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研報掘金丨華福證券:首予中國核電“持有”評級,目標價10.93元
格隆匯 06-13 15:31

華福證券日前研報指出,中國核電(601985.SH)背靠中核集團,控股股東擁有完整的核科技工業體系,為公司發展提供堅強後盾。公司產業佈局明晰,以核能為主業,大力開拓新能源市場(20年收購中核匯能進軍新能源),積極探索戰略新興產業。公司收入結構以核電為主,23年佔比電力板塊收入的86.61%;新能源收入呈快速增長態勢,18-23年CAGR高達204%。預計未來隨着設備折舊到期有望增厚利潤,短期的鈾價波動對公司生產成本影響有限。公司營業收入增勢良好,業績持續增長,23年歸母淨利潤同比增長17.91%。利潤率穩步向上,盈利能力持續增長。結合可比公司情況,採用PE估值,給予2024年18.0倍估值,對應市值2063.43億元,給予公司目標價10.93元。首次覆蓋,給予“持有”評級。

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