中国广核（003816.SZ）2024年一季报点评 台山电量修复，防 4 入列在即 2024年04月25日 ➢ 事件概述：4 月 24 日，公司发布 2023 年一季度报告，报告期内实现营业 谨慎推荐 维持评级 收入191.82亿元，同比增长4.88%；归母净利润36.04亿元，同比增长3.38%； 当前价格： 4.23元 扣非归母净利润34.83亿元，同比增长0.07%。 目标价： 4.60元 ➢ 台山电量修复至1Q21水平：1Q24公司按计划完成了4个机组的年度换料 大修和2个机组的十年大修，而上年同期共完成4个机组的换料大修，尽管防3 [Table_Author] 与台1贡献增量，但因停机检修增加，Q1公司完成发电量（含联营）550.80亿 千瓦时，同比增长0.4%。其中，在粤机组完成发电量295.84亿千瓦时，同比下 降1.5%；粤外机组合计完成发电量254.96亿千瓦时，同比增长2.6%。自2023 年11月台山1 号机组重新并网发电，Q1台山核电完成发电量66.00亿千瓦， 同比增发22.36亿千瓦时，增幅51.2%，绝对发电量已恢复至1Q21水平，考虑 其已经连续三年亏损，随着机组电量修复，盈利 ...

Financial Performance - The total operating revenue for Q1 2024 was approximately RMB 19.18 billion, representing a 4.88% increase compared to RMB 18.29 billion in the same period last year[5]. - The net profit attributable to shareholders for Q1 2024 was approximately RMB 3.60 billion, up 3.38% from RMB 3.49 billion in the previous year[5]. - The company reported a total profit of approximately RMB 6.34 billion for Q1 2024, which is a 2.35% increase from the previous year[8]. - Net profit for the current period was ¥5,359,117,026.11, representing a growth of 2.6% from ¥5,224,441,589.57 in the same period last year[21]. - The total profit for the current period was ¥6,341,349,229.33, up 2.3% from ¥6,195,787,242.17 in the prior period[21]. Cash Flow - The cash flow from operating activities for Q1 2024 was approximately RMB 5.58 billion, reflecting a significant increase of 25.19% compared to RMB 4.46 billion in the same period last year[5]. - The cash inflow from operating activities for Q1 2024 was CNY 23,686,960,843.42, an increase of 10.86% compared to CNY 21,376,339,596.27 in Q1 2023[22]. - The net cash flow from operating activities was CNY 5,584,115,647.60, up 25.19% from CNY 4,460,418,797.08 in the same period last year[22]. - Cash inflow from financing activities was CNY 20,986,917,010.32, an increase of 5.73% from CNY 18,907,172,590.91 in Q1 2023[23]. - The net cash flow from financing activities was CNY 1,487,886,096.98, significantly higher than CNY 322,975,190.57 in the previous year[23]. Assets and Liabilities - The total assets at the end of Q1 2024 were approximately RMB 419.18 billion, a 0.95% increase from RMB 415.25 billion at the end of the previous year[5]. - The company's total liabilities amounted to ¥250.75 billion, slightly increasing from ¥249.95 billion, indicating a growth of about 0.32%[18]. - The total equity attributable to shareholders of the parent company was ¥116.95 billion, up from ¥113.24 billion, representing an increase of approximately 3.03%[19]. - The company's total liabilities and equity reached ¥419.18 billion, consistent with the total assets, confirming the balance sheet integrity[19]. Research and Development - Research and development expenses for Q1 2024 were approximately RMB 11.32 million, a decrease of 46.13% compared to RMB 21.01 million in the same period last year[10]. - Research and development expenses decreased significantly to ¥113,170,439.66, down 46.3% from ¥210,070,915.96 in the prior period[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 174,496, with the top ten shareholders holding significant stakes[13]. - The largest shareholder, China General Nuclear Power Corporation, held 58.89% of the shares, amounting to 29,736,876,375 shares[13]. - The board of directors proposed a cash dividend of RMB 0.94 per 10 shares (before tax) to be distributed after approval at the annual general meeting[16]. Inventory and Other Assets - The company's inventory decreased to ¥19.40 billion from ¥20.57 billion, a decline of approximately 5.68%[17]. - The accounts payable decreased to ¥22.07 billion from ¥23.44 billion, a reduction of approximately 5.85%[18]. - The company's total current assets of ¥76.34 billion, an increase from ¥72.79 billion, which is a growth of about 4.73%[17]. - The non-current assets totaled ¥342.84 billion, slightly increasing from ¥342.46 billion, indicating a growth of approximately 0.11%[18].

Financial Performance - The company's operating revenue for Q1 2024 was approximately RMB 19.18 billion, an increase of 4.88% compared to RMB 18.29 billion in the same period last year[4]. - Net profit attributable to shareholders for Q1 2024 was approximately RMB 3.60 billion, reflecting a growth of 3.38% from RMB 3.49 billion year-on-year[4]. - The company reported a total profit of approximately RMB 6.34 billion for Q1 2024, which is a 2.35% increase from the previous year[7]. - Total operating revenue for the current period reached ¥19,181,651,420.89, an increase of 4.9% compared to ¥18,288,822,249.36 in the previous period[19]. - Net profit for the current period was ¥5,359,117,026.11, representing a growth of 2.6% from ¥5,224,441,589.57 in the same period last year[20]. - The total profit for the current period was ¥6,341,349,229.33, up from ¥6,195,787,242.17, reflecting an increase of 2.3%[20]. - Earnings per share (basic) for the current period was ¥0.071, compared to ¥0.069 in the previous period, showing a growth of 2.9%[20]. Cash Flow - The cash flow from operating activities for Q1 2024 was RMB 5.58 billion, up 25.19% from RMB 4.46 billion in the previous year[4]. - In Q1 2024, the company reported cash inflows from operating activities of ¥23,686,960,843.42, an increase from ¥21,376,339,596.27 in the previous year, representing a growth of approximately 10.8%[21]. - The net cash flow from operating activities for Q1 2024 was ¥5,584,115,647.60, up from ¥4,460,418,797.08 in Q1 2023, indicating a year-over-year increase of about 25.2%[21]. - The company experienced a net cash outflow from investing activities of ¥2,491,911,595.88, compared to a net outflow of ¥1,697,116,713.25 in the same period last year, reflecting a worsening of approximately 46.7%[21]. - Cash inflows from financing activities totaled ¥20,986,917,010.32, an increase from ¥18,907,172,590.91 in Q1 2023, marking a growth of about 11.0%[22]. - The net cash flow from financing activities was ¥1,487,886,096.98, significantly higher than the previous year's net flow of ¥322,975,190.57, showing an increase of approximately 360.5%[22]. - The company received tax refunds of ¥285,970,179.00 in Q1 2024, a decrease from ¥474,991,644.87 in the previous year, indicating a decline of approximately 40.0%[21]. - Payments to employees increased to ¥2,795,102,510.35 in Q1 2024 from ¥2,556,744,180.03 in Q1 2023, reflecting an increase of about 9.4%[21]. - The company reported cash outflows for taxes of ¥1,844,280,855.63, down from ¥2,369,828,251.31 in the previous year, indicating a decrease of approximately 22.2%[21]. Assets and Liabilities - The company's total assets at the end of Q1 2024 were approximately RMB 419.18 billion, a 0.95% increase from RMB 415.25 billion at the end of the previous year[4]. - Total liabilities reached ¥250.75 billion, slightly up from ¥249.95 billion, indicating a marginal increase of 0.3%[17]. - The company's cash and cash equivalents increased to ¥19.32 billion from ¥15.74 billion, representing a growth of 22.4%[16]. - The total equity attributable to shareholders increased by 3.28% to approximately RMB 116.95 billion from RMB 113.24 billion at the end of the previous year[4]. - The total equity increased to ¥168.43 billion from ¥165.30 billion, reflecting a growth of 1.3%[18]. - The company's short-term borrowings increased to ¥17.78 billion from ¥14.25 billion, reflecting a rise of 24.0%[17]. - Accounts receivable decreased to ¥11.46 billion from ¥11.83 billion, showing a decline of 3.2%[16]. - Inventory decreased to ¥19.40 billion from ¥20.57 billion, a reduction of 5.7%[16]. - The company reported a total non-current asset value of ¥342.84 billion, slightly up from ¥342.46 billion, indicating a growth of 0.1%[17]. - The company's contract liabilities increased to ¥3.26 billion from ¥2.85 billion, representing a growth of 14.5%[17]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 174,496, including 3,183 from the top 10 shareholders[12]. - China General Nuclear Power Corporation holds 58.89% of shares, totaling 29,736,876,375 shares[12]. - Hong Kong Central Clearing Limited owns 20.02% of shares, amounting to 10,110,557,400 shares[12]. - Guangdong Hengjian Investment Holding Co., Ltd. holds 6.79% of shares, which is 3,428,512,500 shares[12]. - The company plans to distribute a cash dividend of RMB 0.94 per 10 shares, pending shareholder approval at the 2023 annual general meeting[15]. - The expected date for dividend distribution is around July 10, 2024, following approval[15]. - The report indicates that there were no findings of the top 10 shareholders participating in margin financing and securities lending[13]. - The company has not identified any related party relationships among the top shareholders[14]. - The total number of shares held by the top 10 shareholders accounted for a significant portion of the total equity[14]. Research and Development - Research and development expenses for the year-to-date period were RMB 113.17 million, a decrease of 46.13% compared to RMB 210.07 million in the same period last year[9]. - Research and development expenses decreased to ¥113,170,439.66 from ¥210,070,915.96, indicating a reduction of 46.1%[19]. Other Information - The company's weighted average return on equity for Q1 2024 was 3.13%, down 0.08 percentage points from 3.21% in the same period last year[4]. - The company has not yet audited the Q1 2024 report, as stated in the announcement[23].

中国广核电力股份有限公司 （于 2024 年 4 月 24 日经董事会批准生效） 第一章 总 则 信息披露管理制度 第一条 为规范中国广核电力股份有限公司（以下简称"公司"、"本公司" 或"股份公司"，且包括其附属公司或控股子公司、参股公司）信息披露的行 为，确保信息披露的真实、准确、完整、及时和公平，保护公司、股东及其他 利益相关人的合法权益，特制定本制度。 第二条 本制度的编制主要根据《中华人民共和国公司法》、《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司信息披露管理办法》《上市公 司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》《深圳证券交 易所股票上市规则》（以下简称《深交所股票上市规则》）、《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称《规范运 作指引》）、香港《证券及期货条例》《香港联合交易所有限公司证券上市规则》 （以下简称《港交所上市规则》）、《内幕消息披露指引》及其他适用法律、法 规、规范性文件以及《中国广核电力股份有限公司章程》（以下简称《公司章 程》）的有关规定，并结合了公司的实际情况。 第三条 本制度适用于公司董事会和监事 ...

中国广核电力股份有限公司 第四届董事会第六次会议决议公告 证券代码：003816 证券简称：中国广核 公告编号：2024-025 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 事会第六次会议（以下简称"本次会议"）通知和材料已于 2024 年 4 月 9 日以 书面形式提交全体董事。 2. 本次会议于 2024 年 4 月 24 日在广东省深圳市深南大道 2002 号中广核大 厦南楼 3408 会议室采用现场视频及通讯方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。董事杨长利先 生和庞松涛先生通过通讯方式进行了议案表决。 4. 经半数以上的董事共同推举，本次会议由公司执行董事高立刚先生主持， 公司监事会监事、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，本次会议形成以下决议： 1. 审议通过《关于批准中国广核电力股份有限公司 2024 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-024 中国广核电力股份有限公司 关于会计政策变更的公告 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。 特别提示： 中国广核电力股份有限公司（以下简称"公司"）根据中华人民共和国财政 部（以下简称"财政部"）颁布的《企业会计准则解释第 17 号》（以下简称"《准 则解释第 17 号》"）的要求变更会计政策，无需提交公司董事会及股东大会审议。 不会对公司财务状况、经营成果和现金流量产生重大影响。 一、会计政策变更概述 1. 会计政策变更的原因及适用日期 2023 年 11 月 9 日，财政部印发《准则解释第 17 号》，对"关于流动负债 与非流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易 的会计处理"三方面内容进一步规范及明确，自 2024 年 1 月 1 日起施行。 2. 变更前公司采用的会计政策 （1）完善关于流动负债与非流动负债的划分的原则及披露要求； （2）明确企业供应商融资安排的界定、范围以及披露要求； （3）完善对于租赁准则中资产转让属于销售的售后租回交易的会计处理 ...

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating for China General Nuclear Power (1816 HK) [2][36]. Core Views - The core business of China General Nuclear Power demonstrates stable profitability, with nuclear power accounting for a significant portion of the country's energy supply [5][8]. - The company is positioned as a leader in the nuclear power sector, with a strong operational capacity and ongoing projects that support future growth [5][24]. Summary by Sections 1. Clear Outlook for Nuclear Power Leader - China General Nuclear Power is the sole platform for nuclear energy generation under China General Nuclear Group, a state-owned enterprise regulated by the State-owned Assets Supervision and Administration Commission [8]. - The company focuses on safe, efficient, and low-carbon energy supply through the construction, operation, and management of nuclear power plants [8]. 2. Stable Financials and Growing Cash Dividends - In 2023, the company achieved operating revenue of RMB 82.56 billion, with a slight decrease of 0.35% year-on-year, while net profit rose by 9.99% to RMB 9.49 billion [13]. - Power sales contributed RMB 62.52 billion, accounting for 75.7% of total revenue, with a gross profit of RMB 28.67 billion and a gross margin of 45.85% [13][5]. - The company has maintained a stable dividend growth, with a payout ratio of 44.3% based on net profit [19]. 3. Nuclear Power "Duopoly" Dominating the Market - As of the end of 2023, China General Nuclear Power operated 27 nuclear units with a total installed capacity of 30,568 MW, representing 53.6% of the national operational nuclear capacity [27][24]. - The company is expected to see steady growth in installed capacity, with an average of 1-2 units expected to be commissioned annually from 2024 to 2028 [31]. 4. Extending Nuclear Plant Lifespan as a Path to Net Zero by 2050 - The company has significantly reduced coal consumption and CO2 emissions through its operations, contributing to environmental sustainability [33]. - Extending the operational lifespan of nuclear plants is crucial for achieving net-zero emissions by 2050, with the potential to add substantial low-carbon electricity to the grid [33]. 5. Profit Forecast and Valuation - The report forecasts operating revenues for FY24-26 at RMB 87.12 billion, RMB 91.95 billion, and RMB 97.05 billion, respectively, with corresponding net profits of RMB 16.23 billion, RMB 17.78 billion, and RMB 19.34 billion [34]. - A target price of HK$3.27 per share is set based on DCF valuation, reflecting the company's stable dividend growth and decreasing debt ratio [34].

证券代码：003816 证券简称：中国广核 公告编号：2024-023 中国广核电力股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券股份质押 完成的公告 持股 5%以上的股东广东恒健投资控股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信息披露内容与信息披露义务人提供的信息 一致。 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | 情况 | | | | 持股数量 | 持股 | 本次质 | 本次质 | 占其 所持 | 占公 司总 | 已质押 股份限 | 占已 | | | | | | | 押前质 | 押后质 | | | | | 未质押 | | | 股东名称 | | | 押股份 | 押股份 | | | | | 股份限 | 占未 | | | （股） | 比例 | | | ...

证券代码：003816 证券简称：中国广核 公告编号：2024-022 中国广核电力股份有限公司 关于持股 5%以上股东拟非公开发行可交换公司债券获得深 圳证券交易所无异议函的提示性公告 本公司及董事会全体成员保证信息披露内容与信息披露义务人提供的信息 一致。 中国广核电力股份有限公司（以下简称"本公司"）近日收到本公司持股 5% 以上股东广东恒健投资控股有限公司（以下简称"恒健投资"）的通知，恒健投 资拟以其所持本公司部分 A 股股票为标的非公开发行可交换公司债券（以下简 称"本次可交换债券"），并已取得深圳证券交易所出具的《关于广东恒健投资控 股有限公司非公开发行可交换公司债券符合深交所挂牌条件的无异议函》（深证 函〔2024〕264 号，以下简称"《无异议函》"）,《无异议函》有效期为出具之日 起 12 个月。根据《无异议函》，恒健投资本次非公开发行可交换公司债券拟募集 资金规模不超过人民币 20 亿元（含 20 亿元），在《无异议函》有效期内，恒健 投资将根据自身资金安排和市场情况，择机发行、部分发行或不发行本次可交换 债券。 截至本公告日，恒健投资持有本公司股份 3,428,512,500 股，占本 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-021 中国广核电力股份有限公司 关于召开 2023 年度股东大会、2024 年第一次 A 股类别股东大 会、2024 年第一次 H 股类别股东大会的通知 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"本公司"或"公司"）董事会决定召集 2023 年度股东大会、2024 年第一次 A 股类别股东大会、2024 年第一次 H 股类别股 东大会（以下简称"本次股东大会"）。本次股东大会采用现场投票与网络投票相结 合的方式，现将有关事项通知如下： 一、召开会议的基本情况 1. 股东大会届次：2023 年度股东大会、2024 年第一次 A 股类别股东大会、2024 年第一次 H 股类别股东大会。 2. 股东大会的召集人：公司董事会。 2024 年 3 月 27 日，公司第四届董事会第五次会议审议通过了《关于批准召开 中国广核电力股份有限公司 2023 年度股东大会、2024 年第一次 A 股类别股东大会 及 2024 年第一次 H 股类别股东大会的议案》。 3. 会议 ...