广核转债：中国核电领域龙头

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Guanghe Convertible Bonds (127110.SZ) started online subscription on July 9, 2025, with a total issuance scale of 4.9 billion yuan. After deducting issuance fees, the net proceeds will be used for the construction of Units 5 and 6 of the Guangdong Lufeng Nuclear Power Plant [4]. - The current bond - floor valuation is 98.62 yuan, and the YTM is 1.66%. The conversion parity is 101.36 yuan, and the parity premium rate is - 1.34%. The convertible bond terms are standard, and the dilution rate of the total share capital is 2.58% [4]. - It is expected that the listing price of Guanghe Convertible Bonds on the first day will be between 126.83 and 140.94 yuan, and the subscription success rate is expected to be 0.0140%. It is recommended to actively subscribe [4]. - China General Nuclear Power Corporation (CGN) is a large - scale central clean - energy enterprise controlled by the SASAC. Since 2019, its revenue and net profit attributable to the parent company have shown stable growth. Its sales revenue mainly comes from power sales, and its sales net profit margin and gross profit margin remain stable and are significantly higher than the industry average [4]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - Issuance and Subscription Schedule: The issuance and subscription of Guanghe Convertible Bonds are scheduled from July 7 to July 15, 2025, including steps such as publishing prospectuses, online roadshows, original shareholder priority subscription, and online subscription [10]. - Basic Terms: The convertible bond has a code of 127110.SZ, a total issuance scale of 4.9 billion yuan, a term of 6 years, and a subject/issue rating of AAA/AAA. The initial conversion price is 3.67 yuan per share, and the conversion period is from January 15, 2026, to July 8, 2031 [11]. - Use of Raised Funds: The raised funds of 490 million yuan will be used for the construction of Units 5 and 6 of the Guangdong Lufeng Nuclear Power Plant [12]. - Bond and Stock Indicators: The pure bond value is 98.62 yuan, the pure bond premium rate is 1.40%, the pure bond YTM is 1.66%, the conversion parity is 101.36 yuan, and the parity premium rate is - 1.34% [13]. 3.2 Investment Subscription Suggestions - Expected Listing Price: Based on comparable targets and empirical results, considering the good bond - floor protection, high rating, and large scale of Guanghe Convertible Bonds, it is expected that the conversion premium rate on the first - day of listing will be around 32%, and the corresponding listing price will be between 126.83 and 140.94 yuan [16][17]. - Expected Subscription Success Rate: It is expected that the original shareholder priority subscription ratio will be 77.34%, and the online subscription success rate will be 0.0140% [19]. 3.3 Analysis of the Underlying Stock's Fundamentals 3.3.1 Financial Data Analysis - Revenue and Profit Growth: Since 2019, CGN's revenue has shown a steady growth trend, with a compound growth rate of 7.35% from 2019 to 2024. In 2024, its revenue reached 86.804 billion yuan, a year - on - year increase of 5.16%. The net profit attributable to the parent company also showed stable growth, with a compound growth rate of 2.70% from 2019 to 2024. In 2024, it reached 10.814 billion yuan, a year - on - year increase of 0.83% [4][21]. - Revenue Composition: The company's revenue mainly comes from power sales, accounting for 70.16%, 75.73%, and 75.96% of the total revenue in the past three years, respectively, and the power sales revenue has shown an overall upward trend [4][22]. - Profitability and Cost: From 2019 to 2024, the company's sales net profit margin and gross profit margin remained stable and were significantly higher than the industry average. The sales expense ratio remained stable, while the financial expense ratio and management expense ratio gradually decreased [4][29]. 3.3.2 Company Highlights - Scale and Market Position: As of the end of June 2024, the total installed capacity of operating and under - construction nuclear power units managed by CGN was 43.814 million kilowatts, accounting for 43.48% of the national total, ranking first in China and second in the world. It has significant scale advantages and strong competitiveness [37]. - Technical and Experience Advantages: CGN has accumulated rich experience in nuclear power plant construction and operation management. It has a national engineering technology center, a national key laboratory, and five national energy R & D platforms, leading in the development and application of new nuclear energy technologies [37].