Financial Performance - The operating revenue for 2023 was RMB 82,548.6 million, a decrease of 0.3% compared to 2022[15]. - The net profit attributable to shareholders of the parent company was RMB 10,724.6 million, an increase of 7.6% from 2022[15]. - EBITDA for 2023 was RMB 38,569.7 million, reflecting a growth of 7.4% compared to the previous year[15]. - The total profit for 2023 reached RMB 20,530.56 million, an increase from RMB 18,700.13 million in 2022[16]. - In 2023, the company achieved revenue of approximately RMB 82.549 billion, a slight decrease of 0.33% compared to 2022[61]. - The net profit attributable to shareholders was approximately RMB 10.725 billion, an increase of 7.64% from 2022 (restated)[61]. - The proposed dividend for the year is RMB 0.094 per share (tax included), representing an increase of 8.05% compared to 2022[61]. - The company's EBITDA margin increased to 46.7% in 2023 from 43.4% in 2022[88]. - Net profit margin improved to 20.6% in 2023 compared to 18.4% in 2022[88]. - Operating revenue for 2023 was RMB 82,548.64 million, a slight decrease of 0.3% from RMB 82,822.40 million in 2022[89]. - The cost of operating revenue decreased by 4.4% to RMB 52,857.62 million in 2023 from RMB 55,280.97 million in 2022[89]. - Sales revenue from electricity rose by 7.6% to RMB 62,516.99 million in 2023, up from RMB 58,104.82 million in 2022[91]. Asset and Liability Management - The total assets as of December 31, 2023, were RMB 52,857.62 million, down from RMB 55,280.97 million in 2022[16]. - Total current assets for 2023 reached approximately $72.79 billion, an increase from $70.50 billion in 2022, reflecting a growth of about 1.8%[17]. - Total non-current assets amounted to approximately $342.46 billion in 2023, compared to $338.51 billion in 2022, indicating a growth of about 1.4%[17]. - Total liabilities decreased to approximately $249.95 billion in 2023 from $251.08 billion in 2022, representing a reduction of about 0.5%[17]. - Total equity attributable to shareholders increased to approximately $113.24 billion in 2023, up from $107.03 billion in 2022, marking a growth of about 5.5%[17]. - The total assets for 2023 were approximately $415.25 billion, compared to $409.02 billion in 2022, showing an increase of about 1.6%[17]. - The total liabilities and equity combined for 2023 stood at approximately $415.25 billion, consistent with the total assets[17]. - The company's debt-to-equity ratio improved to 111.2% in 2023 from 117.3% in 2022[88]. - Interest coverage ratio increased to 3.7 in 2023, up from 3.0 in 2022[88]. - The company reported a decrease in financial expenses by 14.1% to RMB 5,665.97 million in 2023[89]. Operational Efficiency and Production - The company maintained an average capacity factor of approximately 89% across its 27 operating nuclear units, with 24 units using second-generation technology achieving an average capacity factor of about 92%[68]. - The average utilization hours for nuclear units were 7,509 hours, an increase from the three-year average of 7,450 hours[68]. - The company successfully completed 17 scheduled refueling outages, achieving expected targets for duration and quality, setting multiple historical records[68]. - The average utilization hours of nuclear power in China for 2023 were 7,670 hours, an increase of 54 hours year-on-year[106]. - The average load factor for 2023 was 85.72%, an increase from 85.45% in 2022[116]. - The company’s operational nuclear units achieved stable operation throughout 2023, contributing to a reliable power supply[113]. - The company has completed annual trading sales of approximately 19.5 billion kWh for ten nuclear power units in Guangdong, maintaining similar trading volumes as in 2023[73]. - The company plans to conduct 18 scheduled refueling outages in 2024, including four ten-year overhauls and one first overhaul[140]. - The company aims to maintain an average utilization hour for its units in 2024 that is not lower than the average of the last three years[140]. Safety and Environmental Management - The company emphasizes environmental governance and social development in its operational strategies[57]. - The company emphasizes nuclear safety management, achieving over 99% completion of identified issues and hazards rectification in 2023[67]. - The company emphasizes safety management, maintaining a record of no Level 2 or above nuclear incidents in its operational history[111]. - The company has implemented measures to optimize the management of radioactive waste, ensuring compliance with national regulations without incurring administrative penalties[123]. - The company has achieved a radioactive liquid waste discharge rate of 0.19% in 2023, down from 0.22% in 2022, indicating improved waste management[124]. - The company’s radioactive gas waste discharge rate was reported at 0.45% in 2023, slightly down from 0.46% in 2022[124]. - The company continues to enhance its safety management system, conducting regular emergency drills and safety inspections across all managed nuclear power stations[111]. Research and Development - The company is committed to strengthening technology research and development to enhance sustainable development capabilities[57]. - The company has received approval for five nuclear power projects in 2023, with multiple provinces focusing on nuclear project construction in their 2024 energy plans[61]. - The company has established three R&D bases in Shenzhen, Yangjiang, and Zhongshan, and applied for two national-level R&D centers in 2023[70]. - The company has applied for a total of 1,668 patents in 2023, with 985 patents granted, including one invention patent awarded the 24th China Patent Gold Award[71]. - The company has successfully developed new high-performance radiation shielding materials and core operation monitoring instruments, enhancing safety and economic operation at nuclear power plants[168]. - The company has developed the third-generation nuclear technology, Hualong One, based on over 30 years of experience, aiming to enhance economic efficiency and competitiveness[163]. - The company has established long-term collaborations with four academicians and university teams to enhance its research talent pool[177]. - The company has a total of 1,706 employees with registered qualifications in engineering construction, including 394 registered first-class constructors and 212 registered nuclear safety engineers[196]. Employee Development and Welfare - The total number of employees at the end of 2023 was 19,038, representing an increase from 18,968 in 2022[173]. - The company introduced 1,322 graduates through campus recruitment and 71 through social recruitment in 2023[177]. - The average training hours per employee reached 138.5 hours in 2023, reflecting the company's commitment to continuous skill enhancement[183]. - The company has established a talent training system with 211 full-time instructors and over 2,800 part-time instructors to enhance training resources[193]. - The company has implemented a competitive salary management system, with total employee costs reflecting performance-based bonuses[197]. - The company achieved a 100% coverage rate for social insurance for employees, emphasizing the importance of employee welfare[198]. - The company has established a comprehensive occupational health management system, complying with national regulations and obtaining ISO45001 certification[199]. Strategic Initiatives - The company aims to enhance profitability through cost reduction and efficiency improvements while focusing on high-quality production for new units[57]. - The strategy includes adapting to electricity market reforms and reinforcing market marketing on a provincial basis[57]. - The company is committed to accelerating the construction of a world-class nuclear energy enterprise with global competitiveness, targeting key areas such as production operations and technological innovation[139]. - The company will closely monitor changes in national policies and the economic environment to ensure stable development through effective risk management[140]. - The company has implemented a standardized management model (OPST) to enhance operational efficiency and unify technical standards, resulting in significant cost-effectiveness improvements[161].

海 外 研 证券研究报告 究 ＃industryId＃ 公用事业 01816.HK ＃中dy广Com核pa电ny＃力 港股通（沪、深） 买入（首次） ＃title＃ 稳健成长的核电运营龙头 ＃investSuggestion＃ ＃createTime1＃ 2024年 2月 5日 投资要点 跟 ＃市m场a数rk据et Data＃ ＃ summary＃ ⚫ 核能发电低碳稳定，占我国总发电量的比重低于全球水平，2021年政府工作报告提到 踪 日期 2024.2.5 “积极有序发展核电”。2022年中国核电发电量占全国比重4.7%，低于世界平均水平 收盘价（港元） 2.18 9.2%。2019-2021 年我国核准核电机组数量分别达到 4/4/5 台，2022-2023 年则分别 报 达到10台。中国核能协会预测，“十四五”期间我国核电机组有望维持每年6-8台的 总股本（百万股） 50,499 告 核准节奏。 总市值（亿港元） 1,091 ⚫ 中广核电力是集团旗下唯一核能发电平台，装机规模占中国内地过半份额。截至2023 年6月，中广核集团持有公司58.91%股权，实控人为国务院国资委。中广核集团承诺 净资产（亿元） ...

证券代码：003816 证券简称：中国广核 公告编号：2024-019 中国广核电力股份有限公司 关于2024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、2024 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，2024 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 550.80 亿千瓦时，较去年同期上升 0.39%。总上网电量约为 518.14 亿千瓦时，较去年同期上升 1.83%。 | | 截至 2024 | | | 发电量 | | | 上网电量 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 年 3 | 月 31 | | （亿千瓦时）1 | | | （亿千瓦时）1 | | | 核电站名称 | | 日装机容 | 2024 年 | 2023 年 | 同比 | 2024 年 | 2023 | 同比 | | | 量（兆瓦） | 1 | 1-3 月 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 09 日 中 国广核(003816.SZ) 证券研究报告 一季度电量平稳，台山恢复全年业绩可 其他发电 投资评级 买入-A 期 维持评级 事件： 6 个月目标价 4.50元 股价 (2024-04-09) 4.04元 公司发布一季度运营情况公告，一季度公司实现总发电量 550.8 亿 千瓦时，同比增长 0.39%；实现总上网电量 518.14 亿千瓦时，同比 交易数据 增长 1.83%，总体电量保持平稳。 总市值(百万元) 204,014.39 流通市值(百万元) 158,913.34 台山恢复、新增投产电量增长体现，短期受机组大修安排影响： 总股本(百万股) 50,498.61 一季度公司部分电站电量波动较大，其中台山核电站及防城港核电站 流通股本(百万股) 39,334.99 贡献较大电量增量，台山1 号机组在2023 年一季度开始进行换料大 12 个月价格区间 2.92/4.13元 修，于 11 月才完成大修工作恢复并网，对去年公司电量及业绩形成 股价表现 较大拖累，今年一季度台山机组正常运行背景下子公司上网电量同比 ...

[Table_StockInfo] 持有 2024年 04月 08日 （首次） 证券研究报告•2023年年报点评 当前价： 4.11元 中国广核（003816） 公用事业 目标价： ——元（6个月） 新增机组持续投产，发电量持续增长 投资要点 西南证券研究发展中心 [T a盈ble利_能Su力m提m升ary，] 财务持续优化。2023年公司实现营业收入 825.5亿元，较去年 [分Ta析bl师e_：Au池th天or惠] 略降 0.33%；其中销售电力业务收入同比增长 7.6%，提供劳务和商品销售收入 执业证号：S1250522100001 分别增长32.4%/10.3%，总营收下降主要原因是工程公司对海上风电项目的施工 电话：13003109597 量减少导致建筑安装和设计服务收入同比下降 21.1%，其他业务收入同比下降 邮箱：cth@swsc.com.cn 58.8%。归属于母公司股东的净利润约为 107.3亿元，较去年增长 7.6%。公司 分析师：刘洋 毛利率和净利率分别由2022年的33.3%/18.4%上升到2023年的36.0%/20.7%， 执业证号：S1250523070005 毛利率的增长 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-018 中国广核电力股份有限公司 关于公司 2021 年度第一期中期票据到期兑付的公告 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"）于 2021 年 4 月 13 日完成 了 2021 年度第一期中期票据（以下简称"本期中期票据"）的发行。本期中期票 据发行金额为人民币 20 亿元，期限为 3 年，票面利率为 3.49%，面值为人民币 100 元，由中国农业银行股份有限公司和国家开发银行承销。 鉴于本期中期票据将于 2024 年 4 月 14 日（如遇法定节假日，顺延至下一个 工作日，顺延期间不另计息）到期兑付，为保证付息兑付工作的顺利进行，方便 投资者及时领取付息兑付资金，现将有关事宜公告如下： 7.本计息期债券利率：3.49% 8.兑付日：2024 年 4 月 14 日（如遇法定节假日，顺延至下一个工作日，顺 延期间不另计息。） 二、付息兑付办法 一、本期中期票据基本情况 1.发行人：中国广核电力股份有限公司 2.债券名称：中国广核电力股份有限公 ...

关于公司 2024 年度第一期超短期融资劵 证券代码：003816 证券简称：中国广核 公告编号：2024-017 中国广核电力股份有限公司 发行完成的公告 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。 公司不是失信责任主体。 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。 本 期 超 短 融 发 行 的 有 关 文 件 详 情 ， 已 在 上 海 清 算 所 （ 网 址 ： https://www.shclearing.com.cn ） 和 中 国 货 币 网 （ 网 址 ： https://www.chinamoney.com.cn）上刊发。 公司 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 82.549 billion yuan in 2023, a year-over-year decrease of 0.33%, while the net profit attributable to the parent company was 10.725 billion yuan, reflecting a year-over-year increase of 7.64% [4] - The company manages 27 operational nuclear power units and 11 under construction, with a total installed capacity of 30.568 million kilowatts, accounting for 43.48% of the national total [4] - The average on-grid electricity price in 2023 was 422.8 yuan per megawatt-hour, a slight increase of 3.1 yuan compared to 2022, supporting the company's annual performance growth [4] - The company has a clear asset injection plan, which is expected to provide stable growth, with new units projected to contribute to performance starting in 2024 [5] - The company is expected to achieve net profits of 12.144 billion yuan, 12.524 billion yuan, and 12.846 billion yuan for the years 2024 to 2026, respectively [5] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 82.549 billion yuan and a net profit of 10.725 billion yuan, with an EPS of 0.212 yuan per share [4][6] - The revenue for Q4 2023 was 22.706 billion yuan, a decrease of 6.97% year-over-year, while the net profit for the same period was 1.025 billion yuan, down 12.72% year-over-year [4] Future Outlook - The company is expected to see a revenue increase in 2024, with projections of 88.938 billion yuan, representing a year-over-year growth of 7.7% [6] - The anticipated net profit for 2024 is 12.144 billion yuan, with a projected EPS of 0.24 yuan [6][9] - The company plans to distribute a cash dividend of 0.94 yuan per 10 shares, corresponding to a dividend yield of 2.4% based on the closing price on April 3 [4] Valuation - The company is valued at a PE ratio of 19-20 times for 2024, with a reasonable value range of 4.56 to 4.8 yuan per share [5] - The projected gross margin for 2024 is expected to remain stable at 36.0% [9]

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816.HK) with a target price raised to HKD 2.78 [1][2][3] Core Views - The company's 2023 performance met expectations, with revenue of RMB 82.5 billion, a slight decrease of 0.33% year-on-year, and a net profit attributable to shareholders of RMB 10.7 billion, an increase of 7.64% year-on-year [1][2] - The report anticipates stable growth in earnings for 2024, driven by the completion of maintenance on the Taishan Unit 1 and the addition of the Fangchenggang Unit 4, which will enhance power generation capacity [1][2] - Financial expenses have decreased, and the debt structure has been optimized, with a debt-to-asset ratio of 60.2%, down 1.2% year-on-year [1][2] Financial Performance Summary - Revenue for 2023 was RMB 82.5 billion, with a growth rate of -0.33% compared to 2022 [2][8] - Net profit attributable to shareholders for 2023 was RMB 10.7 billion, reflecting a growth rate of 7.62% [2][8] - The company reported a gross margin of 35.97% for 2023, with an expected increase in gross margin to 36.19% in 2024 [2][8] Future Projections - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is RMB 11.5 billion, RMB 12.6 billion, and RMB 13.7 billion, respectively, with growth rates of 7.2%, 9.9%, and 8.5% [2][8] - The expected dividend per share for 2023 is RMB 0.094, with a payout ratio of 44.26%, which is an increase from the previous year [1][2] Project Pipeline - As of December 31, 2023, the company has 11 units under construction and a robust pipeline of future projects, indicating strong growth potential [1][2]

上 市 公 司 公用事业 2024 年04月 01 日 中国广核 (003816) 公 司 研 究 ——全年业绩稳定提升 期待新增机组持续贡献增量 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2023年年度报告报告，2023年公司实现营业收入 825.49亿元，同比下 降0.33%，归母净利润107.25亿元，同比增长7.64%；基本每股收益达0.212元，同比 证 增长7.61%，业绩表现符合我们的预期。公司2023年度拟每股分红0.094元/股（含税）， 市场数据： 2024年04月01日 券 收盘价（元） 3.98 同比上涨8.05%，分红比例44.26%，同比上涨0.17%，持续履行五年分红规划的承诺。 研 一年内最高/最低（元） 4.17/2.88  经济增长带动用电量需求上升，多省上网电量大幅上涨。2023 年公司发电量达 1781.97 究 市净率 1.8 亿度，同比上升7.26%；上网电量为1670.72亿度，同比上升6.78%。2023年公司发电 报 息率（分红/股价） - 告 流通A股市值（百万元） 156553 厂平均利用小时数为7522 ...