中广核电力(1816.HK)：业绩符合预期，完成A股IPO发行，维持“买入”评级，目标价为2.46港元
机构：兴业证券
评级：买入
目标价：2.46港元
投资要点
业绩符合市场预期。公司2019H1实现营业收入人民币265.2亿元，同比增加15.3%；归母净利润为50.2亿元，同比增加10.0%，业绩情况符合市场预期。剔除非经常性损益，公司归母净利润实现48.1亿元，同比增长6.1%，非经常性损益的主要影响因素为（1）信用减值损失0.53亿元；（2）出售子公司收益1.43亿元；（3）收到的政府补助高于同期0.61亿元。
利用小时数小幅增加，在运机组稳步增加。2019H1公司平均利用小时数达3,534小时，同比小幅提升33小时。装机方面，2019年下半年公司将确保台山2号机组商运，同时阳江6号机组也已经具备商运条件，预计2019、2020和2021年末公司的在运机组将分别增加至24、25、26台。
上网电量同比增12%，市场化交易电价价差同比缩窄5厘。2019H1年公司上网电量达799.5亿千瓦时，同比增加11.97%。公司在各个省的市场交易政策不一样，总体上看，2019H1公司市场化交易比例和去年持平，价差比去年同期持略有缩窄，从6.5分缩窄到6分。
完成A股IPO发行。公司公告7月26日中国证监会已经批准了公司的A股IPO，股票将于8月26日公开交易，此次IPO为公司融资123.9亿元。
我们的观点：中广核电力是广核集团旗下的唯一的核电运营平台，在运机组占国内核电机组比例为53%。根据公司最新情况，我们小幅将公司2019-2021年营业收入分别调整-0.2%，0.6%和-1.6%至56,325、62,054和64,676百万元；归母净利润分别调整0.2%，2.2%和-3.7%至9,525、11,291和11,960百万元，维持“买入”评级，维持目标价为2.46港元。
风险提示：用电需要增长不及预期；新投运机组未能稳定运行或运行成本较高；核电站事故风险
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