东吴证券研报指出，中国广核上半年实现归母净利润59.52亿元，同减16.3%；工程板块毛利较大提升， 核电毛利下滑。2025H1上网电量+8.84%，防城港+大亚湾贡献明显。公司拟收购惠州核电82%、惠州二 核100%、惠州三核100%及湛江核电100%股权，交易对价合计93.75亿元，其中惠州核电/惠州二核交易 价格约为80.23/13.53亿元。截至评估基准日，惠州核电/二核评估净资产为97.84/13.53亿元，对应增值率 17.91%/10.27%，PB约1.18/1.10。交易完成后，公司将新增多个在建及储备核电项目，盈利增长确定性 增强。考虑25年新FCD和核准，2030年前投产规模有望更多。截至2024/12/31，惠州核电、苍南核电仍 在集团体内，随着2025年惠州1号投运，2026年惠州2号和苍南1号投运，集团资产加速注入。维持"买 入"评级。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a net profit attributable to shareholders of 5.952 billion yuan in the first half of the year, a decrease of 16.3% year-on-year, with significant improvement in the engineering segment's gross profit, while nuclear power gross profit declined [1] Group 1: Financial Performance - The company's net profit for the first half of the year was 5.952 billion yuan, reflecting a 16.3% decrease compared to the previous year [1] - The engineering segment showed a substantial increase in gross profit, contrasting with a decline in gross profit from nuclear power operations [1] Group 2: Future Growth and Acquisitions - CGN plans to acquire 82% of Huizhou Nuclear Power, 100% of Huizhou No. 2 Nuclear Power, 100% of Huizhou No. 3 Nuclear Power, and 100% of Zhanjiang Nuclear Power, with a total transaction price of 9.375 billion yuan [1] - The transaction prices for Huizhou Nuclear Power and Huizhou No. 2 Nuclear Power are approximately 8.023 billion yuan and 1.353 billion yuan, respectively [1] - As of the assessment benchmark date, the net asset evaluations for Huizhou Nuclear Power and Huizhou No. 2 Nuclear Power were 9.784 billion yuan and 1.353 billion yuan, corresponding to appreciation rates of 17.91% and 10.27%, with price-to-book ratios of approximately 1.18 and 1.10 [1] Group 3: Project Pipeline and Asset Injection - Following the completion of the acquisitions, CGN will add multiple ongoing and reserve nuclear power projects, enhancing the certainty of profit growth [1] - With the new FCD and approvals expected in 2025, the scale of production before 2030 is anticipated to increase significantly [1] - As of December 31, 2024, Huizhou Nuclear Power and Cangnan Nuclear Power will still be within the group, with accelerated asset injection expected as Huizhou Unit 1 is set to commence operations in 2025, followed by Huizhou Unit 2 and Cangnan Unit 1 in 2026 [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) announced the acquisition of equity stakes in several nuclear power plants, which is expected to enhance its operational capacity and market position in the nuclear energy sector [1] Group 1: Acquisition Details - The company will acquire 82% equity in Huizhou Nuclear Power, 100% equity in Huizhou Second Nuclear Power, 100% equity in Huizhou Third Nuclear Power, and 100% equity in Zhanjiang Nuclear Power for a total cash consideration of approximately RMB 9.38 billion [1] - Upon completion of the acquisition, the target companies will become subsidiaries of CGN Power, and their financial performance will be consolidated into the group's financial statements [1] Group 2: Strategic Implications - The acquisition is expected to increase the company's operational, under-construction, and reserve installed capacity, which is a key strategy for enhancing nuclear power generation and overall performance [1] - This move is seen as a significant step in strengthening the company's market position and long-term competitiveness within the nuclear power industry [1] - The acquisition aligns with CGN Power's strategic goal of being the sole platform for CGN's nuclear power generation, further solidifying its leading position in the industry [1]