证券代码：003816 证券简称：中国广核 公告编号：2025-028 中国广核电力股份有限公司 关于2025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、2025 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，2025 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 601.74 亿千瓦时，较去年同期增长 9.25%。总上网电量约为 566.89 亿千瓦时，较去年同期增长 9.41%。 注： 1.本公告中提供的数字经过整数调整。 2.大亚湾核电站于 2025 年 1 月至 3 月份换料大修总时间少于 2024 年同期。 3.岭澳核电站于 2025 年 1 月至 3 月份换料大修总时间多于 2024 年同期。 4.岭东核电站于 2025 年 1 月至 3 月份换料大修总时间少于 2024 年同期。 5.防城港 4 号机组于 2024 年 5 月 25 日投入商业运营，防城港核电站于 2025 年 1 月至 3 月份换料大修总时 ...

Investment Rating - The report maintains an "Increase" rating for the electricity sector, indicating a positive outlook for the industry [2]. Core Viewpoints - The report highlights the significant support from the State-owned Assets Supervision and Administration Commission (SASAC) for central enterprises to increase share buybacks, with a proposed plan of 100 billion yuan for stock repurchases [1]. - Central enterprises in the electricity sector are responding positively to this initiative, showcasing confidence in the market and the sector's stability [1]. - The electricity sector is identified as a core asset under the "China Special Valuation" (中特估) framework, with expectations for valuation to be reshaped due to its defensive attributes and high dividend yield [1]. - The report anticipates that the asset scale of central enterprises will exceed 90 trillion yuan in 2024, with a year-on-year growth of 5.9% and a total profit of 2.6 trillion yuan [1]. - The current price-to-earnings (PE) ratio and price-to-book (PB) ratio for the electricity sector are noted to be lower than the overall A-share market, suggesting undervaluation [1]. Summary by Sections Market Response - Multiple electricity central enterprises have announced share buybacks, reflecting a collective confidence in the sector [1]. - The report emphasizes the defensive nature of public utilities, which is becoming increasingly recognized in the current volatile market environment [1]. Investment Opportunities - The report suggests focusing on the electricity sector for investment opportunities, particularly in coal-fired power generation, which is expected to benefit from falling coal prices [5]. - Specific recommendations include key coal-fired power companies such as Huadian International, Waneng Power, and Huaneng International, as well as leaders in power generation equipment like Qingda Environmental Protection [5]. - The report also advises on low-valued green electricity stocks, particularly in the Hong Kong market, and highlights companies like New Energy (H), Longyuan Power (H), and others [5]. - For hydropower and nuclear power, the report recommends companies such as Yangtze Power, State Power Investment Corporation, and China Nuclear Power [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 中国广核电力股份有限公司 关于控股股东增持公司H股股份计划的公告 中国广核集团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。 2025年4月8日，中国广核电力股份有限公司（以下简称"公司"、"本公司"）收到控股股东中国广核集团 有限公司（以下简称"中广核"）的通知，中广核计划自本公告披露之日起12个月内，通过深圳证券交易 所深港通系统增持公司H股股份，累计增持比例不超过截至2025年4月8日公司已发行H股股份总数的5% （以下简称"本次增持计划"）。 2025年4月8日，本公司接获控股股东中广核增持公司H股股份计划的通知，现将有关情况公告如下： 一、增持主体 （一）增持主体：中广核，为公司控股股东。 （二）增持主体已持有股份的数量、占公司总股本的比例：截至本公告披露日，中广核直接持有本公司 29,736,876,375股股份（其中：A股29,176,641,375股、H股560,235,000股），约占本公司总股本 58.89%。 二、本次增持计划的主要内容 1. 增持股份的目的：基于对本公司价值的认可及未来持续 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-027 中国广核电力股份有限公司 关于控股股东增持公司 H 股股份计划的公告 特别提示： 2025 年 4 月 8 日，中国广核电力股份有限公司（以下简称"公司"、"本公 司"）收到控股股东中国广核集团有限公司（以下简称"中广核"）的通知，中广 核计划自本公告披露之日起 12 个月内，通过深圳证券交易所深港通系统增持公 司 H 股股份，累计增持比例不超过截至 2025 年 4 月 8 日公司已发行 H 股股份总 数的 5%（以下简称"本次增持计划"）。 中国广核集团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公告内容与信息披露义务人提供的信息一致。 2025 年 4 月 8 日，本公司接获控股股东中广核增持公司 H 股股份计划的通 知，现将有关情况公告如下： 一、增持主体 （一）增持主体：中广核，为公司控股股东。 二、本次增持计划的主要内容 1. 增持股份的目的：基于对本公司价值的认可及未来持续稳定发展的信心。 2. 增持股份的种类：本公司无限售条件 H 股。 3. 增持股 ...

中国广核（003816）公告，控股股东中广核计划自公告披露之日起12个月内，通过深圳证券交易所深港 通系统增持公司H股股份，累计增持比例不超过截至2025年4月8日公司已发行H股股份总数的5%。中广 核目前直接持有公司297.37亿股股份，约占总股本58.89%。本次增持基于对公司的价值认可及未来持续 稳定发展的信心，增持资金为中广核自有资金，并承诺增持计划实施期间及法定期限内不减持所持股 份。 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the electricity sector, including Sanxia Energy, Changjiang Electric Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [24][25]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector index rising by 2.55% and the electricity sub-sector by 2.81%, ranking first among 31 primary sectors [1][9]. - The report highlights the recent government policy aimed at optimizing pricing mechanisms for electricity, gas, and water, which is expected to enhance the sustainability of public utility pricing [2][22]. - The national carbon market has stabilized at a price of 100 yuan per ton, with increased trading activity and mandatory green certificate consumption, indicating a maturing green certificate market [2][22]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2346.99 points, up 58.31 points, while the electricity sub-sector closed at 3129.43 points, up 85.49 points, outperforming the Shanghai and Shenzhen 300 index [1][9]. - Sub-sector performance included increases in wind power (3.49%), thermal power (3.61%), and hydropower (2.92%) [1][16]. Policy Developments - The Central Committee and State Council issued guidelines to improve pricing mechanisms for public utilities, focusing on market-driven pricing for electricity, gas, and water [2][22]. - The guidelines propose a phased approach to market-oriented pricing reforms for various power sources and emphasize the establishment of a unified green power certificate trading system [2][22]. Investment Recommendations - The report suggests focusing on defensive sectors with strong dividend yields, highlighting companies like Jiantou Energy, Huadian International, and Funiu Co., which are expected to maintain good growth in Q1 2025 [3][22]. - Specific recommendations include favoring companies with significant wind power assets and low-cost thermal power operations, while also monitoring potential mergers and acquisitions in the sector [22][23]. Key Company Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Sanxia Energy projected at 0.25 yuan for 2023, Changjiang Electric Power at 1.11 yuan, and China Nuclear Power at 0.55 yuan [24][25].

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

Core Insights - The company reported a revenue of 86.804 billion yuan for 2024, representing a year-on-year increase of 5.16% [1] - The net profit attributable to shareholders was 10.814 billion yuan, up 0.83% year-on-year, while the net profit excluding non-recurring items was 10.713 billion yuan, an increase of 0.94% [1] - In Q4 2024, the company achieved a revenue of 24.534 billion yuan and a net profit of 0.830 billion yuan, with year-on-year changes of +8.05% and -18.98% respectively [1] Revenue Breakdown - The company's revenue from nuclear power, construction installation, design services, labor provision, merchandise sales, and other businesses were 65.9 billion, 18.6 billion, 1.4 billion, 0.7 billion, and 0.2 billion yuan respectively, with year-on-year changes of +5.46%, +3.74%, -1.76%, +42.92%, and -3.80% [2] - The nuclear power sales business saw steady revenue growth, but the gross margin decreased by 2.25 percentage points compared to the previous year [2] - The installed capacity for nuclear power reached 25.084 million kilowatts, a year-on-year increase of 5.16%, and the nuclear power sales volume was 179.012 billion kilowatt-hours, up 7.15% year-on-year [2] Cost and Pricing Factors - The average market electricity price in 2024 decreased by approximately 3.85% compared to 2023, impacting revenue growth [2] - The operating costs for the nuclear power sales business increased by 9.85% year-on-year, primarily due to increased electricity generation and rising costs of nuclear fuel and depreciation [2] Future Capacity and Projects - As of December 31, 2024, the company managed 16 nuclear power units under construction, with several projects at various stages of development, expected to be operational between 2025 and 2030 [3] - The company anticipates further increases in operational capacity with the addition of new projects [3] Cash Flow and Dividends - The company's cash flow improved, with net cash flows from operating, investing, and financing activities changing by +14.78%, +61.19%, and -5.84% respectively [3] - A cash dividend of 0.95 yuan per 10 shares (before tax) was declared, totaling 4.797 billion yuan, which represents 44.36% of net profit, maintaining stability compared to 2023 [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 10.9 billion, 11.3 billion, and 12.1 billion yuan for 2025-2027, with year-on-year changes of +0.35%, +3.74%, and +7.29% respectively [4] - The corresponding price-to-earnings ratios for April 2, 2025, are estimated to be 16.94, 16.33, and 15.22 times [4]

Core Viewpoint - The company reported a revenue of 86.804 billion yuan for 2024, reflecting a year-on-year increase of 5.16%, while the net profit attributable to shareholders was 10.814 billion yuan, up by 0.83% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 24.534 billion yuan, representing a year-on-year growth of 8.05%, but the net profit attributable to shareholders decreased by 18.98% to 0.830 billion yuan [1] - The company's operating costs for electricity sales in 2024 were 37.186 billion yuan, an increase of 9.85%, which outpaced the revenue growth of the electricity sales business [2] Group 2: Operational Capacity - As of the end of 2024, the company managed 28 operational nuclear power units with a total capacity of 31,798 megawatts, marking a year-on-year increase of 4.02% [2] - The company’s subsidiaries and joint ventures achieved a total electricity generation of 227.284 billion kilowatt-hours in 2024, up by 6.13% year-on-year [2] Group 3: Future Growth Prospects - The company has 16 nuclear power units under construction, an increase of 5 units from the previous year, ensuring long-term capacity growth [3] - The company forecasts net profits attributable to shareholders of 10.914 billion, 11.633 billion, and 12.817 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.17, 16.11, and 14.62 [3]

Investment Rating - The investment rating for China General Nuclear Power Corporation (003816.SZ) is "Outperform the Market" [5]. Core Views - The company's revenue for 2024 is projected to be 86.804 billion yuan, a year-on-year increase of 5.16%, while the net profit attributable to shareholders is expected to reach 10.814 billion yuan, growing by 0.83% [8][21]. - The company is experiencing growth in power generation, with a total output of 242.181 billion kWh in 2024, reflecting a 6.08% increase, despite a decline in average on-grid electricity prices and rising costs [8][19]. - The development of nuclear power units is proceeding in an orderly manner, with a total of 16 units under construction or approved for construction by the end of 2024, indicating a high certainty for the long-term development of the nuclear power business [2][19]. Summary by Sections Financial Performance - In 2024, the company's nuclear power business revenue is expected to be 65.932 billion yuan, accounting for 75.96% of total revenue, with a year-on-year growth of 5.46% [8]. - The average on-grid electricity price for 2024 is projected to be 0.4162 yuan/kWh, a decrease of 1.57% compared to the previous year [8]. - The cost per kWh for nuclear power is estimated at 0.2077 yuan, an increase of 0.0051 yuan from the previous year [8]. Future Projections - For 2025, the company anticipates a decline in net profit to 10.473 billion yuan, a decrease of 3% year-on-year, due to expected lower electricity prices [21]. - The projected revenue for 2025 is 88.784 billion yuan, with a growth rate of 2.3% [4][21]. - The company expects to maintain a steady increase in net profit in the following years, with estimates of 11.226 billion yuan in 2026 and 12.037 billion yuan in 2027 [21]. Operational Developments - The company has received approval for five nuclear power projects, totaling 11 units, with significant progress in construction schedules [2][19]. - The operational management of nuclear power units is expected to continue to grow, with new units coming online in the coming years [2][19].