Core Viewpoint - China General Nuclear Power Group (CGN) is actively promoting renewable energy projects in Inner Mongolia, focusing on wind and solar energy, while also contributing to ecological restoration and local economic development [1][5][9]. Renewable Energy Development - CGN's renewable energy business has covered 12 leagues and cities in Inner Mongolia, delivering nearly 800 billion kilowatt-hours of green electricity to the grid [1]. - The company has a total installed capacity of 7.78 million kilowatts in Inner Mongolia, equivalent to saving 2,406 million tons of standard coal and reducing carbon dioxide emissions by 6,459 million tons [5]. Ecological Restoration Initiatives - CGN has effectively restored over 180,000 acres of desert land, with a specific project in the Kubuqi Desert achieving a vegetation coverage increase from less than 15% to 65% [3][5]. - The company employs a multi-layered economic model combining solar power generation with agricultural practices, enhancing both ecological and economic benefits [4]. Wind Power Projects - The 3 million kilowatt wind power project in Xingan League is one of the first large-scale wind and solar bases in China, with a total investment of 184 billion yuan [1][7]. - This project is expected to generate an annual electricity output of 10 billion kilowatt-hours and contribute over 5 billion yuan in taxes over its lifespan [7]. Industrial Development - CGN is establishing a clean energy high-end industrial cluster in Inner Mongolia, with a focus on wind turbine manufacturing and related industries [8]. - The wind power equipment manufacturing park has generated over 13.1 billion yuan in GDP and created more than 1,000 local jobs [8]. Future Plans - CGN plans to expand its installed capacity to over 10 million kilowatts by 2025, focusing on green electricity, hydrogen production, and other innovative energy solutions [9].

Investment Rating - The investment rating for China General Nuclear Power Corporation is "Buy" (maintained) [6] Core Views - The company's performance in Q1 2025 was below expectations, with a revenue of 20.03 billion yuan, a year-on-year increase of 4.41%, and a net profit attributable to shareholders of 3.03 billion yuan, a year-on-year decline of 16.1% [8] - The decline in performance is primarily attributed to a decrease in market-based electricity prices, increased costs, and higher income tax expenses [8] - The company achieved an on-grid electricity volume of 45.22 billion kWh in Q1 2025, a year-on-year increase of 14.1%, but revenue growth was limited due to a drop in on-grid electricity prices [8] - The auxiliary service policy in Liaoning is expected to enhance profitability for the Hongyanhe unit, despite a decrease in electricity volume [8] - The company has 16 units under construction, ensuring long-term growth in installed capacity, with the potential injection of the Huizhou unit expected to start within the year [8] Financial Forecasts and Valuation - Revenue forecasts for 2023 to 2027 are as follows: 82.549 billion yuan (2023), 86.804 billion yuan (2024), 87.604 billion yuan (2025E), 90.547 billion yuan (2026E), and 95.866 billion yuan (2027E) [7] - Net profit attributable to shareholders is projected to be 10.725 billion yuan (2023), 10.814 billion yuan (2024), 10.823 billion yuan (2025E), 11.299 billion yuan (2026E), and 11.999 billion yuan (2027E) [7] - The price-to-earnings ratio (P/E) for the years 2025 to 2027 is estimated to be 16.47, 15.78, and 14.86 respectively [7] - The dividend payout ratio for 2024 is expected to be 44.36%, with corresponding dividend yields for 2025 to 2027 projected at 2.7%, 2.8%, and 3.0% [8]

Investment Rating - The report maintains a "Recommended" rating for China General Nuclear Power Corporation (CGN) [3][5]. Core Views - Short-term fluctuations do not alter the long-term growth certainty of CGN, with expectations of stable revenue and profit growth despite recent challenges [5]. - The company reported a revenue of 20.028 billion yuan in Q1 2025, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [5]. - The decline in profit is attributed to lower market electricity prices and increased operating costs, particularly due to the commissioning of new units and rising fuel costs [5]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 86,804.41 million yuan - 2025E: 86,781.61 million yuan - 2026E: 92,257.27 million yuan - 2027E: 99,473.03 million yuan - Revenue growth rates are projected at 5.16% for 2024, -0.03% for 2025, 6.31% for 2026, and 7.82% for 2027 [2][7]. - **Net Profit Forecasts**: - 2024A: 10,813.87 million yuan - 2025E: 10,439.88 million yuan - 2026E: 11,088.06 million yuan - 2027E: 12,221.10 million yuan - Profit growth rates are expected to be 0.83% for 2024, -3.46% for 2025, 6.21% for 2026, and 10.22% for 2027 [2][7]. - **Key Financial Ratios**: - Gross margin is projected to decline from 34.03% in 2024 to 31.80% in 2027 [2][7]. - The Price-to-Earnings (P/E) ratio is expected to decrease from 16.72 in 2024 to 14.79 in 2027 [2][7]. Operational Insights - The company achieved a power generation of 60.174 billion kWh in Q1 2025, a year-on-year increase of 9.25%, with contributions from new units offsetting some operational challenges [5]. - The approval of convertible bonds is expected to enhance project construction, with significant growth potential in the long term [5].

Investment Rating - The report maintains a rating of "Add" for China General Nuclear Power Corporation (003816.SZ) [3] Core Views - The company's Q1 2025 revenue reached 20.028 billion yuan, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [1] - The decline in profit is primarily attributed to increased participation in market-based electricity trading, falling electricity prices, and R&D progress [6] - The company has seen growth in electricity generation from its subsidiaries, but overall profit has been impacted by the downward trend in electricity prices [6] - As of March 2025, the company manages 16 nuclear power units under construction or approved for construction, with a total installed capacity of 19.406 million kilowatts [6] - The company is expected to commission 1-2 units annually from 2025 to 2030, with the Huizhou Unit 1 expected to be operational this year [6] Financial Data Summary - Total revenue for 2023 is projected at 82.549 billion yuan, with a slight decrease to 85.880 billion yuan in 2025, followed by a recovery to 89.903 billion yuan in 2026 and 96.724 billion yuan in 2027 [2] - The net profit attributable to shareholders is expected to decline to 10.042 billion yuan in 2025, before increasing to 10.658 billion yuan in 2026 and 11.918 billion yuan in 2027 [2] - The company's PE ratio is projected to be 18.0x in 2025, decreasing to 15.2x by 2027 [2] Performance Metrics - The company's operating profit for 2025 is estimated at 20.427 billion yuan, reflecting a year-on-year decrease of 7% [9] - The gross profit margin is expected to decline from 36.0% in 2023 to 32.4% in 2025, with a slight recovery to 33.6% by 2027 [9] - The return on equity (ROE) is projected to decrease from 9.7% in 2023 to 8.2% in 2025, before recovering to 8.9% in 2027 [9]

Investment Rating - The report maintains a "Recommended" rating for China General Nuclear Power Corporation (CGN) [3][5]. Core Views - Short-term fluctuations do not alter the long-term growth certainty of CGN, with expectations of stable revenue and profit growth despite recent challenges [5]. - The company reported a revenue of 20.028 billion yuan in Q1 2025, a year-on-year increase of 4.41%, while the net profit attributable to shareholders was 3.026 billion yuan, a decrease of 16.07% [5]. - The decline in profit is attributed to lower market electricity prices and increased operational costs, particularly due to the commissioning of new units and rising fuel costs [5]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 86,804.41 million yuan - 2025E: 86,781.61 million yuan - 2026E: 92,257.27 million yuan - 2027E: 99,473.03 million yuan - Revenue growth rates are projected at 5.16% for 2024, -0.03% for 2025, 6.31% for 2026, and 7.82% for 2027 [2][7]. - **Net Profit Forecast**: - 2024A: 10,813.87 million yuan - 2025E: 10,439.88 million yuan - 2026E: 11,088.06 million yuan - 2027E: 12,221.10 million yuan - Profit growth rates are expected to be 0.83% for 2024, -3.46% for 2025, 6.21% for 2026, and 10.22% for 2027 [2][7]. - **Gross Margin**: - 2024A: 34.03% - 2025E: 31.45% - 2026E: 31.56% - 2027E: 31.80% - The gross margin is expected to decline due to increased operational costs [2][7]. - **Earnings Per Share (EPS)**: - 2024A: 0.21 yuan - 2025E: 0.21 yuan - 2026E: 0.22 yuan - 2027E: 0.24 yuan [2][7]. Investment Opportunities - The approval of convertible bonds is expected to enhance project construction, with significant growth potential in the long term, as the company plans to commission multiple new units from 2025 to 2030 [5]. - The report highlights the potential cost savings from the continuous settlement trial in the Liaoning electricity market, which could positively impact CGN's auxiliary service expenses [5].

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index at 2610.44 points [1] - The CSI 300 Utilities index has increased by 3.88% over the past month, 2.74% over the past three months, and has decreased by 3.55% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Utilities index are: Changjiang Electric Power (48.15%), China Nuclear Power (10.39%), Three Gorges Energy (8.2%), Guodian Power (5.46%), State Power Investment (4.72%), Chuanwei Energy (4.36%), Huaneng International (4.2%), China General Nuclear Power (3.8%), Zhejiang Energy (3.06%), and Huadian International (2.62%) [1] - The market share of the CSI 300 Utilities index is 95.84% from the Shanghai Stock Exchange and 4.16% from the Shenzhen Stock Exchange [2] - The industry composition of the CSI 300 Utilities index includes hydropower (59.47%), thermal power (15.34%), nuclear power (14.19%), wind power (8.56%), and gas (2.43%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification, and companies that are delisted will be removed from the index sample [2]

Investment Rating - The investment rating for the company is "Hold" [2][6] Core Insights - The company reported a 4.41% year-on-year increase in revenue for Q1 2025, reaching 20.028 billion yuan, while net profit attributable to shareholders decreased by 16.07% to 3.026 billion yuan [3][4] - The increase in controllable power generation was 14.06% year-on-year, which contributed to the revenue growth, although the revenue growth rate was lower than the power generation growth rate, likely due to market pricing factors [4] - The company's gross margin and net margin decreased by 2.7 percentage points and 4.27 percentage points year-on-year, respectively, to 36.58% and 23.67% [4] Financial Performance - For Q1 2025, the company completed five scheduled annual overhauls and one ten-year overhaul, with fewer overhaul days compared to the same period last year, leading to increased power generation from subsidiaries [5] - The company is managing 28 operational nuclear power units and 16 under construction, with expectations for the Huizhou 1 and 2 units to commence operations in 2025 and 2026, respectively [5] - The forecast for net profit attributable to shareholders for 2025-2027 is 10.961 billion, 11.626 billion, and 11.825 billion yuan, with corresponding P/E ratios of 16.5, 15.6, and 15.3 [6][7] Market Data - As of April 23, 2025, the closing price was 3.58 yuan, with a total market capitalization of 140.819 billion yuan [8] - The company has a debt-to-asset ratio of 59.68% and a net asset value per share of 2.43 yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 4.41% year-on-year increase in total revenue for Q1 2025, amounting to 20.03 billion yuan, while the net profit attributable to shareholders decreased by 16.07% to 3.03 billion yuan, primarily due to declining electricity prices and increased tax costs [6] - The company’s total power generation from nuclear units increased by 9.25% year-on-year to approximately 60.17 billion kWh in Q1 2025, with significant contributions from the Fangchenggang nuclear power plant [6] - The company is expected to release performance elasticity with the commissioning of the Huizhou Unit 1 within the year, which is anticipated to enhance overall project returns as more units are put into operation [6] - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 10.75 billion, 11.61 billion, and 12.34 billion yuan respectively, while maintaining a price-to-earnings ratio of 17, 16, and 15 times for the respective years [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 87.25 billion yuan, with a year-on-year growth rate of 0.5% [5] - The gross profit margin is expected to be 33.5% in 2025, with a return on equity (ROE) of 8.6% [5] - The company’s financial expenses for Q1 2025 were 12.80 billion yuan, with interest expenses decreasing by 1.16 billion yuan to 12.91 billion yuan [6]

证券代码：003816 证券简称：中国广核 公告编号：2025-033 中国广核电力股份有限公司 第四届董事会第十三次会议决议公告 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、误导性陈述或重大遗漏。 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 事会第十三次会议（以下简称"本次会议"）通知和材料已于 2025 年 4 月 8 日以 书面形式提交全体董事。 2. 本次会议于 2025 年 4 月 23 日在广东省深圳市深南大道 2002 号中广核大 厦 3408 会议室采用现场和通讯方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。董事高立刚先 生、庞松涛先生通过通讯方式进行了议案表决。 4. 本次会议由公司董事长杨长利先生主持，公司监事会监事、公司总裁、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 ...

中国广核电力股份有限公司 募集资金管理规定 （于2025年4月23日经董事会批准生效） 第一章 总 则 第一条 为规范中国广核电力股份有限公司（以下简称"公司"或"股份公司"） 境内外上市募集资金的使用与管理，切实保护投资者利益，防范资金使用风险，根 据《中华人民共和国公司法》《中华人民共和国证券法》《监管规则适用指引—— 发行类第 7 号》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管 要求》《深圳证券交易所股票上市规则》《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》和《香港联合交易所有限公司证券上市规则》 等相关法律法规及适用的规范性文件以及《中国广核电力股份有限公司章程》（以 下简称《公司章程》），制定本规定。 第二条 本规定主要适用公司募集资金到位后的存放、使用、管理和监督等行 为。 第三条 本规定所称的募集资金包括公司根据《香港联合交易所有限公司证 券上市规则》等香港联合交易所有限公司（以下简称"联交所"）的相关规定向投 资者募集，通过发行股票（含股票派生形式证券）、可转换为股票的公司债券等法 律、法规允许的证券所得资金（以下简称"境外募集资金"），以及公 ...