Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company reported a revenue of 62.27 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.06%, with a net profit attributable to shareholders of 9.98 billion yuan, up 2.93% [5]. - The company's power generation increased significantly, with a total generation of approximately 178.07 billion kWh for the first nine months of 2024, representing a 4.93% year-on-year growth [5]. - The company has received approval for six new nuclear units, entering a phase of intensive construction and commissioning, which is expected to support stable growth in future earnings [5]. - Financial costs have decreased due to interest rate cuts, with financial expenses for the first nine months of 2024 amounting to 3.88 billion yuan, a reduction of 348 million yuan year-on-year [5]. Summary by Sections Market Data - Closing price: 4.22 yuan - One-year high/low: 5.25/2.91 yuan - Market capitalization: 165,994 million yuan [2]. Financial Data - Net asset per share: 2.35 yuan - Debt-to-asset ratio: 59.45% - Total shares: 50,499 million [3]. Earnings Forecast - Projected net profit for 2024-2026: 12.20 billion, 12.91 billion, and 13.98 billion yuan respectively, with corresponding PE ratios of 17, 17, and 15 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company reported a revenue of 62.27 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 4.1%, with Q3 revenue reaching 22.89 billion RMB, up 11.3% year-on-year [2]. - The net profit attributable to the parent company for the first three quarters of 2024 was 9.98 billion RMB, a 2.9% increase year-on-year, while Q3 net profit was 2.87 billion RMB, up 4.9% year-on-year, aligning with expectations [2]. - The increase in electricity generation is attributed to the operational contributions from the Fangchenggang and Taishan nuclear power plants, with a significant 52.9% year-on-year increase in electricity output for the first three quarters of 2024 [3]. Summary by Sections Financial Performance - The company is projected to achieve net profits of 11.93 billion RMB, 12.96 billion RMB, and 13.33 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.24, 0.26, and 0.26 RMB, leading to PE ratios of 18x, 16x, and 16x [4][8]. Operational Highlights - The Fangchenggang Unit 3 commenced operation in March 2023, and Unit 4 is expected to start in May 2024, contributing to the increase in electricity generation [3]. - The Huizhou Unit 1 has completed hot testing and is expected to be operational by 2025, while the Ningde Unit 5 has entered the construction phase [3]. Market Sentiment - The report indicates a strong market sentiment with a consistent "Buy" recommendation across multiple reports, reflecting confidence in the company's growth trajectory [11][12].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Insights - The company reported a revenue of 62.27 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.06%, and a net profit attributable to shareholders of 9.98 billion yuan, reflecting a 2.93% increase year-on-year [2]. - In Q3 2024, the company achieved a revenue of 22.89 billion yuan, up 11.31% year-on-year, and a net profit of 2.87 billion yuan, which is a 4.87% increase year-on-year [2]. - The company's power generation increased significantly in Q3 2024, with a total of 51.317 billion kWh generated, marking a 15% year-on-year growth, driven by the contributions from the Fangchenggang and Taishan nuclear power plants [2][3]. Financial Performance Summary - The company’s revenue is projected to reach 86.73 billion yuan in 2024, with a growth rate of 5.07%, and net profit is expected to be 11.12 billion yuan, reflecting a growth rate of 3.71% [4]. - The gross margin for 2024 is forecasted to be 34.82%, slightly down from 35.97% in 2023 [4]. - The company’s return on equity (ROE) for Q3 2024 was 2.46%, with a slight decrease in non-recurring ROE to 2.37% [2]. Long-term Growth Potential - As of September 30, 2024, the company manages 16 approved and under-construction nuclear power units, indicating a robust project pipeline and long-term growth potential [3]. - The company is expected to commission 1, 2, 2, 1, and 1 new units from 2025 to 2029, ensuring sustained growth [3]. Future Outlook - For Q4 2024, the company anticipates continued growth in power generation due to the operational contributions from the Fangchenggang and Taishan units, with fewer major repairs planned compared to the previous year [2].

华福证券 司 मे 中国广核（003816.SZ） 发电建安齐发力业绩稳增，拟发行可转债助力核 电发展 投资要点： 事件：公司发布了 2024 年三季报，3Q2024 公司实现营业收入 622.70 亿元，同比增长 4.06%；归属于母公司股东的净利润 99.84 亿元，同比增长 2.93%。分季度看，3Q2024 单季度营业收入 228.93 亿元，同比增长 11.31%； 归属于母公司股东的净利润 28.74 亿元，同比增长 4.87%。 一年内股价相对走势 发电和建安业务稳中向好，前三季度归母净利润稳增 3%：一方面， 1Q-3Q2024,公司控股子公司上网电量同比增加 5.02%，对应 62 亿千瓦时； 另一方面，工程公司对惠州核电项目、苍南核电项目等施工量增加。发电 和建安业务稳中向好，齐齐发力，前三季度公司营收同比增长 4.06%。此 外，叠加前三季度财务费用的压降和其他收益、投资净收益的增加，公司 归母净利润同比增长 2.93%。分季度看，单 Q3 公司归母净利润同比增长 4.87%，表现相对突出，或系受益于单 Q3 公司控股子公司上网电量同比增 加 15.2%。 拟发行可转债，助力陆丰核电建设 ...

中国广核（003816.SZ）2024 年三季报点评 业绩稳健，远期成长性充足 2024 年 10 月 23 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：10 月 23 日，公司发布 2024 第三季度报告，公司前三季度实现营业 收入 622.70 亿元，同比增长 4.06%，实现归母净利润 99.84 亿元，同比增长 2.93%。基本每股收益 0.1977 元，同比增长 2.92%，销售毛利率 36.72%，同比 下降 8.15pct，净利率 24.89%，同比下降 2.70pct。24Q3 单季度公司实现营业 收入 228.93 亿元，同比增长 11.31%，实现归母净利润 28.74 亿元，同比增长 4.87%。 ➢ 装机规模持续扩大，单 Q3 防城港和台山发电量高增。截至 2024Q3，公司 在运装机容量达 3175.6 万千瓦，同比增长 3.89%，共完成 10 个机组的换料大 修，上年同期公司完成 13 个机组的换料大修。2024 年 1 月-9 月，集团运营管 理的核电机组总发电量约为 1780.69 亿千瓦时，同比增长 4.93%。总上网电量 约为 1668.90 亿千瓦 ...

证券代码：003816 证券简称：中国广核 公告编号：2024-062 中国广核电力股份有限公司 本公司与中广核于2021年11月30日订立了《2022年至2024年技术支持与维修 服务框架协议》，服务范围及截至2022年、2023年和2024年12月31日止年度的年 度交易金额上限（以下简称"年度上限"）已经本公司第三届董事会第十一次会 议批准。相较于《2022年至2024年技术支持与维修服务框架协议》订立时的预计 情况，（1）本集团接受中广核集团的数智化服务逐渐增多，且拓展至核电站运维 领域，服务范围需增加"数智化技术服务"；（2）本集团接受中广核集团的数智 化服务增加较多，已批准的本集团于2024年接受中广核集团服务的交易金额上限 需要进行调增；（3）根据惠州核电项目和苍南核电项目的建设进展，及中广核集 团风电、光伏项目建设需要，由本集团提供的核电项目生产准备期间技术服务、 新能源项目设备监造及检验服务增多，已批准的本集团于2024年向中广核集团提 供服务的交易金额上限需要进行调增。 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，订立上述协议构成关 ...

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 事会第九次会议（以下简称"本次会议"）通知和材料已于 2024 年 10 月 8 日以 书面形式提交全体董事。 证券代码：003816 证券简称：中国广核 公告编号：2024-060 中国广核电力股份有限公司 第四届董事会第九次会议决议公告 2. 本次会议于 2024 年 10 月 23 日在广东省深圳市深南大道 2002 号中广核 大厦南楼 3408 会议室采用现场视频及通讯方式召开。 3. 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。董事高立刚先 生、刘焕冰先生和王鸣峰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、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 ...

Financial Performance - Revenue for Q3 2024 reached RMB 22.89 billion, an increase of 11.31% year-over-year[4] - Net profit attributable to shareholders for Q3 2024 was RMB 2.87 billion, up 4.87% year-over-year[4] - Revenue for the first nine months of 2024 was RMB 622.70 billion, up 4.06% year-over-year, driven by increased electricity generation and construction projects[7] - Net profit attributable to shareholders for the first nine months of 2024 was RMB 99.84 billion, a 2.93% increase year-over-year[7] - Total operating revenue for the period reached 62.27 billion RMB, compared to 59.84 billion RMB in the previous period, representing a 4.06% increase[23] - Operating profit for the period was 18.63 billion RMB, slightly higher than the 18.47 billion RMB in the previous period[24] - Net profit attributable to parent company shareholders was 9.98 billion RMB, up from 9.70 billion RMB in the previous period, a 2.93% increase[24] - Basic earnings per share (EPS) for the period was 0.1977, compared to 0.1921 in the previous period[25] Assets and Liabilities - Total assets as of the end of Q3 2024 stood at RMB 421.50 billion, a 1.51% increase from the end of the previous year[4] - Total assets as of the end of Q3 2024 amounted to RMB 421.50 billion, an increase from RMB 415.25 billion at the beginning of the period[20] - Total liabilities as of the end of Q3 2024 were RMB 250.60 billion, slightly up from RMB 249.95 billion at the beginning of the period[21] - Owner's equity as of the end of Q3 2024 stood at RMB 170.90 billion, compared to RMB 165.30 billion at the beginning of the period[22] Cash Flow and Financing - Cash and cash equivalents increased by 31.86% to RMB 2.08 billion, primarily due to the issuance of medium-term notes for debt repayment[8] - Cash received from investments decreased by 32.68% to 75,059.72 million yuan, primarily due to reduced cash dividends from equity investments[11] - Cash paid for investments increased by 365.74% to 27,944.66 million yuan, mainly due to the acquisition of equity in Ningde Second Nuclear Power[11] - Cash received from borrowings increased by 40.58% to 7,215,874.18 million yuan, primarily to meet operational, investment, and debt repayment needs[11] - Net increase in cash and cash equivalents rose by 59.66% to 486,253.35 million yuan, driven by changes in operating, investing, and financing cash flows[11] - Cash flow from operating activities was 25.82 billion RMB, a decrease from 26.99 billion RMB in the previous period[26] - Sales of goods and services generated 70.35 billion RMB in cash inflows, up from 68.59 billion RMB in the previous period[26] - Cash outflows for purchasing goods and services increased to 30.56 billion RMB from 27.98 billion RMB in the previous period[26] - Cash inflows from investment activities decreased to 3.91 billion RMB from 4.83 billion RMB in the previous period[26] - Cash outflow for investment activities totaled 13,121,125,914.05 yuan, an increase from 12,103,714,564.02 yuan in the previous period[27] - Net cash flow from investment activities was -9,212,392,032.58 yuan, compared to -7,270,305,590.63 yuan previously[27] - Cash inflow from financing activities reached 72,257,347,456.54 yuan, up from 51,409,074,606.69 yuan[27] - Net cash flow from financing activities was -11,760,067,547.52 yuan, an improvement from -16,700,126,362.39 yuan[27] - The company's cash and cash equivalents increased by 4,862,533,499.34 yuan, compared to 3,045,503,904.45 yuan in the previous period[27] - Ending cash and cash equivalents balance stood at 13,960,170,772.96 yuan, up from 10,603,107,457.03 yuan[27] Business Operations - Total electricity generated by the company's nuclear power plants in the first nine months of 2024 was 166.89 billion kWh, a 4.97% increase year-over-year[7] - Construction of Ningde Unit 5 commenced on July 28, 2024, marking the start of full-scale civil construction[16] - The company plans to issue A-share convertible bonds with a total fundraising amount not exceeding RMB 4.9 billion, to be used for the Guangdong Lufeng Nuclear Power Plant Units 5 and 6 project[17] - The company received approval from the State Council for new nuclear projects, including Zhaoyuan Units 1 and 2, Lufeng Units 1 and 2, and Cangnan Units 3 and 4 on August 19, 2024[19] Other Financial Metrics - Contract assets grew by 69.93% to RMB 521.62 billion, reflecting increased project business volume[8] - Contract liabilities increased by 54.44% to RMB 439.67 billion, also due to higher project business volume[8] - Other current liabilities surged by 1,668.02% to RMB 268.27 billion, mainly due to the issuance of ultra-short-term financing bonds[8] - Other business revenue decreased by 44.13% to 8,504.47 million yuan, primarily due to reduced income from material sales and leasing business[10] - Other business costs decreased by 31.13% to 8,380.76 million yuan, mainly due to reduced costs from material sales and leasing business[10] - Credit impairment losses reversed by 354.10% to 15,116.24 million yuan, mainly due to the reversal of impairment provisions for receivables from CGN Wind Power projects[10] - Asset disposal income increased by 269.17% to 1,113.86 million yuan, primarily due to increased income from property disposals[10] - Non-operating income increased by 362.37% to 5,163.70 million yuan, mainly due to increased income from asset scrapping and contract claims[10] Shareholding and Equity - CGN holds 58.89% of the company's shares, totaling 29,736,876,375 shares[12] Audit and Reporting - The third quarter report was unaudited[28]

2024 年 4 月 25 日，恒健投资完成非公开发行可交换公司债券，本期可交换 公司债券的债券简称为"24 恒健 EB"，债券代码为"117221.SZ"，实际发行规模 为 20 亿元人民币，债券期限为 3 年，票面利率 0.01%。本次可交换债券初始换 股价格为 4.25 元/股，自 2024 年 7 月 10 日起调整为 4.16 元/股。换股期限自本 次债券发行结束之日满 6 个月后的第 1 个交易日起至本次债券摘牌日的前 1 个 交易日止，即 2024 年 10 月 28 日至 2027 年 4 月 23 日。详情见本公司于 2024 年 4 月 26 日登载于巨潮资讯网（http://www.cninfo.com.cn）、《证券时报》《证券日 报》《中国证券报》《上海证券报》的有关公告（公告编号 2024-027）。 二、对公司的影响 截至本公告披露日，恒健投资持有公司股票数量为 3,428,512,500 股，占公 司总股本的 6.79%。 证券代码：003816 证券简称：中国广核 公告编号：2024-059 中国广核电力股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券进入换股 期 ...

6-1-1 6-1-2 | 核电设施退役费准备金的计量 | | | --- | --- | | 请参阅财务报表附注"三、重要会计政策和会计估计"23 所述的会计政策及"五、合并财务 | | | 报表顾自解释" 35。 | | | 关键审计事项 | 在审计中如何应对该事项 | | 中广核电力公司及其子公司(以下简称"中广 | 与评价核电设施设役费准备金的计量相关的 | | 核电力集团"）的主营业务是核电设施的建设 | 审计程序主要包括以下: | | 及运营。根据中华人民共和国的相关法律法 | · 评价中广核电力集团有关核电设施设役费 | | 规,中广核电力集团对核电设施的退役负有 | 准备金计量的关键财务报告内部控制设计 | | 相关义务。于2021年12月31日,中广核电 | 和运行有效性; | | 力公司合并财务报表中列报的核电设施退役 | | | | · 访谈中广核电力集团负责编制和复核核电 | | 费准备令为人民币 4.864.931.311.56 元。 | | | | 设施浪役费预测模型的技术部工程师,了 | | 中广核电力集团按预计的退役支出经折现后 | 解中广核电力集团制定核电设施退役计划 | | ...