批准。相较于《2022年至2024年技术支持与维修服务框架协议》订立时的预计 情况，（1）本集团接受中广核集团的数智化服务逐渐增多，且拓展至核电站运维 领域，服务范围需增加"数智化技术服务"；（2）本集团接受中广核集团的数智 化服务增加较多，已批准的本集团于2024年接受中广核集团服务的交易金额上限 需要进行调增；（3）根据惠州核电项目和苍南核电项目的建设进展，及中广核集 团风电、光伏项目建设需要，由本集团提供的核电项目生产准备期间技术服务、 新能源项目设备监造及检验服务增多，已批准的本集团于2024年向中广核集团提 供服务的交易金额上限需要进行调增。 2.中广核为本公司的控股股东。按照《深圳证券交易所股票上市规则》的规 定，中广核集团为本公司的关联人，订立上述协议构成关 ...

Financial Performance - Revenue for Q3 2024 reached RMB 22.89 billion, an increase of 11.31% year-over-year[4] - Net profit attributable to shareholders for Q3 2024 was RMB 2.87 billion, up 4.87% year-over-year[4] - Revenue for the first nine months of 2024 was RMB 622.70 billion, up 4.06% year-over-year, driven by increased electricity generation and construction projects[7] - Net profit attributable to shareholders for the first nine months of 2024 was RMB 99.84 billion, a 2.93% increase year-over-year[7] - Total operating revenue for the period reached 62.27 billion RMB, compared to 59.84 billion RMB in the previous period, representing a 4.06% increase[23] - Operating profit for the period was 18.63 billion RMB, slightly higher than the 18.47 billion RMB in the previous period[24] - Net profit attributable to parent company shareholders was 9.98 billion RMB, up from 9.70 billion RMB in the previous period, a 2.93% increase[24] - Basic earnings per share (EPS) for the period was 0.1977, compared to 0.1921 in the previous period[25] Assets and Liabilities - Total assets as of the end of Q3 2024 stood at RMB 421.50 billion, a 1.51% increase from the end of the previous year[4] - Total assets as of the end of Q3 2024 amounted to RMB 421.50 billion, an increase from RMB 415.25 billion at the beginning of the period[20] - Total liabilities as of the end of Q3 2024 were RMB 250.60 billion, slightly up from RMB 249.95 billion at the beginning of the period[21] - Owner's equity as of the end of Q3 2024 stood at RMB 170.90 billion, compared to RMB 165.30 billion at the beginning of the period[22] Cash Flow and Financing - Cash and cash equivalents increased by 31.86% to RMB 2.08 billion, primarily due to the issuance of medium-term notes for debt repayment[8] - Cash received from investments decreased by 32.68% to 75,059.72 million yuan, primarily due to reduced cash dividends from equity investments[11] - Cash paid for investments increased by 365.74% to 27,944.66 million yuan, mainly due to the acquisition of equity in Ningde Second Nuclear Power[11] - Cash received from borrowings increased by 40.58% to 7,215,874.18 million yuan, primarily to meet operational, investment, and debt repayment needs[11] - Net increase in cash and cash equivalents rose by 59.66% to 486,253.35 million yuan, driven by changes in operating, investing, and financing cash flows[11] - Cash flow from operating activities was 25.82 billion RMB, a decrease from 26.99 billion RMB in the previous period[26] - Sales of goods and services generated 70.35 billion RMB in cash inflows, up from 68.59 billion RMB in the previous period[26] - Cash outflows for purchasing goods and services increased to 30.56 billion RMB from 27.98 billion RMB in the previous period[26] - Cash inflows from investment activities decreased to 3.91 billion RMB from 4.83 billion RMB in the previous period[26] - Cash outflow for investment activities totaled 13,121,125,914.05 yuan, an increase from 12,103,714,564.02 yuan in the previous period[27] - Net cash flow from investment activities was -9,212,392,032.58 yuan, compared to -7,270,305,590.63 yuan previously[27] - Cash inflow from financing activities reached 72,257,347,456.54 yuan, up from 51,409,074,606.69 yuan[27] - Net cash flow from financing activities was -11,760,067,547.52 yuan, an improvement from -16,700,126,362.39 yuan[27] - The company's cash and cash equivalents increased by 4,862,533,499.34 yuan, compared to 3,045,503,904.45 yuan in the previous period[27] - Ending cash and cash equivalents balance stood at 13,960,170,772.96 yuan, up from 10,603,107,457.03 yuan[27] Business Operations - Total electricity generated by the company's nuclear power plants in the first nine months of 2024 was 166.89 billion kWh, a 4.97% increase year-over-year[7] - Construction of Ningde Unit 5 commenced on July 28, 2024, marking the start of full-scale civil construction[16] - The company plans to issue A-share convertible bonds with a total fundraising amount not exceeding RMB 4.9 billion, to be used for the Guangdong Lufeng Nuclear Power Plant Units 5 and 6 project[17] - The company received approval from the State Council for new nuclear projects, including Zhaoyuan Units 1 and 2, Lufeng Units 1 and 2, and Cangnan Units 3 and 4 on August 19, 2024[19] Other Financial Metrics - Contract assets grew by 69.93% to RMB 521.62 billion, reflecting increased project business volume[8] - Contract liabilities increased by 54.44% to RMB 439.67 billion, also due to higher project business volume[8] - Other current liabilities surged by 1,668.02% to RMB 268.27 billion, mainly due to the issuance of ultra-short-term financing bonds[8] - Other business revenue decreased by 44.13% to 8,504.47 million yuan, primarily due to reduced income from material sales and leasing business[10] - Other business costs decreased by 31.13% to 8,380.76 million yuan, mainly due to reduced costs from material sales and leasing business[10] - Credit impairment losses reversed by 354.10% to 15,116.24 million yuan, mainly due to the reversal of impairment provisions for receivables from CGN Wind Power projects[10] - Asset disposal income increased by 269.17% to 1,113.86 million yuan, primarily due to increased income from property disposals[10] - Non-operating income increased by 362.37% to 5,163.70 million yuan, mainly due to increased income from asset scrapping and contract claims[10] Shareholding and Equity - CGN holds 58.89% of the company's shares, totaling 29,736,876,375 shares[12] Audit and Reporting - The third quarter report was unaudited[28]