| | | | 77272.06 | 81789.53 | 86537.87 | 96171.81 | | --- | --- | --- | --- | | 3.09 | 5.85 | 5.81 | 11.13 | | 8777.34 | 9913.75 | 10215.03 | 11274.38 | | -17.38 | 12.95 | 3.04 | 10.37 | | 42.91 | 41.30 | 40.35 | 39.59 | | 0.43 | 0.48 | 0.50 | 0.55 | | 21.25 | 18.82 | 18.26 | 16.55 | | 1.69 | 1.58 | 1.50 | 1.42 | | 2.41 | 2.28 | 2.16 | 1.94 | | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 601985 | | A 股收盘价(元) | 9.07 | | 上证指数 | 3,800.35 | | 总股本(万股) | 2,056,800 | | 实际流通 A 股(万股) | 1,888,328 | | 流通 A 股市值(亿元) | 1, ...

Group 1 - The company achieved an operating revenue of 40.973 billion yuan in the first half of 2025, representing a year-on-year growth of 9.43% [2] - The company has 26 nuclear power units in operation with a total installed capacity of 25 million kilowatts, generating 99.861 billion kilowatt-hours of electricity, a year-on-year increase of 12.01% [2] - The company is actively developing nuclear energy projects, with the approval of the Zhejiang Sanmen Nuclear Power Units 5 and 6, and is coordinating with local governments to report site applications to the National Energy Administration [2] Group 2 - The company has 19 units under construction or approved for construction, with an installed capacity of 21.859 million kilowatts, and successfully completed the hot functional test for the Zhangzhou Unit 2 [2] - In the renewable energy sector, the company generated 21.915 billion kilowatt-hours from its renewable energy units, a year-on-year increase of 35.76% [2] - The company is focusing on strategic emerging industries, including the establishment of a fully automated production line for rigid perovskite and the launch of the "Hefei No. 1" isotope brand [3]

Core Viewpoint - UBS has upgraded China General Nuclear Power (01816) from "Sell" to "Neutral" due to its favorable position in accelerating the deployment of Small Modular Reactors (SMR) in China and potential benefits from advancements in nuclear fusion technology [1] Summary by Categories Company Positioning - China General Nuclear Power is well-positioned to benefit from the rapid deployment of SMR technology in China [1] - The company may also gain from breakthroughs in nuclear energy technology in the long term [1] Financial Outlook - UBS has raised the target price for China General Nuclear Power from HKD 2.3 to HKD 3.4, indicating a reasonable current valuation with limited downside [1] - Despite the upgrade, UBS remains cautious about the company's short-term outlook due to risks associated with declining market electricity prices and rising uranium procurement costs [1] Earnings Forecast - UBS anticipates continued pressure on earnings until 2026, with its earnings per share forecast for 2025 to 2027 being approximately 11% lower than the market consensus [1]

国金证券股份有限公司张君昊,唐执敬近期对中国广核（003816）进行研究并发布了研究报告《电价拖累 业绩，管理在建机组达20台》，给予中国广核买入评级。 中国广核 业绩简评 8月27日晚间公司披露25年中报，1H25实现营收391.7亿元，同比-0.5%；实现归母净利润59.5亿元，同 比-16.3%。2Q25实现营收191.4亿元，同比-5.2%；实现归母净利润29.3亿元，同比-16.5%。 经营分析 | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | 研报数 | 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-07-09 | 中信证券 | 李樹 | - | -- | - | 99.28 G | 103.07 Z | 108.89 Z | 4.00 | | 2025-04-28 | 方正证券 | 我 | -- | -- | ...

◼ 8 月 27 日晚间公司披露 25 年中报，1H25 实现营收 391.7 亿 元，同比-0.5%；实现归母净利润 59.5 亿元，同比-16.3%。2Q25 实现营收 191.4 亿元，同比-5.2%；实现归母净利润 29.3 亿元， 同比-16.5%。 ◼ 我们预计公司 2025~2027 年 分 别 实 现 归 母 净 利 润 100.8/101.5/115.2 亿元，EPS 分别为 0.20/0.20/0.23 元，对 应 PE 分别为 19 倍、19 倍和 17 倍，维持"买入"评级。 ◼ 核电站安全运营风险、核电机组检修影响电量风险、电力价格 波动风险等。 敬请参阅最后一页特别声明 1 0 500 1,000 1,500 2,000 2,500 3,000 3.00 4.00 5.00 6.00 7.00 240828 241128 250228 250531 | 公司基本情况 (人民币) | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百 ...

Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company's revenue for the first half of 2025 was CNY 39.167 billion, a year-on-year decrease of 0.53%, while the net profit attributable to shareholders was CNY 5.952 billion, down 16.3% year-on-year [6][8] - The decline in performance is attributed to falling electricity prices and rising costs, but the acceleration of the Huizhou nuclear power project is expected to drive future growth [6][8] - The company managed to achieve a stable increase in nuclear power generation due to reduced maintenance downtime, with a total on-grid electricity of 113.36 billion kWh in the first half of 2025, up 6.93% year-on-year [6][8] - The average nuclear power price (excluding tax) was CNY 0.343 per kWh, reflecting a decrease of 7.3% year-on-year [6][8] Financial Data and Valuation - The company is projected to have total revenue of CNY 85.88 billion in 2025, with a year-on-year decrease of 1% [7] - The net profit attributable to shareholders is expected to be CNY 10.042 billion in 2025, a decrease of 7% year-on-year, followed by growth of 6% and 12% in 2026 and 2027 respectively [7][11] - The current stock price corresponds to a PE ratio of 19.0x for 2025, 17.9x for 2026, and 16.0x for 2027 [7][11] Operational Highlights - The company is managing 28 operational nuclear power units and has 20 units under construction or approved for construction, with a total installed capacity of 3,179.8 MW and 2,422.2 MW respectively [6][8] - The company plans to acquire 82% of the Huizhou Nuclear Power project and 100% of several other projects, which is expected to contribute positively to future earnings [6][8]

Investment Rating - The report maintains a rating of "Add" for the company, indicating a positive outlook for the stock price in the near term [3]. Core Views - 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, primarily due to a decline in the equity stake in a subsidiary [1][6]. - The nuclear power segment showed strong performance with a 12.01% increase in electricity generation, totaling 99.861 billion kWh, benefiting from reduced maintenance losses and new unit commissioning [6]. - The renewable energy segment experienced a significant increase in electricity generation by 35.81% to 21.553 billion kWh, although rising costs impacted profitability [6]. Financial Data and Valuation - The company is projected to achieve total revenue of 79.913 billion yuan in 2025, with a year-on-year growth of 3% [2]. - The net profit attributable to shareholders is expected to reach 10.031 billion yuan in 2025, reflecting a 14% increase [2]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 18.6x for 2025, with projections of 17.1x and 15.4x for 2026 and 2027, respectively [7]. Performance Summary - The company has a total market capitalization of 186.6 billion yuan, with a circulating market value of 171.3 billion yuan [3]. - The return on equity (ROE) stands at 7.5%, and the debt-to-asset ratio is 70% [3]. - The company has 19 nuclear units under construction or approved, with a total installed capacity of 21.859 million kW, indicating strong growth potential [6].

Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a decline in revenue and net profit for the first half of 2025, primarily due to a drop in average market electricity prices [1] Group 1: Financial Performance - In the first half of 2025, CGN achieved operating revenue of 39.167 billion yuan, a year-on-year decrease of 0.53% [1] - The net profit attributable to shareholders was 5.952 billion yuan, down 16.30% year-on-year [1] - The average market electricity price fell by approximately 8.23% compared to the same period in 2024, impacting overall performance [2] Group 2: Electricity Generation and Sales - CGN's operational nuclear power units generated 113.36 billion kWh of electricity, an increase of 6.93% year-on-year [2] - The total electricity sales revenue was approximately 30.658 billion yuan, a slight increase of 0.93%, accounting for 78.27% of total operating revenue [2] - Market-based electricity sales accounted for about 56.1% of total electricity generation, up 3.7 percentage points year-on-year [2] Group 3: Asset Acquisition - CGN announced plans to acquire four nuclear power companies from its controlling shareholder, China General Nuclear Group, including an 82% stake in Huizhou Nuclear Power [4] - The transfer price for the 82% stake in Huizhou Nuclear Power is set at 8.023 billion yuan, while the stakes in the other three companies are priced at zero [4] - This acquisition aligns with CGN's strategy to consolidate its nuclear power business and avoid competition within the group [5] Group 4: Future Plans - CGN aims to enhance its electricity marketing strategies and prepare for the 2026 electricity market transactions [2] - The company plans to continue high-quality construction of nuclear power units and push forward with projects that have received approval [3]

2025年8月28日，中国广核(003816.SZ)发布2025年中报。 公司营业总收入为391.67亿元，在已披露的同业公司中排名第4，较去年同报告期营业总收入减少2.09亿元，同比较去年同期下降0.53%。归母净利润为59.52 亿元，在已披露的同业公司中排名第3，较去年同报告期归母净利润减少11.59亿元，同比较去年同期下降16.30%。经营活动现金净流入为113.17亿元，在已 披露的同业公司中排名第5，较去年同报告期经营活动现金净流入减少14.72亿元，同比较去年同期下降11.51%。 公司股东户数为23.63万户，前十大股东持股数量为460.20亿股，占总股本比例为91.13%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 中国广核集团有限公司 | 58.8. | | 2 | 香港中央结算有限公司 | 16.0! | | ന | 广东恒健投资控股有限公司 | 6.79 | | 4 | 中国核工业集团有限公司 | 3.33 | | 5 | CITIC Securities Company Limited | 1.83 | | 6 ...

Macro Economy - The 2025 Service Trade Fair will be held from September 10 to 14, with preparations nearly complete. The Ministry of Commerce plans to introduce policies to expand service consumption next month, utilizing fiscal and financial measures to enhance service supply capacity and stimulate new service consumption [3] - The Shanghai Cooperation Organization Summit will take place in Tianjin from August 31 to September 1, with the conference news center officially opening today [3] - Shanghai has released implementation opinions to accelerate the renovation of urban villages, prioritizing those with urgent community needs and safety risks. The renovation process will require consultation with villagers, and the collective economic organization must hold at least 10% of shares in cooperative renovations [3] - According to the National Bureau of Statistics, profits of industrial enterprises above designated size fell by 1.5% year-on-year in July, a narrowing of 2.8 percentage points from June. Notably, profits in high-tech manufacturing shifted from a 0.9% decline in June to an 18.9% increase, significantly boosting overall industrial profit growth [3] Investment News - On August 27, the A-share market recorded a trading volume of 3.2 trillion yuan, marking a historical high with two occurrences of 3 trillion yuan trading volume within a week [7] - The Hong Kong Securities and Futures Commission reported that in the first seven months of this year, Hong Kong solidified its global leadership in the IPO market, with 51 IPOs raising over 128 billion HKD, a year-on-year increase of over 610% [7] - Goldman Sachs predicts that the oil surplus will worsen, with an average daily surplus of 1.8 million barrels from Q4 2025 to Q4 2026, leading to an increase in global oil inventories by nearly 800 million barrels by the end of 2026. Brent crude oil prices are expected to drop to just above 50 USD by the end of 2026 [7] Company Movements - Nvidia reported Q2 revenue of 46.7 billion USD for the fiscal year 2026, exceeding expectations of 46 billion USD, and announced an additional 60 billion USD stock buyback. The company provided a revenue outlook of 54 billion USD for Q3, slightly above market expectations [8] - China General Nuclear Power Corporation announced plans to acquire 82% of the equity in China General Nuclear Power Huizhou Nuclear Power Co., 100% of the equity in two other nuclear power companies, and 100% of the equity in another nuclear power company for a total transaction price of 9.375 billion yuan [9] - Meituan reported a revenue of 178.398 billion yuan for the first half of 2025, a year-on-year increase of 14.7%, while adjusted net profit fell by 41% [9] - Chery Automobile received approval from the China Securities Regulatory Commission to issue up to 699 million overseas listed ordinary shares on the Hong Kong Stock Exchange [9] - CNOOC reported a revenue of 207.61 billion yuan for the first half of the year, a year-on-year decrease of 8.4%, with a net profit of 69.5 billion yuan, down 13% [9] - Mixue Group reported a revenue of 14.87 billion yuan for the first half of the year, a year-on-year increase of 39.3%, with a net profit of 2.72 billion yuan, up 44.1% [10]