[Table_Main] 公司研究|核技术及应用领域 证券研究报告 中国广核(003816)公司点评报告 2024年04月30日 [Tab营le_收Title和] 净利润平稳增长，在建机组进展顺利 [Table_ 增Inve 持st] |首次评级 ——中国广核(003816)2024一季报点评报告 [事Ta件ble：_S公um司m4ar月y] 24日发布2024年一季度报告，期内实现营业收入191.82 [当Ta前b价le：_T argetP4r.i0c4e]元 亿元，同比增长4.88%；实现归母净利润 36.04亿元，同比增长3.38%。 报告要点： [基Ta本bl数e_据Ba se]  中广核核能发电唯一平台，营收和净利润同比平稳增长 52周最高/最低价（元）： 4.28 / 2.92 收入端，2024Q1公司主业务持续增长，实现营业收入191.82亿元，较上 A股流通股（百万股）： 50498.61 年同期增长 4.88%，主要系惠州、苍南等在建核电项目的建筑安装及工程 A股总股本（百万股）： 50498.61 设计业务量增加。利润端，2024Q1公司利润总额为63.41亿元、归母净利 流通市值（百万 ...

股 票 研 究 [Table_industryInfo] 资本货物/工业 [ Table_Main[中ITnaf 国bol]e 广_Ti核tle]( 003816) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，稳健成长兼具 目标价格： 4.76 上次预测： 4.76 公 中国广核 2024年一季报点评 当前价格： 4.06 司 于鸿光(分析师) 汪玥(研究助理) 孙辉贤(研究助理) 2024.04.27 更 021-38031730 021-38031030 021-38038670 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas wangyue028681@gtjas.com sunhuixian026739@gtjas.com 报 证书编号 .Sc0o8m8 0522020001 S0880123070143 S0880122070052 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 2. 29 02 5- ,4 0. 22 48 告 本报告导读： 总股本/流通A股（百万股） 50,499/39,335 流通 B股/H ...

第二部分,照例是Q&A环节,大家可以在这个环节提问,我们将作出回应。下面我们进入会议的第一部分,游戏引走。各位投资者和分析师,早上好,欢迎来到我们的会议。我是Sanjin,我们公司的安全代表,我们欢迎您来到我们的会议。 April 24, 公司发布了2024年的Q1成绩报告今天发布的报告是给您更新第一季度2024的Operational Highlights今天发布的报告会分成两部分首先是CFO和副总裁袁云刚先生给您更新Q1 2024的行动报告接着是问题和回答 您可以问问题 各位尊敬的投资人分析师大家下午好我是尹刚下面由我向大家报告公司2024年一季度的经营情况在报告一季度经营情况前先向各位报告一下新机组建设的情况公司防灾港四号机组已于4月9日病亡具备了发电能力 后续将按计划要开展一系列的社网实验活动预计今年上半年可实现高质量的投产那接下来呢我会向大家报告一季度的经营情况 Good afternoon dear investors and analysts, this is Yin Gang.I will be taking you through the Q1 operational updates for ...

证券代码：003816 证券简称：中国广核 公告编号：2024-027 中国广核电力股份有限公司（以下简称"本公司"或"公司"）持股 5%以上 股东广东恒健投资控股有限公司（以下简称"恒健投资"）拟以其所持本公司部 分 A 股股票为标的非公开发行可交换公司债券（以下简称"本次可交换债券"或 "本次债券"）。为保障本次可交换债券持有人交换标的股票或本次可交换债券本 息按照约定如期足额兑付，恒健投资已将其持有的本公司 662,000,000 股 A 股股 票质押。详情见本公司分别于 2024 年 4 月 11 日及 2024 年 4 月 17 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 2024-022、2024-023）。 公司近日收到恒健投资的通知，本次可交换公司债券已于 2024 年 4 月 25 日 完成发行，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， ...

证券研究报告 | 2024年04月26日 中国广核（003816.SZ） 买入 大修增加致一季度增长放缓，台山机组恢复正常运行 核心观点 公司研究·财报点评 建安业务贡献营收增量，归母净利润增长因大修增加而放缓。2024年一季度， 公用事业·电力 公司实现营业收入191.82亿元（+4.88%），主要系建筑安装和设计服务业 证券分析师：黄秀杰 证券分析师：郑汉林 务营收同比增加所致；利润总额63.41亿元（+2.35%），归母净利润36.04 021-61761029 0755-81982169 huangxiujie@guosen.com.cn zhenghanlin@guosen.com.cn 亿元（+3.38%）；扣非归母净利润34.83亿元（+0.07%）。一季度公司运营 S0980521060002 S0980522090003 管理的核电机组总发电量550.80亿kWh（+0.39%），上网电量518.14亿kWh 证券分析师：李依琳 联系人：崔佳诚 （+1.83%）。一季度公司按计划完成了6个大修（包括2个跨年大修），并 010-88005029 021-60375416 liyilin1@gu ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's 2023 performance met expectations, with revenue of RMB 825.49 billion, a slight decrease of 0.33% YoY, and net profit attributable to shareholders of RMB 107.3 billion, an increase of 7.64% YoY [2] - The company announced a dividend of RMB 0.094 per share for 2023, with a dividend payout ratio of 44.3% [2] - The company's power generation business performed in line with expectations, with power sales revenue of RMB 625.17 billion, up 7.59% YoY, while other businesses (mainly construction and installation) saw revenue decline by 18.96% YoY to RMB 200.3 billion [2] - The company's financial expenses decreased by RMB 900 million in 2023 due to active replacement of high-cost loans, and the debt-to-asset ratio dropped to 60.19%, a decrease of 1.2 percentage points from 2022 [2] - The company's 2024 performance is expected to grow significantly due to the resumption of normal operations at the Taishan 1 unit and the expected commissioning of the Fangchenggang 4 unit within the year [2] - The company has 7 nuclear power units under construction and 4 approved for construction, with a stable growth in nuclear power installed capacity expected from 2024 to 2030 [2] - The company has committed to increasing its dividend payout ratio during the 14th Five-Year Plan period, with the dividend payout ratio for 2021, 2022, and 2023 being 43.58%, 44.09%, and 44.3%, respectively [2] Financial Forecasts and Valuation - The company's revenue is forecasted to be RMB 857.54 billion, RMB 882.98 billion, and RMB 918.72 billion for 2024, 2025, and 2026, respectively, with YoY growth rates of 3.88%, 2.97%, and 4.05% [3] - Net profit attributable to shareholders is forecasted to be RMB 118.72 billion, RMB 124.00 billion, and RMB 130.68 billion for 2024, 2025, and 2026, respectively, with YoY growth rates of 10.70%, 4.44%, and 5.39% [3] - Earnings per share are forecasted to be RMB 0.24, RMB 0.25, and RMB 0.26 for 2024, 2025, and 2026, respectively [3] - The company's gross margin is expected to increase from 36.0% in 2023 to 37.2%, 37.8%, and 38.5% in 2024, 2025, and 2026, respectively [3] - The company's ROE is expected to be 10.7%, 10.3%, and 10.1% for 2024, 2025, and 2026, respectively [3] - The company's PE ratio is forecasted to be 17, 16, and 15 for 2024, 2025, and 2026, respectively [3] Stock Data - The company's stock price as of March 28, 2024, was RMB 3.98, with a 52-week high/low of RMB 4.17/RMB 2.74 [4] - The company's market capitalization was RMB 201 billion as of March 28, 2024 [4] - The company's total assets were RMB 4.153 trillion as of December 31, 2023, with net assets of RMB 1.653 trillion [4] - The company's book value per share was RMB 2.24 as of December 31, 2023, with a PB ratio of 1.77 [4] Industry Outlook - The company is expected to maintain stable growth in nuclear power installed capacity from 2024 to 2030, with 1-2 nuclear power units expected to be commissioned each year [2] - The company's dividend payout ratio is expected to continue to increase during the 14th Five-Year Plan period, with a forecasted dividend yield of 2.7%, 2.8%, and 2.9% for 2024, 2025, and 2026, respectively [2]

上 市 公 司 公用事业 2024 年04月 25 日 中国广核 (003816) 公 司 研 究 ——业绩符合预期 新增机组业绩弹性即将释放 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2024年第一季度报告，1Q24公司实现营业收入191.82亿元，同比上升 4.88%，归属于上市公司股东的净利润36.04亿元，同比增长3.38%；基本每股收益达0.071 证 市场数据： 2024年04月24日 元，同比增长2.90%，业绩表现符合我们的预期。 券 收盘价（元） 4.23 研 一年内最高/最低（元） 4.32/2.91  在运机组大修时间略超同期，防城港3号及台山1号机组带动一季度上网电量稳步增长。 究 市净率 1.8 报 息率（分红/股价） - 公司旗下多数核电站在 2024年一季度的换料大修总时间多于 2023 年同期，1Q24公司 告 流通A股市值（百万元） 166387 大部分电站发电量同比略有下降。其中大亚湾核电站在2024年一季度新开展了1个换料 上证指数/深证成指 3044.82/9251.13 注：“息率”以最近一年已公布分红计算 大修，发 ...

中国广核（003816.SZ）2024年一季报点评 台山电量修复，防 4 入列在即 2024年04月25日 ➢ 事件概述：4 月 24 日，公司发布 2023 年一季度报告，报告期内实现营业 谨慎推荐 维持评级 收入191.82亿元，同比增长4.88%；归母净利润36.04亿元，同比增长3.38%； 当前价格： 4.23元 扣非归母净利润34.83亿元，同比增长0.07%。 目标价： 4.60元 ➢ 台山电量修复至1Q21水平：1Q24公司按计划完成了4个机组的年度换料 大修和2个机组的十年大修，而上年同期共完成4个机组的换料大修，尽管防3 [Table_Author] 与台1贡献增量，但因停机检修增加，Q1公司完成发电量（含联营）550.80亿 千瓦时，同比增长0.4%。其中，在粤机组完成发电量295.84亿千瓦时，同比下 降1.5%；粤外机组合计完成发电量254.96亿千瓦时，同比增长2.6%。自2023 年11月台山1 号机组重新并网发电，Q1台山核电完成发电量66.00亿千瓦， 同比增发22.36亿千瓦时，增幅51.2%，绝对发电量已恢复至1Q21水平，考虑 其已经连续三年亏损，随着机组电量修复，盈利 ...

Financial Performance - The company's operating revenue for Q1 2024 was approximately RMB 19.18 billion, an increase of 4.88% compared to RMB 18.29 billion in the same period last year[4]. - Net profit attributable to shareholders for Q1 2024 was approximately RMB 3.60 billion, reflecting a growth of 3.38% from RMB 3.49 billion year-on-year[4]. - The company reported a total profit of approximately RMB 6.34 billion for Q1 2024, which is a 2.35% increase from the previous year[7]. - Total operating revenue for the current period reached ¥19,181,651,420.89, an increase of 4.9% compared to ¥18,288,822,249.36 in the previous period[19]. - Net profit for the current period was ¥5,359,117,026.11, representing a growth of 2.6% from ¥5,224,441,589.57 in the same period last year[20]. - The total profit for the current period was ¥6,341,349,229.33, up from ¥6,195,787,242.17, reflecting an increase of 2.3%[20]. - Earnings per share (basic) for the current period was ¥0.071, compared to ¥0.069 in the previous period, showing a growth of 2.9%[20]. Cash Flow - The cash flow from operating activities for Q1 2024 was RMB 5.58 billion, up 25.19% from RMB 4.46 billion in the previous year[4]. - In Q1 2024, the company reported cash inflows from operating activities of ¥23,686,960,843.42, an increase from ¥21,376,339,596.27 in the previous year, representing a growth of approximately 10.8%[21]. - The net cash flow from operating activities for Q1 2024 was ¥5,584,115,647.60, up from ¥4,460,418,797.08 in Q1 2023, indicating a year-over-year increase of about 25.2%[21]. - The company experienced a net cash outflow from investing activities of ¥2,491,911,595.88, compared to a net outflow of ¥1,697,116,713.25 in the same period last year, reflecting a worsening of approximately 46.7%[21]. - Cash inflows from financing activities totaled ¥20,986,917,010.32, an increase from ¥18,907,172,590.91 in Q1 2023, marking a growth of about 11.0%[22]. - The net cash flow from financing activities was ¥1,487,886,096.98, significantly higher than the previous year's net flow of ¥322,975,190.57, showing an increase of approximately 360.5%[22]. - The company received tax refunds of ¥285,970,179.00 in Q1 2024, a decrease from ¥474,991,644.87 in the previous year, indicating a decline of approximately 40.0%[21]. - Payments to employees increased to ¥2,795,102,510.35 in Q1 2024 from ¥2,556,744,180.03 in Q1 2023, reflecting an increase of about 9.4%[21]. - The company reported cash outflows for taxes of ¥1,844,280,855.63, down from ¥2,369,828,251.31 in the previous year, indicating a decrease of approximately 22.2%[21]. Assets and Liabilities - The company's total assets at the end of Q1 2024 were approximately RMB 419.18 billion, a 0.95% increase from RMB 415.25 billion at the end of the previous year[4]. - Total liabilities reached ¥250.75 billion, slightly up from ¥249.95 billion, indicating a marginal increase of 0.3%[17]. - The company's cash and cash equivalents increased to ¥19.32 billion from ¥15.74 billion, representing a growth of 22.4%[16]. - The total equity attributable to shareholders increased by 3.28% to approximately RMB 116.95 billion from RMB 113.24 billion at the end of the previous year[4]. - The total equity increased to ¥168.43 billion from ¥165.30 billion, reflecting a growth of 1.3%[18]. - The company's short-term borrowings increased to ¥17.78 billion from ¥14.25 billion, reflecting a rise of 24.0%[17]. - Accounts receivable decreased to ¥11.46 billion from ¥11.83 billion, showing a decline of 3.2%[16]. - Inventory decreased to ¥19.40 billion from ¥20.57 billion, a reduction of 5.7%[16]. - The company reported a total non-current asset value of ¥342.84 billion, slightly up from ¥342.46 billion, indicating a growth of 0.1%[17]. - The company's contract liabilities increased to ¥3.26 billion from ¥2.85 billion, representing a growth of 14.5%[17]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 174,496, including 3,183 from the top 10 shareholders[12]. - China General Nuclear Power Corporation holds 58.89% of shares, totaling 29,736,876,375 shares[12]. - Hong Kong Central Clearing Limited owns 20.02% of shares, amounting to 10,110,557,400 shares[12]. - Guangdong Hengjian Investment Holding Co., Ltd. holds 6.79% of shares, which is 3,428,512,500 shares[12]. - The company plans to distribute a cash dividend of RMB 0.94 per 10 shares, pending shareholder approval at the 2023 annual general meeting[15]. - The expected date for dividend distribution is around July 10, 2024, following approval[15]. - The report indicates that there were no findings of the top 10 shareholders participating in margin financing and securities lending[13]. - The company has not identified any related party relationships among the top shareholders[14]. - The total number of shares held by the top 10 shareholders accounted for a significant portion of the total equity[14]. Research and Development - Research and development expenses for the year-to-date period were RMB 113.17 million, a decrease of 46.13% compared to RMB 210.07 million in the same period last year[9]. - Research and development expenses decreased to ¥113,170,439.66 from ¥210,070,915.96, indicating a reduction of 46.1%[19]. Other Information - The company's weighted average return on equity for Q1 2024 was 3.13%, down 0.08 percentage points from 3.21% in the same period last year[4]. - The company has not yet audited the Q1 2024 report, as stated in the announcement[23].

中国广核电力股份有限公司 （于 2024 年 4 月 24 日经董事会批准生效） 第一章 总 则 信息披露管理制度 第一条 为规范中国广核电力股份有限公司（以下简称"公司"、"本公司" 或"股份公司"，且包括其附属公司或控股子公司、参股公司）信息披露的行 为，确保信息披露的真实、准确、完整、及时和公平，保护公司、股东及其他 利益相关人的合法权益，特制定本制度。 第二条 本制度的编制主要根据《中华人民共和国公司法》、《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司信息披露管理办法》《上市公 司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》《深圳证券交 易所股票上市规则》（以下简称《深交所股票上市规则》）、《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》（以下简称《规范运 作指引》）、香港《证券及期货条例》《香港联合交易所有限公司证券上市规则》 （以下简称《港交所上市规则》）、《内幕消息披露指引》及其他适用法律、法 规、规范性文件以及《中国广核电力股份有限公司章程》（以下简称《公司章 程》）的有关规定，并结合了公司的实际情况。 第三条 本制度适用于公司董事会和监事 ...