Core Points - The company reported a total power generation of approximately 182.82 billion kWh from January to September 2025, representing a year-on-year increase of 2.67% [2] - The total on-grid electricity was approximately 172.18 billion kWh, showing a year-on-year growth of 3.17% [2] - The company completed 12 annual refueling overhauls and 1 first-time refueling overhaul by September 30, 2025 [7] - The company plans to initiate 2 new annual refueling overhauls in the fourth quarter of 2025 [8] - As of September 30, 2025, the company managed 20 nuclear power units under construction, with 4 in the debugging phase and 2 in the equipment installation phase [11] - The company successfully issued A-share convertible bonds totaling RMB 4.9 billion, which will be used to replace self-raised funds for specific projects [13] - The company plans to acquire 82% of the equity in China General Nuclear Power Corporation's subsidiary, along with other related transactions, pending shareholder approval [13]

2025年第四季度，除了继续进行已开始的换料大修外，集团计划新开展2个年度换料大修。 2025年7月14日，陆丰6号机组实现穹顶吊装，进入设备安装阶段。 2025年7月30日，惠州2号机组完成了热态功能试验，为机组后续商运打下坚实的基础。2025年9月27 日，苍南2号机组开始冷态功能试验，进入调试阶段。 截至2025年9月30日，该集团共管理20台在建核电机组(包括公司控股股东委托公司管理的8台机组)，4 台处于调试阶段，2台处于设备安装阶段，3台处于土建施工阶段，11台处于FCD准备阶段。 中广核电力(01816)公布，2025年1月至9月份，该集团运营管理的核电机组总发电量约为1,828.22亿千瓦 时，较去年同期增长2.67%。总上网电量约为1,721.79亿千瓦时，较去年同期增长3.17%。 2025年第三季度，集团按计划完成了4个年度换料大修和1个首次换料大修。 截至2025年9月30日，集团已按计划完成12个年度换料大修(其中包括1个跨年年度换料大修)、2个十年 大修和1个首次换料大修。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong growth outlook due to continuous expansion in nuclear and renewable energy generation capacity [4][6]. Core Viewpoints - The company's revenue for the first half of 2025 reached 40.973 billion yuan, a year-on-year increase of 9.43%, while the net profit attributable to shareholders decreased by 3.66% to 5.666 billion yuan [1]. - The nuclear power segment showed robust performance with a generation volume of 99.861 billion kWh, up 12.01% year-on-year, contributing significantly to the overall revenue despite a decline in average on-grid electricity prices [2]. - Renewable energy capacity expanded, with wind and solar installations increasing to 10.34 GW and 22.88 GW respectively, leading to a 35.81% increase in renewable energy generation [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 20.700 billion yuan, a 6.41% increase year-on-year, but the net profit fell by 10.40% to 2.529 billion yuan [1]. - The average on-grid electricity price for nuclear power was 0.350 yuan/kWh, down 4.81% year-on-year, while the nuclear segment's revenue was 32.783 billion yuan, up 6.74% [2]. Renewable Energy Expansion - The company’s wind and solar power generation saw significant growth, with wind generation at 9.995 billion kWh (up 34.18%) and solar generation at 11.558 billion kWh (up 37.25%) [3]. - Despite the increase in generation, the average on-grid prices for wind and solar energy fell by 16.47% and 5.68% respectively, leading to a decline in gross margins for both segments [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been revised down to 9.772 billion yuan, 10.736 billion yuan, and 12.184 billion yuan respectively, with corresponding EPS of 0.48, 0.52, and 0.59 yuan [4][5]. - The company’s P/E ratios are projected to be 19, 17, and 15 for the years 2025, 2026, and 2027 respectively, reflecting a strong growth potential despite current challenges [4][5].