证券代码：003816 证券简称：中国广核 公告编号：2025-025 1. 基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 年 7 月 18 日 | 组织形式 | | | 特殊普通合伙 | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 | | | 128 | 号 | | 首席合伙人 | 钟建国 | 上年末合伙人数量 | | | 241 人 | | 上年末执业人 | 注册会计师 | | | | 2,356 人 | | 员数量 | 签署过证券服务业务审计报告的注册会计师 | | | | 904 人 | | 2023 年（经 | 业务收入总额 | 人民币 | 34.83 | 亿元 | | | 审计）业务收 | 审计业务收入 | 人民币 | 30.99 | 亿元 | | | 入 | 证券业务收入 | 人民币 | 18.40 | 亿元 | | | | 客户家数 675 | 家 | | | | --- | --- | --- | --- | --- | | | 审计收费总额 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-020 中国广核电力股份有限公司 关于与中国广核集团有限公司签署《2026 年至 2028 年工程 服务框架协议》暨关联交易的公告 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、关联交易概述 1. 2025年3月26日，中国广核电力股份有限公司（以下简称"公司"或"本 公司"）与中国广核集团有限公司（以下简称"中广核"）在广东省深圳市订立 了《2026年至2028年工程服务框架协议》（以下简称"《续签协议》"），协议有效 期自2026年1月1日至2028年12月31日。本公司及本公司的子公司（以下简称"本 集团"）向中广核及其子公司（以下简称"中广核集团"，如无特别说明，不包 含本公司及本公司的子公司）提供工程前期工作服务、勘察设计及技术服务、工 程项目管理服务、工程总承包服务、招标管理服务、物项销售服务及其他工程服 务。 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《续签协议》构成关联交易。 3. 本公司于2025年3月26日 ...

– 1 – 本次发行已获得中国证券监督管理委员会同意注册的批复。鉴于本次发行的 相关工作仍在推进中，为保证本次发行工作的连续性和有效性，确保本次发行有 关事宜的顺利推进，根据相关法律法规的规定，公司于 2025 年 3 月 26 日召开第 四届董事会第十二次会议，审议通过了《关于延长公司向不特定对象发行 A 股 可转换公司债券股东大会决议有效期的议案》《关于延长股东大会授权董事会或 其授权人士全权办理本次向不特定对象发行 A 股可转换公司债券具体事宜有效 中国广核电力股份有限公司 关于延长向不特定对象发行A股可转换公司债券 股东大会决议有效期及授权有效期的公告 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 2024 年 8 月 8 日召开 2024 年第一次临时股东大会、2024 年第二次 A 股类别股东大会及 2024 年第二 次 H 股类别股东大会（以下简称"临时股东大会"），审议通过了《关于审议公司 向不特定对象发行 A 股可转换公司债券方案的议案》《关于提请股东大会授权董 事会或其授权人士全权办理本次向 ...

第四届监事会第九次会议决议公告 中国广核电力股份有限公司 证券代码：003816 证券简称：中国广核 公告编号：2025-019 3. 本次会议应出席的监事 5 人，实际出席会议的监事 5 人。监事罗军先生 通过通讯方式进行了议案表决。 4. 本次会议由公司监事会主席时伟奇先生主持，公司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、监事会会议审议情况 经出席会议的监事审议与表决，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 年内部控制评价 报告〉的议案》 表决情况：5 票同意、0 票反对、0 票弃权。 公司及监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、监事会会议召开情况 1. 中国广核电力股份有限公司（以下简称"公司"）第四届监事会第九次会 议（以下简称"本次会议"）通知和材料于 2025 年 3 月 13 日以书面形式提交全 体监事。 2. 本次会议于 2025 年 3 月 25 ...

证券代码：003816 证券简称：中国广核 公告编号：2025-018 中国广核电力股份有限公司 第四届董事会第十二次会议决议公告 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 事会第十二次会议（以下简称"本次会议"）通知和材料已于 2025 年 3 月 11 日 以书面形式提交全体董事。 2. 本次会议于 2025 年 3 月 26 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，本次会议形成以下决议： ...

证券代码：003816 证券简称：中国广核 公告编号：2025-017 中国广核电力股份有限公司 2024年度利润分配方案 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。 重要提示： 1. 公司 2024 年度利润分配方案为：按固定总额的方式，以本公司现有总股 本 50,498,611,100 股为基数，向全体股东每 10 股派发现金红利人民币 0.95 元 （含税）。本次利润分配不送红股，不以公积金转增股本。 2. 公司 2024 年度现金分红方案不触及《深圳证券交易所股票上市规则》第 9.8.1 条规定的可能被实施其他风险警示情形。 董事会认为：公司 2024 年度利润分配方案符合《关于进一步落实上市公司 现金分红有关事项的通知》《上市公司监管指引第 3 号——上市公司现金分红》 等有关监管规则和指引要求，符合《公司章程》的有关程序、现金分红的有关规 定和公司《未来五年（2021 年-2025 年）股东分红回报规划》，同意将本议案提 交股东大会审议。 本议案尚需提交公司 2024 年度股东大会审议。 二、利润分配方案的基本情况 1. 利润分配方案的具体内容 ...

Financial Performance - The company's operating revenue for 2024 reached ¥86.80 billion, an increase of 5.16% compared to ¥82.55 billion in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥10.81 billion, reflecting a slight increase of 0.83% from ¥10.72 billion in 2023[6]. - The net cash flow from operating activities improved significantly, totaling ¥38.02 billion, which is a 14.78% increase from ¥33.12 billion in 2023[6]. - Basic earnings per share for 2024 were ¥0.214, up 0.94% from ¥0.212 in 2023[6]. - Total assets at the end of 2024 amounted to ¥425.40 billion, representing a 2.44% increase from ¥415.25 billion at the end of 2023[6]. - The net assets attributable to shareholders increased by 5.48% to ¥119.44 billion at the end of 2024, compared to ¥113.24 billion at the end of 2023[6]. - The company reported a decrease in the weighted average return on equity to 9.33%, down 0.43 percentage points from 9.76% in 2023[6]. - The company received government subsidies amounting to ¥267.89 million in 2024, an increase from ¥168.00 million in 2023[24]. - The revenue for the company was approximately CNY 86.80 billion, reflecting a growth of 5.16% year-over-year[47]. - The net profit attributable to shareholders was approximately CNY 10.81 billion, showing a slight increase of 0.83% compared to the previous year[47]. - The net cash flow from operating activities was approximately CNY 38.02 billion, representing a growth of 14.78% year-over-year[47]. Nuclear Power Operations - The company operates several nuclear power plants, including Daya Bay and Yangjiang, with varying ownership stakes in subsidiaries[11]. - The company has a significant presence in the nuclear power sector, with multiple projects under construction and in planning stages[12]. - As of December 31, 2024, the company manages 28 operational nuclear units and 16 under construction, with installed capacities of 31,798 MW and 19,406 MW, respectively, accounting for 45.02% of the national total[32]. - The total power generation of the company's managed nuclear plants in 2024 was 227.28 billion kWh, representing 54.38% of the national nuclear power generation[37]. - The average utilization hours for nuclear power in 2024 increased to 7,683 hours, up by 13 hours from 2023[30]. - The company's total installed capacity increased to 25,084 MW in 2024, up from 23,854 MW in the previous year[32]. - The company achieved a total power generation of 190.81 billion kWh in 2024, compared to 178.20 billion kWh in 2023, marking a significant increase[32]. - The average capacity factor for the 28 operational units in 2024 was 91.91%, up from 89.43% in 2023, while the average load factor increased to 87.77% from 85.72%[56]. - The company managed 28 operational nuclear units in 2024, an increase from 27 in 2023, with a total of 336 performance indicators compared to 324 in the previous year[59]. - The operational performance of the Yangjiang Nuclear Power Station showed a capacity factor of 100.00% in 2024, indicating optimal performance compared to previous years[56]. Environmental and Safety Commitment - The company is committed to environmental, social, and governance (ESG) standards, reflecting its dedication to sustainable practices[12]. - The company contributed to significant environmental benefits, reducing coal consumption by approximately 68.91 million tons and CO2 emissions by about 186.60 million tons in 2024[37]. - The company emphasizes safety management as a core principle, implementing various standardized safety activities to enhance nuclear safety culture[50]. - The company maintained a strong safety record, with no Level 2 or above nuclear incidents reported in its operational history[52]. - The company emphasizes the importance of nuclear safety management as its nuclear industry scale increases, advocating for a rigorous work style[186]. Research and Development - The company has established a comprehensive research and development system with 4,544 R&D personnel as of the end of 2024[44]. - The company has developed the "Hualong One" third-generation nuclear technology, which has been successfully put into operation[43]. - The company is advancing the "Hualong One" technology, which aims to enhance safety, economic efficiency, and competitiveness in new nuclear power projects[96]. - The development of small modular reactors is progressing, focusing on flexibility, safety, and broad applications beyond electricity generation[96]. - The company is investing approximately $500 million in R&D for new nuclear technologies over the next three years, aiming to enhance safety and efficiency[172]. Corporate Governance and Leadership - The board of directors consists of nine members, with three non-executive directors holding positions in China General Nuclear Power Group, ensuring independence in operations[143]. - The company has a diverse board with members holding advanced degrees and significant industry experience, enhancing its governance and strategic direction[148][149][150][151][153]. - The company is focused on maintaining a strong leadership team to navigate future challenges and opportunities in the nuclear power industry[148][149]. - The company is committed to enhancing corporate governance and has implemented a unique management model focusing on nuclear safety and governance control[139]. - The company is expected to benefit from the diverse backgrounds and experiences of its newly appointed directors and supervisors in navigating market challenges[154][155][157][159][165]. Market Strategy and Financial Management - The company aims to achieve more on-grid electricity plan indicators and better market electricity prices, focusing on developing incremental markets and increasing cross-province electricity delivery shares[69]. - The company is actively involved in the development of nuclear power as part of China's energy strategy, with several major projects approved in 2024[28]. - The company is focused on expanding its market presence by pushing for project approvals and ensuring high-quality construction of major projects, including the commercial operation of Unit 1 in Huizhou[126]. - The company plans to enhance its financial management framework through the renewal of management agreements[176]. - The company is committed to maintaining a stable financial policy and optimizing its capital structure to ensure long-term returns for shareholders[123]. Shareholder Engagement and Profit Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 0.95 yuan (including tax) for every 10 shares based on a total of 50,498,611,100 shares, with no bonus shares issued[3]. - The annual general meeting held on May 29, 2024, had a participation rate of 76.67% and approved all proposed resolutions, including the 2023 financial report and profit distribution plan[144]. - The company has a clear cash dividend policy, committing to distribute no less than 30% of the net profit attributable to shareholders for the year[193]. - The cash dividend for the current period is RMB 4.8 billion, representing 100% of the total profit distribution[195]. - The company plans to maintain a moderate increase in the dividend payout ratio from the 2020 level of 42.25% for the years 2021 to 2025[193].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a net profit attributable to shareholders of RMB 10.814 billion for the year ending December 31, 2024, reflecting a year-on-year increase of 0.83% [1] Financial Performance - The company achieved operating revenue of RMB 86.804 billion, representing a year-on-year growth of 5.16% [1] - Basic earnings per share were RMB 0.214, with a proposed final cash dividend of RMB 0.095 per share [1] Operational Highlights - As of the end of 2024, CGN managed 28 operational nuclear power units and 16 units under construction, including 8 units managed on behalf of the controlling shareholder [1] - The operational units achieved a total electricity generation of 227.284 billion kWh in 2024, an increase of 6.13% compared to 2023 [1] - The average capacity factor for the 28 operational units was 91.91%, with an average load factor of 87.77% and average utilization hours of 7,710 hours [1] Maintenance and Upgrades - In 2024, the company conducted a total of 20 refueling outages, including 2 that spanned across years [2] - By December 31, 2024, 19 refueling outages were completed, comprising 13 annual refueling outages, 5 ten-year outages, and 1 first-time outage, totaling approximately 713 days of maintenance [2]

Financial Performance - The group's operating revenue for the year ended December 31, 2024, was approximately RMB 86,804.4 million, an increase of 5.2% compared to 2023[4] - Net profit attributable to shareholders of the parent company was approximately RMB 10,813.9 million, reflecting a growth of 0.8% from 2023[4] - After excluding non-recurring gains and losses, net profit attributable to shareholders of the parent company was approximately RMB 10,712.8 million, up by 0.9% year-on-year[4] - Total revenue for 2024 reached RMB 86.61 billion, an increase of 5.5% from RMB 82.35 billion in 2023[15] - The total profit for the year was approximately RMB 21,596.5 million, compared to RMB 20,530.6 million in 2023[7] - Basic and diluted earnings per share for the year were both RMB 0.214, compared to RMB 0.212 in the previous year[7] - The company reported a total comprehensive income of approximately RMB 17,619.7 million, compared to RMB 17,042.5 million in 2023[7] - Total operating costs for 2024 amounted to RMB 57,265,603.08 thousand, up 8.3% from RMB 52,857,623.13 thousand in 2023[75] - The company reported a net profit margin improvement, with net profit increasing alongside revenue growth, indicating effective cost management strategies[15] Assets and Liabilities - Total assets as of December 31, 2024, amounted to approximately RMB 425,400.7 million, compared to RMB 415,250.4 million as of December 31, 2023[8] - Total liabilities increased to RMB 253.08 billion in 2024, compared to RMB 249.95 billion in 2023, marking a rise of 1.5%[9] - Current liabilities totaled RMB 83.48 billion, up from RMB 77.39 billion, indicating an increase of 7.3%[9] - Long-term borrowings decreased to RMB 155.72 billion from RMB 159.27 billion, a decline of 2.9%[9] - The total equity attributable to shareholders increased to RMB 119.44 billion from RMB 113.24 billion, a growth of 5.4%[9] Cash Flow and Investments - The net cash inflow from operating activities increased by 14.8% to RMB 38.02 billion in 2024, compared to RMB 33.12 billion in 2023[81] - Fixed asset investments reached approximately RMB 20.57 billion in 2024, representing a significant increase of 31.9% from RMB 15.60 billion in 2023[83] - The net cash outflow from investment activities rose by 61.2% to RMB 20.17 billion in 2024, compared to RMB 12.51 billion in 2023[81] - The company made equity investments totaling approximately RMB 601.1 million in joint ventures, increasing its stake in Ningde No. 2 Nuclear Power to 51%[84] Dividends - The board proposed a final cash dividend of RMB 0.095 per share (tax included)[4] - The company plans to distribute a final dividend of RMB 0.095 per share for the year ending December 31, 2024, totaling RMB 4,797,368,054.50[62] - The final dividend for the year ending December 31, 2023, is RMB 0.094 per share (tax included), with a dividend payout ratio of 44.26% of the net profit attributable to shareholders[142] - The company is committed to increasing the dividend payout ratio moderately based on annual performance, targeting at least 30% of the net profit attributable to shareholders for future distributions[142] Research and Development - The company's research and development expenses for the year were approximately RMB 2,442.9 million, slightly up from RMB 2,419.8 million in 2023[6] Safety and Environmental Management - The company is committed to safety management, prioritizing nuclear safety in all phases of nuclear power station operations[105] - The company maintained a historical record of no Level 2 or above nuclear incidents at its operating nuclear power stations in 2024[107] - The radioactive waste management strictly adhered to national standards, with no administrative penalties due to environmental issues in 2024[119] - The company managed to keep the total radioactive discharge levels well below the national limits across all operating nuclear units[121] Operational Performance - The company manages 28 operational nuclear units with a total capacity of 31,798 MW, reflecting a 3.70% increase in the number of units and a 4.02% increase in capacity compared to the previous year[104] - The average capacity factor for the 28 operating units in 2024 was 91.91%, up from 89.43% in 2023[114] - The total electricity generated by the operating nuclear units in 2024 was 227.28 billion kWh, representing a 6.13% increase compared to 2023[109] - The average utilization hours for the operating units in 2024 reached 7,710 hours, compared to 7,509 hours in 2023[114] Market and Strategic Positioning - The national energy strategy emphasizes the development of nuclear power, with the operational and under-construction scale of nuclear power in China reaching the world's largest by the end of 2024[100] - The company is positioned to benefit from the strategic opportunities in the nuclear energy sector as the country accelerates its green transformation and energy security initiatives[100] - The national unified electricity market has seen a significant increase in trading volume, with market transactions accounting for 62.7% of total electricity consumption, up 1.3 percentage points year-on-year[103] Governance and Compliance - The audit and risk management committee has reviewed and confirmed the company's annual performance for 2024, with audited consolidated financial statements prepared in accordance with Chinese accounting standards[151] - KPMG Huazhen LLP has audited the company's consolidated financial statements for the year ending December 31, 2024, and issued a standard unqualified audit opinion[152] - The company has established a board safety committee to enhance oversight of nuclear safety management[149] - The company has complied with all provisions of the listing rules and best practices during the reporting period[149]

证券研究报告 电力设备 报告日期：2025 年 03 月 20 日 1-2 月电力数据：风电出力环比加快，用电增速同比+1.3% ——行业动态点评报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 执业证书编号：S0230524080001 行业动态研究 表：重点关注公司及盈利预测 | 股票代码 | 股票简称 | 2025/03/20 | | EPS（元） | | | | PE | | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | 评级 | | 600011.SH | 华能国际 | 6.93 | 0.54 | 0.83 | 0.92 | 1.04 | 12.9 | 8.3 | 7.5 | 6.7 | 买入 | | 600027.SH | 华电国际 | 5. ...